Panagora Asset Management Inc. Boosts Stock Position in Atlassian Co. (NASDAQ:TEAM)

Panagora Asset Management Inc. boosted its holdings in Atlassian Co. (NASDAQ:TEAM - Free Report) by 189.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,204 shares of the technology company's stock after buying an additional 9,955 shares during the period. Panagora Asset Management Inc.'s holdings in Atlassian were worth $2,689,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of TEAM. Hollencrest Capital Management lifted its holdings in Atlassian by 383.9% in the first quarter. Hollencrest Capital Management now owns 150 shares of the technology company's stock valued at $29,000 after buying an additional 119 shares during the period. Trust Co. of Vermont increased its stake in Atlassian by 2,175.0% in the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company's stock valued at $32,000 after purchasing an additional 174 shares in the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in Atlassian in the first quarter valued at approximately $40,000. Crewe Advisors LLC bought a new stake in Atlassian in the first quarter valued at approximately $43,000. Finally, Ridgewood Investments LLC bought a new stake in Atlassian in the second quarter valued at approximately $58,000. 93.03% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Stock Performance

Shares of NASDAQ TEAM traded down $1.85 during mid-day trading on Friday, reaching $165.60. 1,428,699 shares of the company were exchanged, compared to its average volume of 1,786,460. Atlassian Co. has a twelve month low of $135.29 and a twelve month high of $258.69. The stock has a market capitalization of $43.06 billion, a P/E ratio of -262.86 and a beta of 0.74. The company's 50-day simple moving average is $166.33 and its 200-day simple moving average is $180.00. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.07. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The business's revenue for the quarter was up 20.5% compared to the same quarter last year. During the same period last year, the business posted ($0.21) earnings per share. As a group, research analysts predict that Atlassian Co. will post -0.57 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In other news, CEO Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction on Monday, June 10th. The stock was sold at an average price of $162.20, for a total transaction of $1,289,165.60. Following the completion of the sale, the chief executive officer now owns 103,324 shares of the company's stock, valued at $16,759,152.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $162.20, for a total transaction of $1,289,165.60. Following the transaction, the chief executive officer now owns 103,324 shares in the company, valued at approximately $16,759,152.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $175.00, for a total transaction of $133,000.00. Following the completion of the sale, the president now owns 152,534 shares of the company's stock, valued at $26,693,450. The disclosure for this sale can be found here. Insiders have sold a total of 256,348 shares of company stock valued at $42,730,178 in the last ninety days. 40.48% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Robert W. Baird downgraded shares of Atlassian from an "outperform" rating to a "neutral" rating and lowered their price objective for the stock from $230.00 to $175.00 in a research report on Friday, August 2nd. Barclays lowered their price objective on shares of Atlassian from $275.00 to $250.00 and set an "overweight" rating for the company in a research report on Monday, August 5th. Mizuho reduced their target price on shares of Atlassian from $225.00 to $220.00 and set an "outperform" rating for the company in a report on Tuesday, July 16th. BMO Capital Markets reduced their target price on shares of Atlassian from $220.00 to $177.00 and set a "market perform" rating for the company in a report on Friday, August 2nd. Finally, Capital One Financial upgraded shares of Atlassian from an "equal weight" rating to an "overweight" rating and set a $211.00 target price for the company in a report on Thursday, July 11th. Ten research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $217.69.

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.