Bamco Inc. NY Buys 87,834 Shares of Atlassian Co. (NASDAQ:TEAM)

Bamco Inc. NY lifted its position in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 242.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 124,018 shares of the technology company's stock after purchasing an additional 87,834 shares during the period. Bamco Inc. NY's holdings in Atlassian were worth $19,695,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in TEAM. Asset Dedication LLC raised its holdings in shares of 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 buying an additional 108 shares during the last quarter. Trust Co. of Vermont lifted its position in Atlassian by 2,175.0% during the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company's stock worth $32,000 after acquiring an additional 174 shares during the period. Rothschild Investment LLC purchased a new position in shares of Atlassian in the 2nd quarter valued at approximately $36,000. True Wealth Design LLC increased its holdings in shares of 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 purchasing an additional 231 shares during the period. Finally, GAMMA Investing LLC raised its stake in shares of Atlassian by 68.6% during 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 last quarter. 93.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. BMO Capital Markets upped their price objective on shares of Atlassian from $177.00 to $255.00 and gave the stock a "market perform" rating in a research report on Friday, November 1st. UBS Group lifted their price objective on Atlassian from $180.00 to $205.00 and gave the company a "neutral" rating in a report on Tuesday, October 22nd. Scotiabank increased their target price on Atlassian from $175.00 to $250.00 and gave the stock a "sector perform" rating in a research note on Friday, November 1st. Canaccord Genuity Group lifted their price target on Atlassian from $225.00 to $255.00 and gave the company a "buy" rating in a research note on Friday, November 1st. Finally, Jefferies Financial Group upped their price objective on Atlassian from $280.00 to $300.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Nine investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Atlassian has an average rating of "Moderate Buy" and an average target price of $244.21.

Insiders Place Their Bets

In related news, Director Scott Farquhar sold 7,948 shares of the firm's stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $163.82, for a total transaction of $1,302,041.36. Following the completion of the sale, the director now directly owns 119,220 shares in the company, valued at approximately $19,530,620.40. This trade represents a 6.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Anutthara Bharadwaj sold 760 shares of the company's stock in a transaction on Friday, September 20th. The stock was sold at an average price of $163.11, for a total transaction of $123,963.60. Following the completion of the transaction, the president now directly owns 143,966 shares in the company, valued at $23,482,294.26. This trade represents a 0.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 257,694 shares of company stock worth $51,359,580. Company insiders own 38.55% of the company's stock.

Atlassian Price Performance

Atlassian stock traded up $0.87 during trading hours on Tuesday, hitting $266.75. 570,144 shares of the company traded hands, compared to its average volume of 1,856,990. The firm's 50-day simple moving average is $208.64 and its two-hundred day simple moving average is $180.38. Atlassian Co. has a 1-year low of $135.29 and a 1-year high of $269.40. 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 - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) 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 firm had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same period last year, the company posted ($0.07) EPS. The firm's quarterly revenue was up 21.5% on a year-over-year basis. On average, sell-side analysts predict that Atlassian Co. will post -0.54 EPS 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.