Parnassus Investments LLC Purchases 245,286 Shares of Atlassian Co. (NASDAQ:TEAM)

Parnassus Investments LLC increased its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 322.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 321,240 shares of the technology company’s stock after acquiring an additional 245,286 shares during the quarter. Parnassus Investments LLC owned approximately 0.12% of Atlassian worth $51,016,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. Asset Dedication LLC increased its position in shares of Atlassian by 229.8% during the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after acquiring an additional 108 shares in the last quarter. Trust Co. of Vermont grew its position in shares of Atlassian by 2,175.0% during the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after acquiring an additional 174 shares during the period. Rothschild Investment LLC purchased a new stake in Atlassian in the second quarter worth $36,000. GAMMA Investing LLC raised its stake in Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after acquiring an additional 96 shares during the period. Finally, Crewe Advisors LLC bought a new stake in shares of Atlassian in the first quarter valued at approximately $43,000. 93.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TEAM has been the subject of a number of recent analyst reports. BMO Capital Markets lifted their target price on Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a report on Friday, November 1st. Oppenheimer boosted their target price on Atlassian from $230.00 to $270.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. UBS Group upped their price target on shares of Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. Scotiabank lifted their price target on Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a research note on Friday, November 1st. Finally, Wells Fargo & Company upped their price objective on shares of Atlassian from $250.00 to $300.00 and gave the company an “overweight” rating in a research note on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Atlassian has a consensus rating of “Moderate Buy” and an average target price of $244.21.

Insider Buying and Selling at Atlassian

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $163.81, for a total value of $1,301,961.88. Following the completion of the sale, the director now directly owns 151,012 shares in the company, valued at $24,737,275.72. This trade represents a 5.00 % decrease in their ownership of the stock. 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 760 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $163.11, for a total value of $123,963.60. Following the sale, the president now owns 143,966 shares in the company, valued at $23,482,294.26. The trade was a 0.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 246,248 shares of company stock worth $45,553,294 over the last quarter. Insiders own 38.55% of the company’s stock.

Atlassian Stock Performance

NASDAQ TEAM opened at $238.69 on Tuesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $258.69. The company’s 50 day moving average is $187.95 and its two-hundred day moving average is $174.61.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same period last year, the company posted ($0.07) earnings per share. Atlassian’s quarterly revenue was up 21.5% on a year-over-year basis. As a group, equities research analysts expect that Atlassian Co. will post -0.56 EPS for the current fiscal year.

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.