Telemark Asset Management LLC Takes Position in Atlassian Co. (NASDAQ:TEAM)

Telemark Asset Management LLC purchased a new stake in Atlassian Co. (NASDAQ:TEAM) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 40,000 shares of the technology company’s stock, valued at approximately $9,735,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Point72 Asset Management L.P. increased its stake in Atlassian by 760.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock worth $110,972,000 after buying an additional 617,566 shares during the period. Two Sigma Advisers LP increased its stake in Atlassian by 122.0% during the 3rd quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock worth $159,382,000 after buying an additional 551,500 shares during the period. Westfield Capital Management Co. LP purchased a new stake in Atlassian during the 3rd quarter worth approximately $57,149,000. Parnassus Investments LLC increased its stake in Atlassian by 322.9% during the 3rd quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock worth $51,016,000 after buying an additional 245,286 shares during the period. Finally, Los Angeles Capital Management LLC increased its stake in Atlassian by 12,047.2% during the 4th quarter. Los Angeles Capital Management LLC now owns 228,124 shares of the technology company’s stock worth $55,521,000 after buying an additional 226,246 shares during the period. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Stock Up 1.0 %

Shares of Atlassian stock opened at $226.44 on Thursday. The company has a market cap of $59.33 billion, a P/E ratio of -168.98 and a beta of 0.91. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. Atlassian Co. has a one year low of $135.29 and a one year high of $326.00. The firm has a fifty day moving average of $274.77 and a two-hundred day moving average of $233.52.

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

Insider Activity

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $278.13, for a total value of $2,210,577.24. Following the completion of the transaction, the chief executive officer now owns 79,480 shares in the company, valued at $22,105,772.40. This trade represents a 9.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Joseph Leo Binz sold 2,587 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $312.09, for a total transaction of $807,376.83. Following the completion of the transaction, the chief financial officer now owns 169,342 shares of the company’s stock, valued at $52,849,944.78. This represents a 1.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 264,553 shares of company stock worth $72,358,556 in the last 90 days. 38.55% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on TEAM. Scotiabank upped their target price on shares of Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a research note on Friday, January 31st. BMO Capital Markets upgraded shares of Atlassian from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $255.00 to $292.00 in a report on Friday, January 10th. Piper Sandler boosted their price target on shares of Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. StockNews.com upgraded shares of Atlassian from a “hold” rating to a “buy” rating in a report on Wednesday. Finally, Truist Financial restated a “buy” rating and issued a $350.00 target price (up previously from $300.00) on shares of Atlassian in a report on Friday, January 31st. Eight equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and an average target price of $319.71.

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.