Freestone Grove Partners LP Purchases Shares of 44,394 Atlassian Co. (NASDAQ:TEAM)

Freestone Grove Partners LP bought a new position in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 44,394 shares of the technology company's stock, valued at approximately $10,805,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Virtu Financial LLC acquired a new position in Atlassian during the 3rd quarter valued at approximately $606,000. Fulton Bank N.A. purchased a new position in shares of Atlassian in the fourth quarter worth approximately $447,000. Allworth Financial LP raised its holdings in shares of Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company's stock valued at $404,000 after acquiring an additional 47 shares during the period. Nordea Investment Management AB lifted its position in shares of Atlassian by 20.1% in the 4th quarter. Nordea Investment Management AB now owns 30,442 shares of the technology company's stock valued at $7,458,000 after acquiring an additional 5,088 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in Atlassian by 61.4% during the 3rd quarter. Principal Financial Group Inc. now owns 10,770 shares of the technology company's stock worth $1,710,000 after purchasing an additional 4,099 shares in the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Trading Down 0.3 %

NASDAQ TEAM traded down $0.70 during mid-day trading on Monday, reaching $207.78. 2,339,477 shares of the stock were exchanged, compared to its average volume of 2,073,943. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The stock has a market cap of $54.44 billion, a P/E ratio of -155.06 and a beta of 1.06. The stock has a 50 day simple moving average of $222.61 and a 200-day simple moving average of $245.84. Atlassian Co. has a one year low of $135.29 and a one year high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.04. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The company's revenue was up 14.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.89 earnings per share. On average, analysts anticipate that Atlassian Co. will post -0.34 EPS for the current year.

Insider Activity at Atlassian

In other news, Director Scott Farquhar sold 7,948 shares of the company's stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $185.61, for a total value of $1,475,228.28. Following the completion of the transaction, the director now directly owns 333,816 shares of the company's stock, valued at $61,959,587.76. This represents a 2.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Anutthara Bharadwaj sold 1,520 shares of the company's stock in a transaction on Friday, February 14th. The shares were sold at an average price of $312.58, for a total value of $475,121.60. Following the completion of the transaction, the president now owns 201,657 shares of the company's stock, valued at $63,033,945.06. This trade represents a 0.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 260,734 shares of company stock valued at $63,835,594 over the last 90 days. Insiders own 38.55% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Piper Sandler restated an "overweight" rating and set a $300.00 price target (down from $365.00) on shares of Atlassian in a report on Friday. William Blair reiterated an "outperform" rating on shares of Atlassian in a research note on Friday, January 31st. BMO Capital Markets cut their price objective on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating for the company in a research report on Friday. Oppenheimer raised their price objective on shares of Atlassian from $300.00 to $380.00 and gave the stock an "outperform" rating in a report on Friday, January 31st. Finally, The Goldman Sachs Group lifted their target price on shares of Atlassian from $245.00 to $370.00 and gave the company a "buy" rating in a research note on Monday, February 3rd. Five research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $285.29.

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.