Assenagon Asset Management S.A. Cuts Position in Atlassian Co. (NASDAQ:TEAM)

Assenagon Asset Management S.A. cut its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 8.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 161,249 shares of the technology company’s stock after selling 15,081 shares during the period. Assenagon Asset Management S.A.’s holdings in Atlassian were worth $39,245,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Dragoneer Investment Group LLC acquired a new position in Atlassian during the second quarter worth about $469,803,000. Point72 Asset Management L.P. grew its holdings in shares of Atlassian by 760.5% in the 3rd quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock worth $110,972,000 after acquiring an additional 617,566 shares during the period. Two Sigma Advisers LP increased its stake in Atlassian by 122.0% in the 3rd quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock valued at $159,382,000 after purchasing an additional 551,500 shares in the last quarter. Westfield Capital Management Co. LP acquired a new position in Atlassian during the third quarter worth $57,149,000. Finally, Parnassus Investments LLC boosted its position in Atlassian by 322.9% during the third quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock worth $51,016,000 after purchasing an additional 245,286 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Insider Transactions at Atlassian

In other news, CFO Joseph Leo Binz sold 1,674 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $245.81, for a total value of $411,485.94. Following the completion of the sale, the chief financial officer now owns 171,929 shares in the company, valued at approximately $42,261,867.49. This trade represents a 0.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $192.18, for a total value of $1,527,446.64. Following the transaction, the chief executive officer now directly owns 389,452 shares in the company, valued at $74,844,885.36. This trade represents a 2.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 270,668 shares of company stock worth $65,408,691. 38.55% of the stock is currently owned by company insiders.

Atlassian Stock Performance

NASDAQ:TEAM opened at $254.25 on Friday. The company has a market cap of $66.22 billion, a P/E ratio of -167.27 and a beta of 0.83. The firm’s 50 day moving average is $256.07 and its two-hundred day moving average is $201.44. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $287.97. 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) last issued 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 business had revenue of $1.19 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 21.5% on a year-over-year basis. During the same period last year, the company posted ($0.07) EPS. Analysts expect that Atlassian Co. will post -0.55 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on TEAM. Mizuho raised their price target on Atlassian from $240.00 to $285.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Piper Sandler raised their target price on shares of Atlassian from $265.00 to $310.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Macquarie began coverage on shares of Atlassian in a report on Thursday, December 12th. They issued a “neutral” rating and a $290.00 price target on the stock. Morgan Stanley raised their price objective on shares of Atlassian from $259.00 to $315.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Truist Financial raised Atlassian from a “hold” rating to a “buy” rating and upped their target price for the company from $250.00 to $300.00 in a research note on Tuesday, January 7th. Eight investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, Atlassian has an average rating of “Moderate Buy” and a consensus target price of $270.65.

Atlassian Company 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.