BNP Paribas Financial Markets Invests $298.33 Million in Atlassian Co. (NASDAQ:TEAM)

BNP Paribas Financial Markets bought a new stake in shares of Atlassian Co. (NASDAQ:TEAM) during the 4th quarter, Holdings Channel reports. The firm bought 1,225,768 shares of the technology company’s stock, valued at approximately $298,327,000.

Several other hedge funds have also bought and sold shares of the stock. Corebridge Financial Inc. increased its stake in Atlassian by 0.3% in the 4th quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company’s stock worth $2,555,000 after buying an additional 35 shares in the last quarter. GeoWealth Management LLC grew its position in shares of Atlassian by 26.8% during the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company’s stock worth $44,000 after purchasing an additional 38 shares in the last quarter. Assetmark Inc. raised its stake in Atlassian by 30.6% during the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock valued at $43,000 after purchasing an additional 41 shares during the period. Allworth Financial LP lifted its holdings in Atlassian by 3.1% in the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock worth $404,000 after purchasing an additional 47 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Atlassian by 22.9% in the 4th quarter. GAMMA Investing LLC now owns 290 shares of the technology company’s stock worth $71,000 after purchasing an additional 54 shares during the period. Institutional investors own 94.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on TEAM shares. Piper Sandler reissued an “overweight” rating and issued a $300.00 target price (down previously from $365.00) on shares of Atlassian in a report on Friday. StockNews.com cut shares of Atlassian from a “buy” rating to a “hold” rating in a research note on Monday, March 31st. Truist Financial cut their price objective on Atlassian from $350.00 to $300.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Cantor Fitzgerald upgraded Atlassian from a “neutral” rating to an “overweight” rating and decreased their target price for the stock from $304.00 to $272.00 in a research report on Wednesday, April 2nd. Finally, Canaccord Genuity Group reduced their price objective on Atlassian from $300.00 to $255.00 and set a “buy” rating on the stock in a research note on Friday. Five equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Atlassian currently has a consensus rating of “Moderate Buy” and an average target price of $289.57.

Atlassian Trading Down 9.0 %

TEAM opened at $208.48 on Friday. 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 stock’s 50 day moving average price is $222.61 and its 200-day moving average price is $245.45. Atlassian Co. has a one year low of $135.29 and a one year high of $326.00. The stock has a market cap of $54.62 billion, a price-to-earnings ratio of -155.58 and a beta of 1.06.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.04. The business 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 business’s revenue was up 14.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.89 earnings per share. On average, equities analysts forecast that Atlassian Co. will post -0.34 EPS for the current year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $318.91, for a total transaction of $2,534,696.68. Following the transaction, the chief executive officer now directly owns 294,076 shares in the company, valued at $93,783,777.16. This represents a 2.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Anutthara Bharadwaj sold 1,520 shares of the business’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $312.58, for a total transaction of $475,121.60. Following the completion of the sale, the president now owns 201,657 shares of the company’s stock, valued at approximately $63,033,945.06. This represents a 0.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 260,734 shares of company stock valued at $64,629,600 in the last three months. Company insiders own 38.55% of the company’s stock.

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.