Summit Securities Group LLC Makes New Investment in Atlassian Co. (NASDAQ:TEAM)

Summit Securities Group LLC purchased a new stake in shares of Atlassian Co. (NASDAQ:TEAM) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 156 shares of the technology company’s stock, valued at approximately $38,000.

Other large investors have also recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership purchased a new stake in Atlassian in the fourth quarter worth approximately $234,547,000. Biondo Investment Advisors LLC lifted its holdings in shares of Atlassian by 1.3% during the 4th quarter. Biondo Investment Advisors LLC now owns 33,372 shares of the technology company’s stock valued at $8,122,000 after buying an additional 440 shares during the period. Allstate Corp bought a new position in shares of Atlassian during the 4th quarter valued at $1,153,000. DnB Asset Management AS grew its holdings in shares of Atlassian by 6.7% in the fourth quarter. DnB Asset Management AS now owns 27,793 shares of the technology company’s stock worth $6,764,000 after acquiring an additional 1,746 shares during the period. Finally, Orion Portfolio Solutions LLC purchased a new stake in Atlassian during the fourth quarter valued at $615,000. 94.45% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Atlassian news, CAO Gene Liu sold 779 shares of Atlassian stock in a transaction on Friday, January 31st. The shares were sold at an average price of $320.01, for a total transaction of $249,287.79. Following the completion of the transaction, the chief accounting officer now directly owns 52,710 shares of the company’s stock, valued at $16,867,727.10. The trade was a 1.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $229.64, for a total transaction of $1,825,178.72. Following the completion of the sale, the director now directly owns 23,844 shares in the company, valued at approximately $5,475,536.16. This represents a 25.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 255,085 shares of company stock valued at $68,681,246 in the last three months. Corporate insiders own 38.55% of the company’s stock.

Wall Street Analyst Weigh In

TEAM has been the topic of several research reports. Macquarie raised their target price on Atlassian from $290.00 to $317.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Mizuho boosted their target price on shares of Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a research report on Friday, January 31st. KeyCorp upped their target price on shares of Atlassian from $315.00 to $365.00 and gave the company an “overweight” rating in a report on Friday, January 31st. BMO Capital Markets raised shares of Atlassian from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $255.00 to $292.00 in a research report on Friday, January 10th. Finally, Jefferies Financial Group raised their target price on Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a report on Friday, January 24th. Nine equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and a consensus price target of $316.77.

Atlassian Stock Down 2.1 %

TEAM opened at $217.99 on Monday. The firm has a 50-day simple moving average of $269.28 and a two-hundred day simple moving average of $239.11. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $326.00. The company has a market capitalization of $57.11 billion, a PE ratio of -162.68 and a beta of 0.91. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Analysts forecast that Atlassian Co. will post -0.34 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.