Belpointe Asset Management LLC Invests $934,000 in Atlassian Co. (NASDAQ:TEAM)

Belpointe Asset Management LLC acquired a new position in Atlassian Co. (NASDAQ:TEAM - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 3,838 shares of the technology company's stock, valued at approximately $934,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new position in Atlassian during the third quarter worth about $606,000. SkyView Investment Advisors LLC grew its position in shares of Atlassian by 3.0% in the 3rd quarter. SkyView Investment Advisors LLC now owns 4,128 shares of the technology company's stock valued at $656,000 after purchasing an additional 122 shares during the period. Wilmington Savings Fund Society FSB increased its stake in Atlassian by 59.4% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 2,901 shares of the technology company's stock worth $461,000 after purchasing an additional 1,081 shares in the last quarter. Tidal Investments LLC raised its holdings in Atlassian by 143.2% during the 3rd quarter. Tidal Investments LLC now owns 12,605 shares of the technology company's stock worth $2,002,000 after buying an additional 7,422 shares during the period. Finally, Synovus Financial Corp boosted its holdings in shares of Atlassian by 26.4% in the third quarter. Synovus Financial Corp now owns 19,962 shares of the technology company's stock valued at $3,170,000 after buying an additional 4,173 shares during the period. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on TEAM shares. Oppenheimer lifted their target price on Atlassian from $300.00 to $380.00 and gave the company an "outperform" rating in a research report on Friday, January 31st. StockNews.com cut shares of Atlassian from a "buy" rating to a "hold" rating in a research note on Monday, March 31st. Morgan Stanley decreased their price target on Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. JMP Securities restated a "market perform" rating on shares of Atlassian in a research note on Friday, January 31st. Finally, Mizuho raised their price target on shares of Atlassian from $285.00 to $355.00 and gave the company an "outperform" rating in a research note on Friday, January 31st. Six analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $297.73.

Atlassian Stock Performance

Shares of NASDAQ TEAM traded down $10.94 during midday trading on Monday, reaching $191.81. The company had a trading volume of 405,795 shares, compared to its average volume of 2,042,951. The stock has a market cap of $50.25 billion, a P/E ratio of -143.14 and a beta of 1.07. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $326.00. The business's 50-day simple moving average is $239.67 and its 200 day simple moving average is $243.31.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate 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, analysts forecast that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In related news, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $255.71, for a total transaction of $2,032,383.08. Following the completion of the transaction, the director now owns 381,504 shares in the company, valued at approximately $97,554,387.84. The trade was a 2.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Gene Liu sold 568 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $312.08, for a total value of $177,261.44. Following the completion of the transaction, the chief accounting officer now owns 52,142 shares in the company, valued at approximately $16,272,475.36. The trade was a 1.08 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 261,513 shares of company stock valued at $67,123,959. Corporate insiders own 38.55% of the company's stock.

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.