Occudo Quantitative Strategies LP Makes New Investment in Atlassian Co. (NASDAQ:TEAM)

Occudo Quantitative Strategies LP purchased a new stake in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,573 shares of the technology company's stock, valued at approximately $1,843,000.

A number of other hedge funds also recently bought and sold shares of TEAM. JPMorgan Chase & Co. boosted its holdings in Atlassian by 5.6% during the third quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company's stock valued at $393,588,000 after acquiring an additional 131,621 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Atlassian by 3.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,960 shares of the technology company's stock valued at $1,937,000 after buying an additional 230 shares during the period. Wedmont Private Capital bought a new stake in shares of Atlassian in the fourth quarter valued at about $221,000. Pallas Capital Advisors LLC lifted its stake in shares of Atlassian by 185.9% in the fourth quarter. Pallas Capital Advisors LLC now owns 4,245 shares of the technology company's stock valued at $1,033,000 after buying an additional 2,760 shares during the period. Finally, Park Avenue Securities LLC lifted its stake in shares of Atlassian by 16.7% in the fourth quarter. Park Avenue Securities LLC now owns 4,757 shares of the technology company's stock valued at $1,158,000 after buying an additional 682 shares during the period. 94.45% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Atlassian

In other news, President Anutthara Bharadwaj sold 1,723 shares of the firm's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $305.84, for a total value of $526,962.32. Following the transaction, the president now directly owns 199,934 shares in the company, valued at $61,147,814.56. This trade represents a 0.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $313.95, for a total value of $2,495,274.60. Following the completion of the transaction, the chief executive officer now owns 230,492 shares in the company, valued at $72,362,963.40. This represents a 3.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 267,301 shares of company stock worth $60,975,089. Insiders own 38.55% of the company's stock.

Atlassian Price Performance

Shares of Atlassian stock traded down $0.09 during midday trading on Friday, reaching $220.79. The company had a trading volume of 1,730,232 shares, compared to its average volume of 2,099,994. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $57.96 billion, a price-to-earnings ratio of -164.77 and a beta of 1.06. The stock has a fifty day simple moving average of $213.63 and a 200 day simple moving average of $247.20. Atlassian Co. has a 1-year low of $135.29 and a 1-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 for the quarter, beating analysts' consensus estimates of $0.93 by $0.04. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Atlassian's revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.89 earnings per share. As a group, equities research analysts forecast that Atlassian Co. will post -0.34 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on TEAM. The Goldman Sachs Group increased 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. Macquarie reduced their target price on shares of Atlassian from $270.00 to $250.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. StockNews.com cut shares of Atlassian from a "buy" rating to a "hold" rating in a research note on Monday, March 31st. Mizuho raised their price target on shares of Atlassian from $285.00 to $355.00 and gave the stock an "outperform" rating in a research note on Friday, January 31st. Finally, Robert W. Baird upgraded shares of Atlassian from a "neutral" rating to an "outperform" rating and cut their price target for the stock from $320.00 to $255.00 in a research note on Monday, April 14th. Five equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Atlassian presently has a consensus rating of "Moderate Buy" and an average target price of $285.29.

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.