Erste Asset Management GmbH Makes New Investment in Atlassian Co. (NASDAQ:TEAM)

Erste Asset Management GmbH acquired a new stake in Atlassian Co. (NASDAQ:TEAM) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 60,000 shares of the technology company’s stock, valued at approximately $9,529,000.

Other hedge funds have also made changes to their positions in the company. Asset Dedication LLC raised its stake in Atlassian by 229.8% during the 2nd 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 last quarter. Trust Co. of Vermont raised its stake in shares of Atlassian by 2,175.0% during the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after purchasing an additional 174 shares during the last quarter. Rothschild Investment LLC acquired a new stake in shares of Atlassian during the second quarter worth $36,000. GAMMA Investing LLC grew its position in Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after buying an additional 96 shares during the last quarter. Finally, True Wealth Design LLC increased its stake in Atlassian by 23,100.0% in the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after buying an additional 231 shares during the period. Institutional investors and hedge funds own 93.03% of the company’s stock.

Atlassian Stock Up 0.4 %

Shares of NASDAQ TEAM opened at $263.58 on Monday. The firm has a market cap of $68.64 billion, a P/E ratio of -173.41 and a beta of 0.71. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $269.40. The firm’s 50 day moving average price is $206.56 and its 200 day moving average price is $179.79.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.13. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The business’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.07) earnings per share. As a group, sell-side analysts anticipate that Atlassian Co. will post -0.54 earnings per share for the current year.

Insider Buying and Selling

In other news, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $163.11, for a total value of $123,963.60. Following the completion of the sale, the president now owns 143,966 shares of the company’s stock, valued at $23,482,294.26. This represents a 0.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $261.73, for a total value of $2,080,230.04. Following the completion of the sale, the chief executive officer now owns 174,856 shares of the company’s stock, valued at approximately $45,765,060.88. This represents a 4.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 257,694 shares of company stock valued at $50,560,726. Insiders own 38.55% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on TEAM. Piper Sandler raised their target price on shares of Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a research note on Friday, November 1st. Robert W. Baird raised their price objective on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Scotiabank boosted their target price on Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a research report on Friday, November 1st. Mizuho raised their price target on Atlassian from $200.00 to $240.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, Raymond James lifted their price target on Atlassian from $200.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock 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.