Allstate Corp Purchases Shares of 4,739 Atlassian Co. (NASDAQ:TEAM)

Allstate Corp purchased a new position in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 4,739 shares of the technology company's stock, valued at approximately $1,153,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Cerity Partners LLC grew its holdings in shares of Atlassian by 169.0% in the third quarter. Cerity Partners LLC now owns 18,017 shares of the technology company's stock worth $2,861,000 after purchasing an additional 11,320 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Atlassian by 17.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 30,353 shares of the technology company's stock worth $4,824,000 after acquiring an additional 4,479 shares in the last quarter. FMR LLC increased its position in shares of Atlassian by 7.4% during the third quarter. FMR LLC now owns 2,182,980 shares of the technology company's stock worth $346,679,000 after acquiring an additional 150,237 shares during the period. Townsquare Capital LLC raised its stake in shares of Atlassian by 16.0% during the third quarter. Townsquare Capital LLC now owns 1,338 shares of the technology company's stock valued at $212,000 after acquiring an additional 185 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Atlassian by 5.1% in 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 period. 94.45% of the stock is currently owned by institutional investors.

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Analyst Upgrades and Downgrades

TEAM has been the topic of several research reports. Macquarie raised their price objective on Atlassian from $290.00 to $317.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. Cantor Fitzgerald raised their price target on Atlassian from $264.00 to $304.00 and gave the company a "neutral" rating in a research note on Friday, January 31st. StockNews.com lowered shares of Atlassian from a "buy" rating to a "hold" rating in a research note on Monday. Piper Sandler increased their target price on shares of Atlassian from $310.00 to $365.00 and gave the stock an "overweight" rating in a report on Friday, January 31st. Finally, Jefferies Financial Group reduced their price target on shares of Atlassian from $400.00 to $330.00 and set a "buy" rating for the company in a report on Monday. Ten research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $310.18.

Atlassian Stock Up 2.0 %

NASDAQ TEAM traded up $4.20 during trading on Tuesday, hitting $216.41. The company's stock had a trading volume of 2,424,840 shares, compared to its average volume of 1,984,383. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The company has a market cap of $56.70 billion, a PE ratio of -161.50 and a beta of 0.91. The business's 50 day simple moving average is $267.68 and its 200-day simple moving average is $239.81.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. On average, equities analysts anticipate that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Insider Activity at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $322.31, for a total value of $2,561,719.88. Following the sale, the chief executive officer now owns 270,232 shares in the company, valued at $87,098,475.92. This represents a 2.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Anutthara Bharadwaj sold 1,520 shares of the firm's stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $259.85, for a total transaction of $394,972.00. Following the transaction, the president now directly owns 210,471 shares of the company's stock, valued at $54,690,889.35. This represents a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 270,981 shares of company stock valued at $72,069,956 in the last ninety days. Company insiders own 38.55% of the company's stock.

Atlassian 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.