CIBC Asset Management Inc Acquires 1,358 Shares of Atlassian Co. (NASDAQ:TEAM)

CIBC Asset Management Inc increased its holdings in shares of Atlassian Co. (NASDAQ:TEAM) by 4.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 31,942 shares of the technology company’s stock after acquiring an additional 1,358 shares during the quarter. CIBC Asset Management Inc’s holdings in Atlassian were worth $5,073,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Asset Dedication LLC increased its position in Atlassian by 229.8% in the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after buying an additional 108 shares during the last quarter. Trust Co. of Vermont increased its position in Atlassian by 2,175.0% in the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after buying an additional 174 shares during the last quarter. Rothschild Investment LLC purchased a new stake in Atlassian in the second quarter worth $36,000. Crewe Advisors LLC purchased a new stake in Atlassian in the first quarter worth $43,000. Finally, GAMMA Investing LLC increased its position in Atlassian by 68.6% in the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after buying an additional 96 shares during the last quarter. 93.03% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $244.84, for a total transaction of $1,945,988.32. Following the transaction, the director now owns 270,232 shares in the company, valued at $66,163,602.88. The trade was a 2.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Rajeev Bashyam Rajan sold 5,172 shares of the business’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $190.00, for a total value of $982,680.00. Following the transaction, the chief technology officer now owns 204,109 shares in the company, valued at approximately $38,780,710. This represents a 2.47 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 246,248 shares of company stock valued at $45,553,294. Insiders own 38.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on TEAM shares. Piper Sandler raised their target price on Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a research report on Friday, November 1st. JMP Securities upgraded Atlassian to a “hold” rating in a research report on Friday, August 2nd. Raymond James lifted their price target on Atlassian from $200.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. UBS Group lifted their price target on Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. Finally, Barclays reduced their price target on Atlassian from $275.00 to $250.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Nine research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $244.21.

Atlassian Trading Down 4.0 %

NASDAQ TEAM opened at $240.04 on Monday. Atlassian Co. has a 1-year low of $135.29 and a 1-year high of $258.69. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. The stock has a 50-day moving average of $187.95 and a 200-day moving average of $174.60. The firm has a market cap of $62.51 billion, a PE ratio of -157.92 and a beta of 0.71.

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