LMR Partners LLP Buys New Stake in Atlassian Co. (NASDAQ:TEAM)

LMR Partners LLP purchased a new position in shares of Atlassian Co. (NASDAQ:TEAM) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 55,500 shares of the technology company’s stock, valued at approximately $8,814,000.

Several other hedge funds have also recently modified their holdings of the stock. Quest Partners LLC increased its holdings in Atlassian by 18.3% in the 3rd quarter. Quest Partners LLC now owns 2,135 shares of the technology company’s stock valued at $339,000 after purchasing an additional 330 shares during the last quarter. Swiss National Bank lifted its position in shares of Atlassian by 1.5% during the 3rd quarter. Swiss National Bank now owns 472,867 shares of the technology company’s stock worth $75,096,000 after purchasing an additional 6,900 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Atlassian by 168.1% during the 3rd quarter. Thrivent Financial for Lutherans now owns 10,270 shares of the technology company’s stock worth $1,631,000 after purchasing an additional 6,440 shares during the last quarter. Ceera Investments LLC lifted its position in Atlassian by 6.9% in the third quarter. Ceera Investments LLC now owns 26,928 shares of the technology company’s stock valued at $4,276,000 after acquiring an additional 1,745 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its position in Atlassian by 4.4% in the third quarter. CIBC Asset Management Inc now owns 31,942 shares of the technology company’s stock valued at $5,073,000 after acquiring an additional 1,358 shares during the last quarter. Institutional investors and hedge funds own 93.03% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. The Goldman Sachs Group upgraded shares of Atlassian from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $200.00 to $230.00 in a research note on Friday, August 2nd. Piper Sandler upped their price objective on shares of Atlassian from $225.00 to $265.00 and gave the company an “overweight” rating in a research note on Friday, November 1st. BMO Capital Markets increased their price objective on shares of Atlassian from $177.00 to $255.00 and gave the stock a “market perform” rating in a research report on Friday, November 1st. KeyCorp upgraded shares of Atlassian from a “sector weight” rating to an “overweight” rating and set a $260.00 price objective on the stock in a research note on Friday, November 1st. Finally, Scotiabank increased their price objective on shares of Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a report on Friday, November 1st. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Atlassian presently has a consensus rating of “Moderate Buy” and an average price target of $244.21.

Insider Transactions 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 stock was sold at an average price of $240.00, for a total value of $188,400.00. Following the completion of the sale, the chief accounting officer now owns 57,938 shares in the company, valued at $13,905,120. The trade was a 1.34 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $244.84, for a total value of $1,945,988.32. Following the completion of the sale, the director now owns 270,232 shares of the company’s stock, valued at $66,163,602.88. The trade was a 2.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 246,248 shares of company stock worth $45,553,294 in the last ninety days. Company insiders own 38.55% of the company’s stock.

Atlassian Stock Performance

Atlassian stock opened at $240.04 on Monday. The business has a 50 day moving average of $187.95 and a 200-day moving average of $174.60. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $258.69. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The company has a market capitalization of $62.51 billion, a P/E ratio of -157.92 and a beta of 0.71.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the firm posted ($0.07) EPS. The company’s quarterly revenue was up 21.5% on a year-over-year basis. On average, equities research analysts predict that Atlassian Co. will post -0.56 earnings per share for the current year.

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.