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

Summit Global Investments bought a new stake in Atlassian Co. (NASDAQ:TEAM) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,085 shares of the technology company’s stock, valued at approximately $258,000.

Other large investors have also modified their holdings of the company. Baillie Gifford & Co. raised its position in Atlassian by 20.7% in the fourth quarter. Baillie Gifford & Co. now owns 8,807,619 shares of the technology company’s stock valued at $2,094,980,000 after purchasing an additional 1,511,318 shares during the period. Morgan Stanley raised its holdings in shares of Atlassian by 156.8% in the 3rd quarter. Morgan Stanley now owns 1,793,700 shares of the technology company’s stock valued at $361,449,000 after buying an additional 1,095,297 shares during the period. WCM Investment Management LLC lifted its stake 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. boosted its holdings in Atlassian by 58.7% during the 3rd quarter. American Century Companies Inc. now owns 430,112 shares of the technology company’s stock valued at $86,672,000 after acquiring an additional 159,102 shares during the period. Finally, Invesco Ltd. grew its position in 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 acquiring an additional 149,850 shares in the last quarter. Institutional investors and hedge funds own 93.03% of the company’s stock.

Wall Street Analyst Weigh In

TEAM has been the subject of several recent research reports. The Goldman Sachs Group raised their price objective on shares of Atlassian from $188.00 to $215.00 and gave the company a “neutral” rating in a research note on Friday, February 2nd. Piper Sandler dropped their price target on shares of Atlassian from $225.00 to $200.00 and set a “neutral” rating for the company in a research note on Friday, April 26th. StockNews.com upgraded Atlassian from a “hold” rating to a “buy” rating in a research note on Monday, April 29th. Mizuho lowered their target price on Atlassian from $240.00 to $225.00 and set a “buy” rating for the company in a research note on Friday, April 26th. Finally, Oppenheimer reduced their price target on Atlassian from $300.00 to $250.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th. Ten investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and an average target price of $223.22.

Atlassian Stock Down 1.0 %

Shares of TEAM opened at $181.77 on Tuesday. The firm has a fifty day moving average price of $196.77 and a 200 day moving average price of $205.99. Atlassian Co. has a 1-year low of $128.02 and a 1-year high of $258.69. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.18 and a quick ratio of 1.18.

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

Insider Transactions at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 8,241 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $172.99, for a total transaction of $1,425,610.59. Following the transaction, the chief executive officer now directly owns 325,245 shares of the company’s stock, valued at approximately $56,264,132.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CTO Rajeev Bashyam Rajan sold 872 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total transaction of $185,622.64. Following the completion of the sale, the chief technology officer now owns 142,103 shares in the company, valued at $30,249,465.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $172.99, for a total value of $1,425,610.59. Following the sale, the chief executive officer now directly owns 325,245 shares of the company’s stock, valued at $56,264,132.55. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 300,450 shares of company stock worth $59,897,078. 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.