Arrowstreet Capital Limited Partnership Makes New Investment in Atlassian Co. (NASDAQ:TEAM)

Arrowstreet Capital Limited Partnership purchased a new stake in Atlassian Co. (NASDAQ:TEAM) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 963,708 shares of the technology company’s stock, valued at approximately $234,547,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Corebridge Financial Inc. grew its position in Atlassian by 0.3% during the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company’s stock valued at $2,555,000 after acquiring an additional 35 shares during the last quarter. Assetmark Inc. boosted its stake in shares of Atlassian by 30.6% in 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 in the last quarter. Allworth Financial LP grew its holdings in shares of Atlassian by 3.1% during the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after purchasing an additional 47 shares during the last quarter. GAMMA Investing LLC raised its position 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. Finally, Venturi Wealth Management LLC lifted its stake in Atlassian by 4.0% in the fourth quarter. Venturi Wealth Management LLC now owns 1,467 shares of the technology company’s stock worth $357,000 after purchasing an additional 56 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors.

Atlassian Stock Down 2.1 %

Atlassian stock opened at $217.99 on Friday. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $326.00. The stock has a fifty day simple moving average of $269.28 and a two-hundred day simple moving average of $238.60. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The firm has a market cap of $57.11 billion, a price-to-earnings ratio of -162.68 and a beta of 0.91.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share 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%. Equities analysts predict that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TEAM. KeyCorp raised their price objective on Atlassian from $315.00 to $365.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. The Goldman Sachs Group lifted their price target on Atlassian from $245.00 to $370.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. JMP Securities reissued a “market perform” rating on shares of Atlassian in a research note on Friday, January 31st. Cantor Fitzgerald lifted their target price on shares of Atlassian from $264.00 to $304.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. Finally, Citigroup increased their price target on shares of Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Nine investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $316.77.

Insiders Place Their Bets

In related news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $229.64, for a total value of $1,825,178.72. Following the completion of the sale, the director now owns 23,844 shares of the company’s stock, valued at $5,475,536.16. The trade was a 25.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Gene Liu sold 779 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $320.01, for a total value of $249,287.79. Following the completion of the transaction, the chief accounting officer now directly owns 52,710 shares in the company, valued at approximately $16,867,727.10. This represents a 1.46 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 263,033 shares of company stock valued at $70,644,164. Company insiders own 38.55% of the company’s stock.

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.