Parnassus Investments LLC Grows Stock Holdings in Atlassian Co. (NASDAQ:TEAM)

Parnassus Investments LLC boosted its stake in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 322.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 321,240 shares of the technology company's stock after purchasing an additional 245,286 shares during the quarter. Parnassus Investments LLC owned about 0.12% of Atlassian worth $51,016,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Asset Dedication LLC boosted its position 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 acquiring an additional 108 shares during the period. Trust Co. of Vermont grew its position in shares of 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 purchasing an additional 174 shares in the last quarter. Rothschild Investment LLC bought a new position in shares of Atlassian during the second quarter worth approximately $36,000. GAMMA Investing LLC raised its position in shares of Atlassian by 68.6% in the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company's stock valued at $37,000 after buying an additional 96 shares in the last quarter. Finally, Crewe Advisors LLC bought a new stake in shares of Atlassian in the first quarter valued at approximately $43,000. 93.03% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Stock Performance

TEAM traded up $9.04 during trading hours on Tuesday, hitting $247.73. The stock had a trading volume of 2,644,841 shares, compared to its average volume of 1,869,785. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $258.69. The company's fifty day simple moving average is $189.47 and its 200 day simple moving average is $175.00. The stock has a market cap of $64.52 billion, a PE ratio of -161.20 and a beta of 0.71. 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 posted its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.13. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The company's revenue was up 21.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.07) earnings per share. Equities analysts anticipate that Atlassian Co. will post -0.56 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In related news, CAO Gene Liu sold 785 shares of the business's stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $240.00, for a total transaction of $188,400.00. Following the completion of the transaction, the chief accounting officer now owns 57,938 shares of the company's stock, valued at approximately $13,905,120. The trade was a 1.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $156.92, for a total transaction of $1,247,200.16. Following the completion of the sale, the chief executive officer now owns 214,596 shares in the company, valued at $33,674,404.32. This represents a 3.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 254,196 shares of company stock valued at $47,454,376 in the last 90 days. 38.55% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on TEAM. Mizuho boosted their price target on Atlassian from $200.00 to $240.00 and gave the company an "outperform" rating in a research note on Friday, November 1st. Robert W. Baird upped their price target on shares of Atlassian from $175.00 to $200.00 and gave the stock a "neutral" rating in a report on Friday, November 1st. Barclays decreased their price objective on shares of Atlassian from $275.00 to $250.00 and set an "overweight" rating on the stock in a research note on Monday, August 5th. UBS Group upped their target price on Atlassian from $180.00 to $205.00 and gave the stock a "neutral" rating in a research note on Tuesday, October 22nd. Finally, Oppenheimer lifted their price target on Atlassian from $230.00 to $270.00 and gave the company an "outperform" rating in a research note on Friday, November 1st. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Atlassian currently has a consensus rating of "Moderate Buy" and an average price target of $244.21.

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.