Point72 Asset Management L.P. Acquires 617,566 Shares of Atlassian Co. (NASDAQ:TEAM)

Point72 Asset Management L.P. raised its holdings in Atlassian Co. (NASDAQ:TEAM) by 760.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 698,775 shares of the technology company’s stock after buying an additional 617,566 shares during the period. Point72 Asset Management L.P. owned about 0.27% of Atlassian worth $110,972,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Asset Dedication LLC boosted 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 purchasing an additional 108 shares during the last quarter. Rothschild Investment LLC purchased a new position in shares of Atlassian during the second quarter valued at approximately $36,000. GAMMA Investing LLC grew its holdings in Atlassian by 68.6% during the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after buying an additional 96 shares in the last quarter. True Wealth Design LLC raised its position 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 last quarter. Finally, Reston Wealth Management LLC bought a new position in Atlassian during the 3rd quarter valued at $48,000. 93.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Oppenheimer increased their target price on shares of Atlassian from $230.00 to $270.00 and gave the company an “outperform” rating in a report on Friday, November 1st. BMO Capital Markets increased their price target on Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a research report on Friday, November 1st. Robert W. Baird raised their price objective on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Truist Financial lifted their price objective on shares of Atlassian from $160.00 to $200.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. Finally, Canaccord Genuity Group increased their target price on shares of Atlassian from $225.00 to $255.00 and gave the company a “buy” rating in a research 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $244.21.

Insider Transactions at Atlassian

In related news, CAO Gene Liu sold 1,024 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $225.45, for a total value of $230,860.80. Following the transaction, the chief accounting officer now owns 59,168 shares of the company’s stock, valued at $13,339,425.60. This represents a 1.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $160.97, for a total value of $1,279,389.56. Following the sale, the chief executive officer now directly owns 135,116 shares of the company’s stock, valued at approximately $21,749,622.52. This trade represents a 5.56 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 265,642 shares of company stock valued at $53,473,430. 38.55% of the stock is owned by corporate insiders.

Atlassian Stock Performance

Atlassian stock opened at $268.36 on Wednesday. The firm’s 50 day simple moving average is $210.75 and its 200 day simple moving average is $181.01. The company has a current ratio of 1.18, a quick 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. The firm has a market capitalization of $69.89 billion, a PE ratio of -176.55 and a beta of 0.80.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. The company had revenue of $1.19 billion for 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 firm’s revenue was up 21.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.07) earnings per share. As a group, analysts expect that Atlassian Co. will post -0.54 earnings per share for the current fiscal 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.