Allstate Corp Purchases New Shares in Atlassian Co. (NASDAQ:TEAM)

Allstate Corp acquired a new position in Atlassian Co. (NASDAQ:TEAM) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 4,739 shares of the technology company’s stock, valued at approximately $1,153,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Murphy & Mullick Capital Management Corp bought a new position in shares of Atlassian during the fourth quarter worth approximately $27,000. Avion Wealth grew its position in Atlassian by 1,308.3% during the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after buying an additional 157 shares in the last quarter. Assetmark Inc. increased its stake in Atlassian by 30.6% during the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock worth $43,000 after acquiring an additional 41 shares during the period. Mainstream Capital Management LLC acquired a new position in Atlassian in the 4th quarter valued at $49,000. Finally, True Wealth Design LLC lifted its position in shares of Atlassian by 23,100.0% during the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after acquiring an additional 231 shares during the period. Institutional investors and hedge funds own 94.45% of the company’s stock.

Insider Activity at Atlassian

In related news, President Anutthara Bharadwaj sold 1,520 shares of the business’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $259.85, for a total value of $394,972.00. Following the transaction, the president now owns 210,471 shares in the company, valued at $54,690,889.35. The trade was a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $242.27, for a total value of $1,925,561.96. Following the sale, the chief executive officer now owns 476,880 shares of the company’s stock, valued at approximately $115,533,717.60. The trade was a 1.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 255,085 shares of company stock worth $68,681,246 over the last ninety days. Insiders own 38.55% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Scotiabank boosted their price target on Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a research note on Friday, January 31st. The Goldman Sachs Group raised their target price on shares of Atlassian from $245.00 to $370.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Barclays upped their price target on shares of Atlassian from $275.00 to $350.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Wells Fargo & Company lifted their price objective on shares of Atlassian from $350.00 to $375.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Finally, William Blair restated an “outperform” rating on shares of Atlassian in a research note on Friday, January 31st. Nine equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $316.77.

Atlassian Price Performance

TEAM stock opened at $217.99 on Monday. 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 Co. has a 52-week low of $135.29 and a 52-week high of $326.00. The company has a market capitalization of $57.11 billion, a P/E ratio of -162.68 and a beta of 0.91. The company has a fifty day moving average price of $269.28 and a 200-day moving average price of $239.11.

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

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.