Atlassian Co. (NASDAQ:TEAM) Shares Acquired by Summit Global Investments

Summit Global Investments grew its position in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 82.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,627 shares of the technology company's stock after acquiring an additional 4,788 shares during the period. Summit Global Investments' holdings in Atlassian were worth $1,880,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of TEAM. First Trust Direct Indexing L.P. raised its stake in Atlassian by 1.5% in the first quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company's stock worth $721,000 after buying an additional 55 shares in the last quarter. Park National Corp OH raised its stake in Atlassian by 4.0% in the first quarter. Park National Corp OH now owns 1,497 shares of the technology company's stock worth $292,000 after buying an additional 58 shares in the last quarter. Atria Wealth Solutions Inc. raised its stake in Atlassian by 3.2% in the fourth quarter. Atria Wealth Solutions Inc. now owns 1,885 shares of the technology company's stock worth $448,000 after buying an additional 59 shares in the last quarter. STF Management LP raised its stake in Atlassian by 2.6% in the fourth quarter. STF Management LP now owns 2,551 shares of the technology company's stock worth $607,000 after buying an additional 65 shares in the last quarter. Finally, Ameritas Investment Partners Inc. raised its stake in Atlassian by 1.4% in the first quarter. Ameritas Investment Partners Inc. now owns 4,561 shares of the technology company's stock worth $890,000 after buying an additional 65 shares in the last quarter. 93.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company cut their price objective on shares of Atlassian from $285.00 to $250.00 and set an "overweight" rating on the stock in a report on Friday, June 21st. Baird R W cut shares of Atlassian from a "strong-buy" rating to a "hold" rating in a report on Friday, August 2nd. JMP Securities upgraded shares of Atlassian to a "hold" rating in a report on Friday, August 2nd. BMO Capital Markets cut their price objective on shares of Atlassian from $220.00 to $177.00 and set a "market perform" rating on the stock in a report on Friday, August 2nd. Finally, Morgan Stanley cut their price objective on shares of Atlassian from $245.00 to $225.00 and set an "overweight" rating on the stock in a report on Wednesday, July 17th. Ten analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $217.69.

Insiders Place Their Bets

In other news, CTO Rajeev Bashyam Rajan sold 199 shares of the firm's stock in a transaction on Friday, August 16th. The shares were sold at an average price of $146.08, for a total transaction of $29,069.92. Following the sale, the chief technology officer now directly owns 128,957 shares in the company, valued at approximately $18,838,038.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CTO Rajeev Bashyam Rajan sold 199 shares of the firm's stock in a transaction on Friday, August 16th. The shares were sold at an average price of $146.08, for a total transaction of $29,069.92. Following the sale, the chief technology officer now directly owns 128,957 shares in the company, valued at approximately $18,838,038.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Cannon-Brookes sold 8,241 shares of the firm's stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $165.51, for a total transaction of $1,363,967.91. Following the sale, the chief executive officer now owns 176,907 shares in the company, valued at $29,279,877.57. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 257,672 shares of company stock worth $43,021,265. Company insiders own 40.48% of the company's stock.

Atlassian Stock Performance

TEAM stock traded up $2.05 on Wednesday, hitting $158.34. The company had a trading volume of 1,407,862 shares, compared to its average volume of 1,800,217. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.82. Atlassian Co. has a 12-month low of $135.29 and a 12-month high of $258.69. The stock has a market cap of $41.22 billion, a price-to-earnings ratio of -248.16 and a beta of 0.74. The stock's 50-day simple moving average is $165.59 and its 200 day simple moving average is $182.64.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.07. Atlassian had a negative net margin of 6.89% and a negative return on equity of 18.13%. The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period last year, the firm earned ($0.21) earnings per share. The company's quarterly revenue was up 20.5% on a year-over-year basis. As a group, equities research analysts expect that Atlassian Co. will post -0.57 earnings per share for the current fiscal year.

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.