Atlassian Co. (NASDAQ:TEAM) Shares Bought by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. raised its holdings in shares of Atlassian Co. (NASDAQ:TEAM) by 6.7% during the fourth quarter, HoldingsChannel.com reports. The firm owned 5,137 shares of the technology company’s stock after buying an additional 322 shares during the period. Summit Investment Advisors Inc.’s holdings in Atlassian were worth $1,250,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Townsquare Capital LLC raised its stake in Atlassian by 53.4% in the fourth quarter. Townsquare Capital LLC now owns 2,052 shares of the technology company’s stock valued at $499,000 after buying an additional 714 shares during the last quarter. Fortis Capital Advisors LLC purchased a new position in shares of Atlassian in the 4th quarter valued at approximately $934,000. Sterling Capital Management LLC boosted its stake in Atlassian by 4.6% in the 4th quarter. Sterling Capital Management LLC now owns 44,908 shares of the technology company’s stock worth $10,930,000 after purchasing an additional 1,966 shares in the last quarter. Whetstone Capital Advisors LLC grew its position in Atlassian by 0.4% during the 4th quarter. Whetstone Capital Advisors LLC now owns 31,573 shares of the technology company’s stock worth $7,684,000 after purchasing an additional 117 shares during the last quarter. Finally, Harbert Fund Advisors Inc. purchased a new stake in Atlassian during the 4th quarter worth approximately $1,217,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Analysts Set New Price Targets

TEAM has been the subject of several research reports. Canaccord Genuity Group lifted their price objective on shares of Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. StockNews.com downgraded Atlassian from a “buy” rating to a “hold” rating in a research note on Monday, March 31st. Oppenheimer increased their price objective on Atlassian from $300.00 to $380.00 and gave the company an “outperform” rating in a report on Friday, January 31st. Wells Fargo & Company decreased their target price on Atlassian from $375.00 to $330.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Finally, Stephens reiterated an “equal weight” rating and issued a $255.00 price target on shares of Atlassian in a report on Monday. Six investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Atlassian currently has a consensus rating of “Moderate Buy” and an average price target of $297.73.

Atlassian Stock Down 0.9 %

Shares of NASDAQ:TEAM opened at $205.31 on Thursday. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $326.00. The stock has a market cap of $53.79 billion, a P/E ratio of -153.22 and a beta of 1.07. The business has a fifty day moving average of $244.32 and a two-hundred day moving average of $241.58. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. On average, research analysts expect that Atlassian Co. will post -0.34 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $202.19, for a total transaction of $1,607,006.12. Following the completion of the sale, the director now directly owns 294,076 shares of the company’s stock, valued at approximately $59,459,226.44. This trade represents a 2.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Anutthara Bharadwaj sold 1,520 shares of the company’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $259.85, for a total transaction of $394,972.00. Following the completion of the transaction, the president now directly owns 210,471 shares in the company, valued at $54,690,889.35. The trade was a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 263,033 shares of company stock valued at $67,893,043 over the last quarter. 38.55% of the stock is owned by insiders.

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.