Insight Holdings Group LLC Purchases 88,600 Shares of Atlassian Co. (NASDAQ:TEAM)

Insight Holdings Group LLC lifted its holdings in shares of Atlassian Co. (NASDAQ:TEAM) by 419.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 109,700 shares of the technology company’s stock after purchasing an additional 88,600 shares during the period. Atlassian comprises about 0.8% of Insight Holdings Group LLC’s investment portfolio, making the stock its 13th biggest position. Insight Holdings Group LLC’s holdings in Atlassian were worth $17,421,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in TEAM. Asset Dedication LLC lifted its stake in shares of Atlassian by 229.8% during the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after buying an additional 108 shares in the last quarter. Trust Co. of Vermont increased its holdings in Atlassian by 2,175.0% in the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after acquiring an additional 174 shares in the last quarter. Rothschild Investment LLC acquired a new position in shares of Atlassian during the 2nd quarter valued at about $36,000. GAMMA Investing LLC lifted its position in Atlassian by 68.6% in the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after buying an additional 96 shares during the last quarter. Finally, True Wealth Design LLC increased its stake in shares of Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after buying an additional 231 shares during the period. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Insider Buying and Selling

In other Atlassian news, CAO Gene Liu sold 165 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $245.84, for a total transaction of $40,563.60. Following the sale, the chief accounting officer now owns 56,423 shares of the company’s stock, valued at approximately $13,871,030.32. The trade was a 0.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $159.81, for a total value of $1,270,169.88. Following the sale, the chief executive officer now owns 500,724 shares of the company’s stock, valued at approximately $80,020,702.44. The trade was a 1.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 257,694 shares of company stock valued at $51,359,580. 38.55% of the stock is owned by company insiders.

Atlassian Stock Performance

Shares of TEAM traded up $0.76 during mid-day trading on Tuesday, hitting $266.64. The stock had a trading volume of 255,623 shares, compared to its average volume of 1,855,493. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $269.40. The company’s fifty day simple moving average is $208.64 and its two-hundred day simple moving average is $180.38.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.13. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The firm’s revenue was up 21.5% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.07) EPS. As a group, sell-side analysts predict that Atlassian Co. will post -0.54 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on TEAM shares. UBS Group boosted their target price on shares of Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. KeyCorp raised Atlassian from a “sector weight” rating to an “overweight” rating and set a $260.00 price target on the stock in a research report on Friday, November 1st. Canaccord Genuity Group raised their target price on Atlassian from $225.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Scotiabank increased their price objective 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, Truist Financial raised their target price on Atlassian from $160.00 to $200.00 and gave the company a “hold” rating in a report on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $244.21.

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.