Quarry LP Raises Stock Position in Atlassian Co. (NASDAQ:TEAM)

Quarry LP lifted its position in shares of Atlassian Co. (NASDAQ:TEAM) by 127.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 850 shares of the technology company’s stock after buying an additional 477 shares during the period. Quarry LP’s holdings in Atlassian were worth $135,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in TEAM. Asset Dedication LLC raised its position in Atlassian by 229.8% in the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after purchasing an additional 108 shares during the period. Rothschild Investment LLC acquired a new stake in shares of Atlassian during the 2nd quarter worth about $36,000. GAMMA Investing LLC raised its holdings in 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 buying an additional 96 shares during the period. True Wealth Design LLC lifted its position in Atlassian by 23,100.0% in the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after buying an additional 231 shares during the last quarter. Finally, Reston Wealth Management LLC purchased a new position in Atlassian during the third quarter worth about $48,000. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Insider Transactions at Atlassian

In related news, Director Heather Mirjahangir Fernandez sold 3,000 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $275.00, for a total value of $825,000.00. Following the sale, the director now owns 5,610 shares of the company’s stock, valued at $1,542,750. The trade was a 34.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $163.82, for a total value of $1,302,041.36. Following the transaction, the director now owns 119,220 shares of the company’s stock, valued at $19,530,620.40. This trade represents a 6.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 268,642 shares of company stock worth $55,234,863 over the last three months. 38.55% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

TEAM has been the topic of a number of research analyst reports. Piper Sandler boosted their price target on shares of Atlassian from $225.00 to $265.00 and gave the company an “overweight” rating in a research note on Friday, November 1st. Jefferies Financial Group upped their price target on Atlassian from $280.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Scotiabank raised their price target on Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a research report on Friday, November 1st. BMO Capital Markets boosted their price objective on Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a report on Friday, November 1st. Finally, Canaccord Genuity Group raised their target price on Atlassian from $225.00 to $255.00 and gave the company a “buy” rating in a report on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and a consensus price target of $249.74.

Atlassian Stock Up 0.6 %

Atlassian stock opened at $278.50 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $287.97. The company’s fifty day simple moving average is $217.88 and its 200-day simple moving average is $183.09.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The firm had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the prior year, the company posted ($0.07) earnings per share. Atlassian’s revenue for the quarter was up 21.5% on a year-over-year basis. On average, sell-side analysts predict that Atlassian Co. will post -0.54 earnings per share for the current fiscal year.

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.