Erste Asset Management GmbH Acquires Shares of 60,000 Atlassian Co. (NASDAQ:TEAM)

Erste Asset Management GmbH bought a new position in shares of Atlassian Co. (NASDAQ:TEAM) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 60,000 shares of the technology company’s stock, valued at approximately $9,529,000.

A number of other large investors have also made changes to their positions in the stock. Financial Advocates Investment Management boosted its stake in Atlassian by 1.7% during the second quarter. Financial Advocates Investment Management now owns 3,745 shares of the technology company’s stock worth $662,000 after buying an additional 62 shares during the last quarter. Legacy Wealth Asset Management LLC grew its holdings in shares of Atlassian by 2.1% in the third quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company’s stock valued at $544,000 after purchasing an additional 70 shares during the period. Brown Brothers Harriman & Co. increased its position in Atlassian by 23.2% during the third quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock worth $69,000 after purchasing an additional 82 shares during the last quarter. Commerce Bank boosted its holdings in Atlassian by 1.8% in the 3rd quarter. Commerce Bank now owns 4,966 shares of the technology company’s stock valued at $789,000 after purchasing an additional 90 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Atlassian by 68.6% during the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after buying an additional 96 shares during the last quarter. 93.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on TEAM. KeyCorp upgraded Atlassian from a “sector weight” rating to an “overweight” rating and set a $260.00 price objective on the stock in a report on Friday, November 1st. Scotiabank increased their price target on Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a report on Friday, November 1st. Morgan Stanley boosted their price objective on shares of Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Jefferies Financial Group increased their target price on shares of Atlassian from $280.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, 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. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $244.21.

Atlassian Trading Up 0.4 %

Shares of NASDAQ:TEAM opened at $263.58 on Monday. The company has a market cap of $68.64 billion, a PE ratio of -173.41 and a beta of 0.71. The company’s 50 day moving average is $206.56 and its two-hundred day moving average is $179.79. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $269.40. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96.

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

Insider Activity at Atlassian

In related news, CAO Gene Liu sold 165 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $245.84, for a total value of $40,563.60. Following the completion of the sale, the chief accounting officer now directly owns 56,423 shares of the company’s stock, valued at $13,871,030.32. The trade was a 0.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $163.81, for a total value of $1,301,961.88. Following the transaction, the director now directly owns 151,012 shares in the company, valued at approximately $24,737,275.72. The trade was a 5.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 257,694 shares of company stock valued at $50,560,726 over the last three months. 38.55% of the stock is owned by corporate 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.