University of Texas Texas AM Investment Management Co. Purchases New Stake in Atlassian Co. (NASDAQ:TEAM)

University of Texas Texas AM Investment Management Co. purchased a new stake in Atlassian Co. (NASDAQ:TEAM) in the 2nd quarter, HoldingsChannel.com reports. The fund purchased 2,614 shares of the technology company’s stock, valued at approximately $462,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Sanctuary Advisors LLC acquired a new stake in Atlassian during the second quarter worth $1,022,000. New Century Financial Group LLC acquired a new stake in Atlassian during the second quarter worth $397,000. Truist Financial Corp increased its stake in Atlassian by 2.5% during the second quarter. Truist Financial Corp now owns 84,358 shares of the technology company’s stock worth $14,921,000 after acquiring an additional 2,050 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in Atlassian during the second quarter worth $14,364,000. Finally, Quarry LP increased its stake in Atlassian by 143.8% during the second quarter. Quarry LP now owns 373 shares of the technology company’s stock worth $66,000 after acquiring an additional 220 shares during the last quarter. Institutional investors and hedge funds own 93.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on TEAM. The Goldman Sachs Group raised Atlassian from a “neutral” rating to a “buy” rating and raised their target price for the stock from $200.00 to $230.00 in a research note on Friday, August 2nd. Baird R W cut Atlassian from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 2nd. Raymond James raised Atlassian from a “market perform” rating to an “outperform” rating and set a $200.00 price objective for the company in a research note on Tuesday. Oppenheimer reaffirmed an “outperform” rating and issued a $230.00 price objective on shares of Atlassian in a research note on Monday, September 23rd. Finally, Mizuho dropped their price objective on Atlassian from $225.00 to $220.00 and set an “outperform” rating for the company in a research note on Tuesday, July 16th. Ten equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $216.65.

Insider Buying and Selling at Atlassian

In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction on Friday, July 19th. The shares were sold at an average price of $175.00, for a total value of $133,000.00. Following the completion of the transaction, the president now owns 152,534 shares of the company’s stock, valued at $26,693,450. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $186.48, for a total transaction of $1,482,143.04. Following the sale, the chief executive officer now directly owns 476,880 shares in the company, valued at $88,928,582.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Anutthara Bharadwaj sold 760 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $175.00, for a total transaction of $133,000.00. Following the completion of the sale, the president now directly owns 152,534 shares of the company’s stock, valued at $26,693,450. The disclosure for this sale can be found here. Insiders have sold 224,263 shares of company stock worth $37,255,440 in the last ninety days. 40.48% of the stock is owned by insiders.

Atlassian Price Performance

TEAM stock opened at $161.42 on Wednesday. The stock has a 50-day simple moving average of $159.70 and a 200-day simple moving average of $172.99. The firm has a market cap of $41.97 billion, a P/E ratio of -256.22 and a beta of 0.73. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.18 and a current ratio of 1.18. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $258.69.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the previous year, the company posted ($0.21) earnings per share. The business’s revenue for the quarter was up 20.5% compared to the same quarter last year. On average, equities analysts predict that Atlassian Co. will post -0.58 earnings per share 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.