Blueshift Asset Management LLC Takes $1.76 Million Position in Atlassian Co. (NASDAQ:TEAM)

Blueshift Asset Management LLC bought a new stake in shares of Atlassian Co. (NASDAQ:TEAM) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 11,085 shares of the technology company’s stock, valued at approximately $1,760,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of TEAM. Asset Dedication LLC boosted its position in shares of Atlassian by 229.8% during the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after buying an additional 108 shares during the period. Trust Co. of Vermont grew its position in Atlassian by 2,175.0% in the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after acquiring an additional 174 shares during the last quarter. Rothschild Investment LLC purchased a new stake in Atlassian in the second quarter worth $36,000. GAMMA Investing LLC increased its stake in Atlassian by 68.6% in the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after purchasing an additional 96 shares during the period. Finally, Reston Wealth Management LLC bought a new stake in shares of Atlassian during the third quarter worth $48,000. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Atlassian Trading Up 0.5 %

Atlassian stock opened at $262.23 on Wednesday. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $269.40. The stock has a 50-day moving average price of $200.51 and a 200 day moving average price of $178.12. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share 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 for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the business earned ($0.07) earnings per share. The business’s quarterly revenue was up 21.5% compared to the same quarter last year. Research analysts predict that Atlassian Co. will post -0.54 earnings per share for the current year.

Insiders Place Their Bets

In related news, President Anutthara Bharadwaj sold 1,659 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $245.81, for a total value of $407,798.79. Following the completion of the transaction, the president now directly owns 213,511 shares of the company’s stock, valued at approximately $52,483,138.91. This represents a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $166.36, for a total transaction of $1,322,229.28. Following the completion of the transaction, the chief executive officer now directly owns 158,960 shares in the company, valued at approximately $26,444,585.60. This represents a 4.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 257,694 shares of company stock worth $49,802,725. 38.55% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on TEAM shares. Raymond James upped their price target on shares of Atlassian from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Truist Financial raised their target price on shares of Atlassian from $160.00 to $200.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. Robert W. Baird boosted their price target on Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Wells Fargo & Company lifted their target price on Atlassian from $250.00 to $300.00 and gave the company an “overweight” rating in a research report on Friday, November 1st. Finally, Canaccord Genuity Group upped their price objective on shares of Atlassian from $225.00 to $255.00 and gave the stock a “buy” rating in a research note 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, Atlassian currently has a consensus rating of “Moderate Buy” and a consensus target price of $244.21.

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.