CIBC Asset Management Inc Raises Stake in Atlassian Co. (NASDAQ:TEAM)

CIBC Asset Management Inc grew its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 4.4% during the 2nd quarter, Holdings Channel.com reports. The firm owned 30,584 shares of the technology company’s stock after acquiring an additional 1,276 shares during the period. CIBC Asset Management Inc’s holdings in Atlassian were worth $5,410,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. First Trust Direct Indexing L.P. boosted its position in shares of Atlassian by 1.5% during the 1st quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company’s stock worth $721,000 after purchasing an additional 55 shares in the last quarter. Park National Corp OH boosted its position in shares of Atlassian by 4.0% in the 1st quarter. Park National Corp OH now owns 1,497 shares of the technology company’s stock worth $292,000 after buying an additional 58 shares in the last quarter. Financial Advocates Investment Management boosted its position in shares of Atlassian by 1.7% in the 2nd quarter. Financial Advocates Investment Management now owns 3,745 shares of the technology company’s stock worth $662,000 after buying an additional 62 shares in the last quarter. STF Management LP boosted its position in shares of Atlassian by 2.6% in the 4th quarter. STF Management LP now owns 2,551 shares of the technology company’s stock worth $607,000 after buying an additional 65 shares in the last quarter. Finally, Ameritas Investment Partners Inc. boosted its position in shares of Atlassian by 1.4% in the 1st quarter. Ameritas Investment Partners Inc. now owns 4,561 shares of the technology company’s stock worth $890,000 after buying an additional 65 shares in the last quarter. 93.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on TEAM shares. Barclays decreased their price objective on shares of Atlassian from $275.00 to $250.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Capital One Financial upgraded shares of Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 price objective on the stock in a research report on Thursday, July 11th. Scotiabank decreased their price objective on shares of Atlassian from $210.00 to $175.00 and set a “sector perform” rating on the stock in a research report on Friday, August 2nd. Oppenheimer cut their target price on shares of Atlassian from $250.00 to $230.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, StockNews.com downgraded shares of Atlassian from a “buy” rating to a “hold” rating in a research note on Friday, July 12th. Ten analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $217.69.

Insider Buying and Selling

In related news, Director Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $163.81, for a total transaction of $1,301,961.88. Following the completion of the sale, the director now owns 151,012 shares of the company’s stock, valued at approximately $24,737,275.72. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $163.81, for a total transaction of $1,301,961.88. Following the completion of the sale, the director now owns 151,012 shares of the company’s stock, valued at approximately $24,737,275.72. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Rajeev Bashyam Rajan sold 199 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $146.08, for a total transaction of $29,069.92. Following the sale, the chief technology officer now directly owns 128,957 shares of the company’s stock, valued at approximately $18,838,038.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 256,055 shares of company stock valued at $42,734,017. 40.48% of the stock is currently owned by corporate insiders.

Atlassian Trading Down 0.9 %

NASDAQ TEAM opened at $162.30 on Thursday. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $258.69. The company has a 50-day moving average of $166.27 and a 200-day moving average of $179.10. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 1.18. The company has a market cap of $42.20 billion, a P/E ratio of -257.62 and a beta of 0.73.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The company’s revenue was up 20.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.21) EPS. As a group, equities analysts predict that Atlassian Co. will post -0.58 earnings per share for the current year.

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.