Freestone Grove Partners LP Invests $10.81 Million in Atlassian Co. (NASDAQ:TEAM)

Freestone Grove Partners LP bought a new position in Atlassian Co. (NASDAQ:TEAM) during the fourth quarter, HoldingsChannel.com reports. The fund bought 44,394 shares of the technology company’s stock, valued at approximately $10,805,000.

Other institutional investors have also recently modified their holdings of the company. Murphy & Mullick Capital Management Corp purchased a new stake in shares of Atlassian in the fourth quarter worth $27,000. Summit Securities Group LLC purchased a new stake in shares of Atlassian in the fourth quarter worth $38,000. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Atlassian in the fourth quarter worth $39,000. Avion Wealth grew its stake in shares of Atlassian by 1,308.3% in the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after acquiring an additional 157 shares during the last quarter. Finally, Assetmark Inc. grew its stake in shares of Atlassian by 30.6% in the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock worth $43,000 after acquiring an additional 41 shares during the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CAO Gene Liu sold 568 shares of the firm’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $312.08, for a total value of $177,261.44. Following the completion of the transaction, the chief accounting officer now directly owns 52,142 shares of the company’s stock, valued at approximately $16,272,475.36. This trade represents a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $225.64, for a total transaction of $1,793,386.72. Following the sale, the chief executive officer now directly owns 206,648 shares in the company, valued at approximately $46,628,054.72. The trade was a 3.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 260,734 shares of company stock worth $64,629,600 in the last three months. 38.55% of the stock is owned by company insiders.

Atlassian Stock Up 0.3 %

NASDAQ TEAM opened at $229.07 on Friday. The stock’s 50-day moving average price is $224.12 and its 200-day moving average price is $244.94. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $326.00. The company has a market capitalization of $60.02 billion, a P/E ratio of -170.95 and a beta of 1.07.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.93 by $0.04. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. During the same period in the prior year, the company earned $0.89 EPS. Atlassian’s quarterly revenue was up 14.1% compared to the same quarter last year. On average, equities research analysts predict that Atlassian Co. will post -0.34 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Piper Sandler increased their target price on Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Baird R W raised Atlassian from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 14th. Cantor Fitzgerald raised Atlassian from a “neutral” rating to an “overweight” rating and dropped their price objective for the company from $304.00 to $272.00 in a research report on Wednesday, April 2nd. Jefferies Financial Group dropped their price objective on Atlassian from $330.00 to $262.00 and set a “buy” rating on the stock in a research report on Monday, April 7th. Finally, Barclays increased their price objective on Atlassian from $275.00 to $350.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Five research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $301.90.

About Atlassian

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.