Q3 Asset Management Acquires Shares of 2,202 Atlassian Co. (NASDAQ:TEAM)

Q3 Asset Management purchased a new stake in Atlassian Co. (NASDAQ:TEAM) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,202 shares of the technology company’s stock, valued at approximately $536,000.

Several other institutional investors also recently bought and sold shares of the business. Thrivent Financial for Lutherans purchased a new position in Atlassian during the second quarter worth approximately $677,000. Truist Financial Corp lifted its position in shares of Atlassian by 2.5% during the second quarter. Truist Financial Corp now owns 84,358 shares of the technology company’s stock worth $14,921,000 after purchasing an additional 2,050 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Atlassian in the second quarter worth $1,022,000. Handelsbanken Fonder AB boosted its stake in shares of Atlassian by 2.6% in the 3rd quarter. Handelsbanken Fonder AB now owns 69,552 shares of the technology company’s stock valued at $11,046,000 after buying an additional 1,760 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after purchasing an additional 96 shares during the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

Atlassian Trading Up 14.9 %

Shares of Atlassian stock opened at $306.78 on Friday. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $324.37. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. The company’s 50 day moving average price is $260.51 and its two-hundred day moving average price is $208.24.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. On average, equities analysts anticipate that Atlassian Co. will post -0.55 earnings per share for the current year.

Analyst Upgrades and Downgrades

TEAM has been the subject of a number of recent research reports. William Blair reiterated an “outperform” rating on shares of Atlassian in a research note on Friday. UBS Group lifted their price target on Atlassian from $275.00 to $330.00 and gave the stock a “neutral” rating in a research note on Friday. Macquarie began coverage on Atlassian in a research report on Thursday, December 12th. They issued a “neutral” rating and a $290.00 price objective on the stock. JMP Securities reissued a “market perform” rating on shares of Atlassian in a research note on Friday. Finally, Citigroup upped their price target on Atlassian from $255.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Nine investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and a consensus price target of $307.00.

Insider Activity

In other news, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $270.63, for a total transaction of $2,150,967.24. Following the transaction, the director now directly owns 333,816 shares of the company’s stock, valued at approximately $90,340,624.08. This trade represents a 2.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Anutthara Bharadwaj sold 1,520 shares of the stock in a transaction on Friday, January 17th. The shares were sold at an average price of $259.85, for a total transaction of $394,972.00. Following the sale, the president now directly owns 210,471 shares of the company’s stock, valued at $54,690,889.35. The trade was a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 257,156 shares of company stock worth $65,313,573 in the last three months. Corporate insiders own 38.55% 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.