Pinnacle Wealth Planning Services Inc. Purchases New Stake in Atlassian Co. (NASDAQ:TEAM)

Pinnacle Wealth Planning Services Inc. purchased a new stake in shares of Atlassian Co. (NASDAQ:TEAM) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 977 shares of the technology company’s stock, valued at approximately $238,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TEAM. Point72 Asset Management L.P. raised its holdings in Atlassian by 760.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock valued at $110,972,000 after buying an additional 617,566 shares during the last quarter. Two Sigma Advisers LP raised its holdings in Atlassian by 122.0% during the 3rd quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock valued at $159,382,000 after buying an additional 551,500 shares during the last quarter. Westfield Capital Management Co. LP bought a new stake in Atlassian during the 3rd quarter valued at $57,149,000. Parnassus Investments LLC raised its holdings in Atlassian by 322.9% during the 3rd quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock valued at $51,016,000 after buying an additional 245,286 shares during the last quarter. Finally, Los Angeles Capital Management LLC raised its holdings in Atlassian by 12,047.2% during the 4th quarter. Los Angeles Capital Management LLC now owns 228,124 shares of the technology company’s stock valued at $55,521,000 after buying an additional 226,246 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors.

Atlassian Stock Performance

Shares of TEAM stock opened at $238.86 on Friday. Atlassian Co. has a one year low of $135.29 and a one year high of $326.00. The company’s 50-day moving average is $276.11 and its 200 day moving average is $231.65. The company has a market capitalization of $62.58 billion, a price-to-earnings ratio of -178.25 and a beta of 0.87. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data 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%. Sell-side analysts expect that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Wall Street Analyst Weigh In

TEAM has been the subject of several research reports. The Goldman Sachs Group upped their price objective on shares of Atlassian from $245.00 to $370.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. Piper Sandler upped their price objective on shares of Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Cantor Fitzgerald upped their price objective on shares of Atlassian from $264.00 to $304.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Oppenheimer upped their price objective on shares of Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. Finally, JMP Securities restated a “market perform” rating on shares of Atlassian in a report on Friday, January 31st. Nine analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, Atlassian has an average rating of “Moderate Buy” and a consensus price target of $319.71.

Insider Activity

In other news, President Anutthara Bharadwaj sold 1,520 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $254.76, for a total transaction of $387,235.20. Following the sale, the president now owns 211,991 shares of the company’s stock, valued at $54,006,827.16. This trade represents a 0.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $269.35, for a total transaction of $2,140,793.80. Following the sale, the director now directly owns 111,272 shares in the company, valued at approximately $29,971,113.20. The trade was a 6.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 272,501 shares of company stock valued at $74,977,422 in the last 90 days. 38.55% of the stock is currently owned by insiders.

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.