Summit Securities Group LLC Makes New Investment in Atlassian Co. (NASDAQ:TEAM)

Summit Securities Group LLC purchased a new position in Atlassian Co. (NASDAQ:TEAM) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 156 shares of the technology company’s stock, valued at approximately $38,000.

Other institutional investors have also recently made changes to their positions in the company. Cerity Partners LLC increased its stake in Atlassian by 169.0% in the 3rd quarter. Cerity Partners LLC now owns 18,017 shares of the technology company’s stock worth $2,861,000 after acquiring an additional 11,320 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Atlassian by 17.3% during the third quarter. The Manufacturers Life Insurance Company now owns 30,353 shares of the technology company’s stock worth $4,824,000 after purchasing an additional 4,479 shares in the last quarter. FMR LLC increased its position in shares of Atlassian by 7.4% in the third quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock worth $346,679,000 after purchasing an additional 150,237 shares during the last quarter. Townsquare Capital LLC raised its stake in Atlassian by 16.0% in the third quarter. Townsquare Capital LLC now owns 1,338 shares of the technology company’s stock valued at $212,000 after purchasing an additional 185 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Atlassian by 5.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,210,351 shares of the technology company’s stock valued at $192,216,000 after purchasing an additional 58,536 shares during the last quarter. Institutional investors own 94.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on TEAM shares. Jefferies Financial Group upped their price objective on shares of Atlassian from $300.00 to $325.00 and gave the company a “buy” rating in a research note on Friday, January 24th. UBS Group raised their price objective on Atlassian from $275.00 to $330.00 and gave the company a “neutral” rating in a research note on Friday, January 31st. Piper Sandler boosted their target price on Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Raymond James restated an “outperform” rating and set a $330.00 price target (up from $250.00) on shares of Atlassian in a research report on Friday, January 31st. Finally, Truist Financial reiterated a “buy” rating and issued a $350.00 price objective (up previously from $300.00) on shares of Atlassian in a research report on Friday, January 31st. Nine analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, Atlassian presently has a consensus rating of “Moderate Buy” and an average price target of $316.77.

Insider Buying and Selling

In other news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $218.05, for a total value of $1,733,061.40. Following the completion of the transaction, the director now owns 119,220 shares of the company’s stock, valued at $25,995,921. The trade was a 6.25 % decrease in their position. 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 15,896 shares of the company’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $243.55, for a total transaction of $3,871,470.80. Following the completion of the transaction, the chief executive officer now owns 429,192 shares in the company, valued at approximately $104,529,711.60. The trade was a 3.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 255,085 shares of company stock valued at $68,681,246 over the last quarter. Corporate insiders own 38.55% of the company’s stock.

Atlassian Trading Down 2.1 %

TEAM opened at $217.99 on Monday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $326.00. The stock has a market cap of $57.11 billion, a PE ratio of -162.68 and a beta of 0.91. The business has a 50 day moving average of $269.28 and a 200-day moving average of $239.11.

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%. Equities research analysts predict that Atlassian Co. will post -0.34 earnings per share for the current fiscal 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.