Glynn Capital Management LLC increased its position in shares of Atlassian Co. PLC (NASDAQ:TEAM) by 22.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 525,688 shares of the technology company’s stock after purchasing an additional 96,687 shares during the quarter. Atlassian accounts for approximately 7.1% of Glynn Capital Management LLC’s investment portfolio, making the stock its 5th largest holding. Glynn Capital Management LLC owned 0.53% of Atlassian worth $32,866,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Citigroup Inc. acquired a new stake in shares of Atlassian during the first quarter worth about $103,000. Parametrica Management Ltd purchased a new position in Atlassian during the first quarter valued at approximately $202,000. Comerica Bank purchased a new position in Atlassian during the first quarter valued at approximately $210,000. Delpha Capital Management LLC purchased a new position in Atlassian during the first quarter valued at approximately $212,000. Finally, Domini Impact Investments LLC purchased a new position in Atlassian during the first quarter valued at approximately $216,000. 90.45% of the stock is owned by hedge funds and other institutional investors.
TEAM has been the subject of several recent research reports. DA Davidson initiated coverage on Atlassian in a research report on Wednesday, May 23rd. They set a “buy” rating and a $74.00 price target for the company. Zacks Investment Research upgraded Atlassian from a “hold” rating to a “buy” rating and set a $66.00 price target for the company in a research report on Wednesday, April 25th. Canaccord Genuity lifted their price target on Atlassian from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, April 20th. Cowen reiterated a “buy” rating and set a $70.00 price target on shares of Atlassian in a research report on Wednesday, April 18th. Finally, Jefferies Financial Group cut Atlassian from a “buy” rating to a “hold” rating in a research report on Wednesday, April 18th. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $70.00.
Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, July 26th. The technology company reported $0.13 EPS for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.01. The business had revenue of $243.80 million during the quarter, compared to analysts’ expectations of $233.42 million. Atlassian had a negative return on equity of 2.30% and a negative net margin of 13.65%. The business’s revenue was up 39.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.09 earnings per share. sell-side analysts anticipate that Atlassian Co. PLC will post 0.07 EPS for the current fiscal year.
Atlassian Corporation Plc, through its subsidiaries, provides team collaboration and productivity software solutions worldwide. It offers project tracking, content creation and sharing, real-time communication, and service management products to large and small organizations. The company's products include JIRA, a workflow management system that enables teams to plan, organize, track, and manage their work and projects; Confluence, a content collaboration platform that is used to create, share, organize, and discuss projects; HipChat that provides teams a way to communicate in real-time and share ideas, updates, codes, and files; Trello, a Web-based project management application for capturing and adding structure to fluid and fast-forming work for teams; Bitbucket, a code management and collaboration product for teams using distributed version control systems; and JIRA Service Desk, a service desk product for creating and managing service experiences for various service team providers, including IT help desks, and legal and HR teams.
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