Paloma Partners Management Co Makes New $1.59 Million Investment in Atlassian Co. (NASDAQ:TEAM)

Paloma Partners Management Co acquired a new stake in Atlassian Co. (NASDAQ:TEAM) during the third quarter, Holdings Channel.com reports. The firm acquired 10,000 shares of the technology company’s stock, valued at approximately $1,588,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Dragoneer Investment Group LLC bought a new stake in shares of Atlassian during the second quarter valued at approximately $469,803,000. Manning & Napier Advisors LLC bought a new stake in Atlassian during the 2nd quarter valued at $91,072,000. Westfield Capital Management Co. LP acquired a new position in Atlassian during the third quarter worth $57,149,000. Parnassus Investments LLC lifted its stake in shares of Atlassian by 322.9% in the third quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock valued at $51,016,000 after buying an additional 245,286 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Atlassian by 657.5% during the second quarter. Assenagon Asset Management S.A. now owns 239,509 shares of the technology company’s stock valued at $42,364,000 after buying an additional 207,891 shares during the last quarter. Institutional investors own 93.03% of the company’s stock.

Insider Buying and Selling at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $159.81, for a total transaction of $1,270,169.88. Following the completion of the transaction, the chief executive officer now directly owns 500,724 shares in the company, valued at $80,020,702.44. This trade represents a 1.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Anutthara Bharadwaj sold 1,659 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $245.81, for a total transaction of $407,798.79. Following the sale, the president now owns 213,511 shares in the company, valued at approximately $52,483,138.91. This trade represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 257,694 shares of company stock valued at $51,359,580 over the last quarter. 38.55% of the stock is currently owned by insiders.

Atlassian Stock Up 0.9 %

TEAM stock opened at $265.88 on Tuesday. The firm has a 50-day simple moving average of $208.64 and a two-hundred day simple moving average of $180.38. Atlassian Co. has a one year low of $135.29 and a one year high of $269.40. 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 (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.13. The company had revenue of $1.19 billion for 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 for the quarter was up 21.5% compared to the same quarter last year. During the same period last year, the firm earned ($0.07) EPS. As a group, research analysts forecast that Atlassian Co. will post -0.54 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on TEAM. Morgan Stanley raised their price target on shares of Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Canaccord Genuity Group raised their price objective on shares of Atlassian from $225.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, November 1st. BMO Capital Markets increased their price target on Atlassian from $177.00 to $255.00 and gave the stock a “market perform” rating in a research note on Friday, November 1st. KeyCorp raised Atlassian from a “sector weight” rating to an “overweight” rating and set a $260.00 price target for the company in a report on Friday, November 1st. Finally, UBS Group boosted 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. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Atlassian 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.