GAMMA Investing LLC Boosts Stake in Atlassian Co. (NASDAQ:TEAM)

GAMMA Investing LLC lifted its holdings in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 41,683.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 121,172 shares of the technology company's stock after acquiring an additional 120,882 shares during the period. GAMMA Investing LLC's holdings in Atlassian were worth $25,714,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. grew its position in Atlassian by 5.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company's stock worth $393,588,000 after purchasing an additional 131,621 shares in the last quarter. Blue Trust Inc. grew its position in Atlassian by 20.9% in the 4th quarter. Blue Trust Inc. now owns 811 shares of the technology company's stock worth $197,000 after purchasing an additional 140 shares in the last quarter. Caprock Group LLC bought a new stake in Atlassian in the 4th quarter worth about $227,000. Chicago Partners Investment Group LLC bought a new stake in Atlassian in the 4th quarter worth about $262,000. Finally, E. Ohman J or Asset Management AB grew its position in Atlassian by 9.0% in the 4th quarter. E. Ohman J or Asset Management AB now owns 7,520 shares of the technology company's stock worth $1,830,000 after purchasing an additional 620 shares in the last quarter. 94.45% of the stock is owned by institutional investors.

Atlassian Price Performance

NASDAQ TEAM traded up $7.68 on Thursday, hitting $218.60. The stock had a trading volume of 2,678,868 shares, compared to its average volume of 2,099,952. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $326.00. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. The company has a market capitalization of $57.38 billion, a price-to-earnings ratio of -163.13 and a beta of 1.06. The firm has a 50-day moving average of $209.84 and a 200-day moving average of $244.92.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Raymond James reaffirmed an "outperform" rating and issued a $300.00 price objective (down from $330.00) on shares of Atlassian in a research report on Friday, May 2nd. Morgan Stanley reduced their target price on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. BMO Capital Markets reduced their target price on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Canaccord Genuity Group reduced their target price on shares of Atlassian from $300.00 to $255.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Finally, Wall Street Zen raised shares of Atlassian from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Four analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $285.29.

Insiders Place Their Bets

In other Atlassian news, CRO Brian Duffy sold 2,252 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $210.00, for a total value of $472,920.00. Following the sale, the executive now directly owns 73,360 shares in the company, valued at $15,405,600. This represents a 2.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $218.05, for a total transaction of $1,733,061.40. Following the completion of the sale, the director now owns 119,220 shares in the company, valued at $25,995,921. This represents a 6.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 321,099 shares of company stock worth $68,581,564 in the last three months. 38.55% of the stock is currently owned by corporate insiders.

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.