Kirtland Hills Capital Management LLC Takes $248,000 Position in Atlassian Co. (NASDAQ:TEAM)

Kirtland Hills Capital Management LLC acquired a new stake in Atlassian Co. (NASDAQ:TEAM) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,020 shares of the technology company’s stock, valued at approximately $248,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Allworth Financial LP grew its position in shares of Atlassian by 3.1% in the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after purchasing an additional 47 shares during the period. GAMMA Investing LLC grew its position in Atlassian by 22.9% during the fourth quarter. GAMMA Investing LLC now owns 290 shares of the technology company’s stock valued at $71,000 after acquiring an additional 54 shares during the period. Venturi Wealth Management LLC grew its position in Atlassian by 4.0% during the fourth quarter. Venturi Wealth Management LLC now owns 1,467 shares of the technology company’s stock valued at $357,000 after acquiring an additional 56 shares during the period. J.W. Cole Advisors Inc. grew its position in Atlassian by 1.5% during the fourth quarter. J.W. Cole Advisors Inc. now owns 3,958 shares of the technology company’s stock valued at $963,000 after acquiring an additional 59 shares during the period. Finally, Brown Brothers Harriman & Co. grew its position in Atlassian by 23.2% during the third quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock valued at $69,000 after acquiring an additional 82 shares during the period. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Stock Up 0.1 %

NASDAQ:TEAM opened at $284.26 on Wednesday. The firm has a market capitalization of $74.48 billion, a PE ratio of -212.13 and a beta of 0.87. The stock has a 50 day moving average of $273.10 and a 200-day moving average of $224.90. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $326.00. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Analysts predict that Atlassian Co. will post -0.34 EPS for the current year.

Insider Activity

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $322.31, for a total transaction of $2,561,719.88. Following the completion of the sale, the chief executive officer now directly owns 270,232 shares in the company, valued at approximately $87,098,475.92. This trade represents a 2.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Heather Mirjahangir Fernandez sold 3,000 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $275.00, for a total value of $825,000.00. Following the sale, the director now owns 5,610 shares of the company’s stock, valued at approximately $1,542,750. This represents a 34.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 275,501 shares of company stock valued at $75,651,410. 38.55% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Mizuho boosted their price target on Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a research report on Friday, January 31st. Piper Sandler boosted their price target on Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Canaccord Genuity Group boosted their price target on Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Raymond James reaffirmed an “outperform” rating and issued a $330.00 target price (up previously from $250.00) on shares of Atlassian in a research report on Friday, January 31st. Finally, Macquarie upped their target price on Atlassian from $290.00 to $317.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Eight analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus target price of $319.71.

Atlassian Company Profile

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.