Aigen Investment Management LP Invests $1.66 Million in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Aigen Investment Management LP purchased 7,797 shares of Atlassian Corporation valued at approximately $1,655,000 during the 1st quarter.
• Company insiders, including CEO Michael Cannon-Brookes and Director Scott Farquhar, have recently sold shares totaling over $106 million within the last quarter.
• Analysts have cut target prices on Atlassian shares, with the average target now at $260.67, while the stock has received ratings ranging from "hold" to "strong buy."

Aigen Investment Management LP bought a new stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 7,797 shares of the technology company's stock, valued at approximately $1,655,000.

Several other institutional investors and hedge funds also recently made changes to their positions in TEAM. Voya Investment Management LLC increased its position in Atlassian by 17,941.0% in the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock worth $528,693,000 after buying an additional 2,160,810 shares during the period. Durable Capital Partners LP increased its holdings in shares of Atlassian by 499.7% during the fourth quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company's stock valued at $383,456,000 after purchasing an additional 1,312,820 shares during the period. BNP Paribas Financial Markets acquired a new position in shares of Atlassian during the fourth quarter valued at $298,327,000. Whale Rock Capital Management LLC acquired a new position in shares of Atlassian during the fourth quarter valued at $170,943,000. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of Atlassian by 21.8% during the first quarter. Massachusetts Financial Services Co. MA now owns 3,440,813 shares of the technology company's stock valued at $730,175,000 after purchasing an additional 616,071 shares during the period. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of the firm's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $163.51, for a total transaction of $1,253,304.15. Following the transaction, the chief executive officer directly owned 268,275 shares in the company, valued at $43,865,645.25. This trade represents a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Scott Farquhar sold 7,665 shares of the firm's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $163.51, for a total value of $1,253,304.15. Following the transaction, the director owned 268,275 shares in the company, valued at approximately $43,865,645.25. This trade represents a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 544,823 shares of company stock valued at $109,705,869. 38.55% of the stock is owned by corporate insiders.

Atlassian Stock Down 0.8%

NASDAQ TEAM traded down $1.28 during trading on Tuesday, reaching $158.00. 5,758,007 shares of the company's stock were exchanged, compared to its average volume of 2,531,947. Atlassian Corporation PLC has a fifty-two week low of $139.23 and a fifty-two week high of $326.00. The firm has a market capitalization of $41.48 billion, a PE ratio of -159.59 and a beta of 0.96. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72. The company's fifty day simple moving average is $197.41 and its 200-day simple moving average is $224.37.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The technology company reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.15. The firm had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.36 billion. Atlassian had a negative return on equity of 15.19% and a negative net margin of 4.92%. The business's quarterly revenue was up 22.3% compared to the same quarter last year. During the same period last year, the company posted $0.66 EPS. Sell-side analysts predict that Atlassian Corporation PLC will post -0.34 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Mizuho set a $235.00 price target on Atlassian and gave the company an "outperform" rating in a report on Friday. Canaccord Genuity Group lowered their price target on Atlassian from $255.00 to $230.00 and set a "buy" rating on the stock in a report on Friday. BMO Capital Markets lowered their price target on Atlassian from $225.00 to $200.00 and set an "outperform" rating on the stock in a report on Friday. Truist Financial set a $230.00 price target on Atlassian in a report on Friday. Finally, Morgan Stanley lowered their target price on Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Five equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $259.76.

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.