1,085 Shares in Atlassian Co. (NASDAQ:TEAM) Purchased by Summit Global Investments

Summit Global Investments acquired a new stake in shares of Atlassian Co. (NASDAQ:TEAM) in the fourth quarter, HoldingsChannel reports. The fund acquired 1,085 shares of the technology company’s stock, valued at approximately $258,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Baillie Gifford & Co. boosted its stake in shares of Atlassian by 20.7% during the 4th quarter. Baillie Gifford & Co. now owns 8,807,619 shares of the technology company’s stock valued at $2,094,980,000 after buying an additional 1,511,318 shares during the last quarter. Morgan Stanley boosted its stake in Atlassian by 156.8% during the 3rd quarter. Morgan Stanley now owns 1,793,700 shares of the technology company’s stock valued at $361,449,000 after acquiring an additional 1,095,297 shares during the last quarter. WCM Investment Management LLC grew its holdings in Atlassian by 2.7% during the 4th quarter. WCM Investment Management LLC now owns 9,640,536 shares of the technology company’s stock worth $2,325,490,000 after acquiring an additional 249,017 shares in the last quarter. American Century Companies Inc. increased its position in shares of Atlassian by 58.7% in the 3rd quarter. American Century Companies Inc. now owns 430,112 shares of the technology company’s stock worth $86,672,000 after purchasing an additional 159,102 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Atlassian by 45.8% in the 3rd quarter. Invesco Ltd. now owns 476,920 shares of the technology company’s stock valued at $96,104,000 after purchasing an additional 149,850 shares in the last quarter. 93.03% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Stock Performance

TEAM stock opened at $181.77 on Tuesday. The company has a 50-day simple moving average of $196.77 and a 200 day simple moving average of $205.99. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.82. Atlassian Co. has a fifty-two week low of $128.02 and a fifty-two week high of $258.69.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, April 25th. The technology company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.27. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.10 billion. Atlassian had a negative net margin of 3.90% and a negative return on equity of 13.95%. Atlassian’s revenue was up 29.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.40) EPS. As a group, research analysts predict that Atlassian Co. will post -0.29 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Canaccord Genuity Group decreased their price target on Atlassian from $260.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, April 26th. William Blair restated an “outperform” rating on shares of Atlassian in a research note on Friday, February 2nd. TD Cowen dropped their price target on Atlassian from $220.00 to $210.00 and set a “hold” rating on the stock in a research report on Friday, April 26th. Citigroup reduced their price objective on Atlassian from $280.00 to $265.00 and set a “buy” rating for the company in a research report on Friday, April 12th. Finally, Piper Sandler lowered their price objective on Atlassian from $225.00 to $200.00 and set a “neutral” rating for the company in a research note on Friday, April 26th. Ten equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Atlassian has a consensus rating of “Moderate Buy” and a consensus price target of $223.22.

Insiders Place Their Bets

In other news, CEO Scott Farquhar sold 8,241 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $183.51, for a total value of $1,512,305.91. Following the completion of the sale, the chief executive officer now owns 308,763 shares in the company, valued at $56,661,098.13. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Atlassian news, President Anutthara Bharadwaj sold 4,139 shares of Atlassian stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total value of $881,068.93. Following the transaction, the president now owns 167,535 shares in the company, valued at $35,663,175.45. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Scott Farquhar sold 8,241 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $183.51, for a total value of $1,512,305.91. Following the sale, the chief executive officer now owns 308,763 shares of the company’s stock, valued at approximately $56,661,098.13. The disclosure for this sale can be found here. Insiders sold 300,450 shares of company stock worth $59,897,078 over the last ninety days. Company insiders own 40.48% of the company’s stock.

About Atlassian

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.