Paloma Partners Management Co Acquires Shares of 10,000 Atlassian Co. (NASDAQ:TEAM)

Paloma Partners Management Co purchased a new stake in Atlassian Co. (NASDAQ:TEAM - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,000 shares of the technology company's stock, valued at approximately $1,588,000.

Several other hedge funds have also added to or reduced their stakes in TEAM. Dragoneer Investment Group LLC bought a new position in Atlassian during the 2nd quarter worth $469,803,000. Manning & Napier Advisors LLC bought a new stake in Atlassian in the 2nd quarter valued at about $91,072,000. Westfield Capital Management Co. LP acquired a new position in shares of Atlassian during the 3rd quarter worth approximately $57,149,000. Parnassus Investments LLC grew its position in shares of Atlassian by 322.9% during the 3rd quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company's stock worth $51,016,000 after purchasing an additional 245,286 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Atlassian by 657.5% during the second quarter. Assenagon Asset Management S.A. now owns 239,509 shares of the technology company's stock worth $42,364,000 after purchasing an additional 207,891 shares during the period. Institutional investors and hedge funds own 93.03% of the company's stock.

Insider Transactions at Atlassian

In other Atlassian news, CAO Gene Liu sold 165 shares of the firm's stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $245.84, for a total value of $40,563.60. Following the completion of the sale, the chief accounting officer now directly owns 56,423 shares in the company, valued at approximately $13,871,030.32. This trade represents a 0.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the company's stock in a transaction dated 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 transaction, the director now owns 119,220 shares in the company, valued at $19,530,620.40. This represents a 6.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 265,642 shares of company stock worth $53,473,430 over the last three months. 38.55% of the stock is owned by company insiders.

Atlassian Trading Up 0.9 %

TEAM traded up $2.48 during midday trading on Tuesday, hitting $268.36. 1,387,193 shares of the company were exchanged, compared to its average volume of 1,860,571. The firm has a market capitalization of $69.89 billion, a P/E ratio of -176.55 and a beta of 0.80. The firm's 50 day moving average price is $210.75 and its 200-day moving average price is $181.01. 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 Co. has a 1-year low of $135.29 and a 1-year high of $269.40.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, topping 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 company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the firm earned ($0.07) earnings per share. The firm's quarterly revenue was up 21.5% on a year-over-year basis. As a group, equities analysts forecast that Atlassian Co. will post -0.54 EPS for the current fiscal year.

Analyst Ratings Changes

TEAM has been the topic of a number of analyst reports. BMO Capital Markets increased their price target on Atlassian from $177.00 to $255.00 and gave the stock a "market perform" rating in a research report on Friday, November 1st. KeyCorp raised Atlassian from a "sector weight" rating to an "overweight" rating and set a $260.00 target price on the stock in a report on Friday, November 1st. Truist Financial boosted their price target on Atlassian from $160.00 to $200.00 and gave the company a "hold" rating in a research note on Friday, November 1st. Barclays decreased their target price on shares of Atlassian from $275.00 to $250.00 and set an "overweight" rating on the stock in a report on Monday, August 5th. Finally, Piper Sandler upped their price target on shares of Atlassian from $225.00 to $265.00 and gave the stock an "overweight" rating in a report on Friday, November 1st. Nine research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Atlassian presently has an average rating of "Moderate Buy" and an average price target of $244.21.

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.