Panagora Asset Management Inc. Has $3.63 Million Stake in Atlassian Co. (NASDAQ:TEAM)

Posted by Defense World Staff on Jun 10th, 2023

Panagora Asset Management Inc. lowered its position in Atlassian Co. (NASDAQ:TEAM – Get Rating) by 3.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 28,225 shares of the technology company’s stock after selling 1,035 shares during the period. Panagora Asset Management Inc.’s holdings in Atlassian were worth $3,632,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Guinness Atkinson Asset Management Inc acquired a new position in Atlassian in the fourth quarter worth approximately $30,000. Sonnipe Ltd acquired a new position in Atlassian in the fourth quarter worth approximately $36,000. CoreCap Advisors LLC acquired a new position in Atlassian in the fourth quarter worth approximately $39,000. Ridgewood Investments LLC acquired a new position in Atlassian in the fourth quarter worth approximately $42,000. Finally, Whittier Trust Co. of Nevada Inc. increased its holdings in Atlassian by 155.8% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 330 shares of the technology company’s stock worth $42,000 after buying an additional 201 shares during the last quarter. Institutional investors and hedge funds own 45.50% of the company’s stock.

Analysts Set New Price Targets

TEAM has been the subject of a number of recent analyst reports. Mizuho decreased their target price on Atlassian from $235.00 to $215.00 in a research report on Friday, May 5th. Piper Sandler upped their target price on Atlassian from $140.00 to $170.00 in a research report on Friday. Robert W. Baird decreased their target price on Atlassian from $190.00 to $175.00 in a research report on Friday, May 5th. KeyCorp upped their target price on Atlassian from $174.00 to $187.00 and gave the stock an “overweight” rating in a research report on Thursday, April 20th. Finally, StockNews.com initiated coverage on Atlassian in a research report on Thursday, May 18th. They set a “hold” rating for the company. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $199.32.

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 8,614 shares of Atlassian stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of $157.65, for a total transaction of $1,357,997.10. Following the completion of the transaction, the chief executive officer now directly owns 103,368 shares of the company’s stock, valued at $16,295,965.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CTO Rajeev Bashyam Rajan sold 3,065 shares of Atlassian stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $146.11, for a total value of $447,827.15. Following the completion of the transaction, the chief technology officer now directly owns 108,338 shares of the company’s stock, valued at $15,829,265.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 8,614 shares of Atlassian stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $157.65, for a total value of $1,357,997.10. Following the completion of the transaction, the chief executive officer now directly owns 103,368 shares of the company’s stock, valued at $16,295,965.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 319,809 shares of company stock valued at $49,326,909. 43.11% of the stock is currently owned by company insiders.

Atlassian Stock Performance

TEAM opened at $171.99 on Friday. Atlassian Co. has a fifty-two week low of $113.86 and a fifty-two week high of $300.29. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.67. The firm’s fifty day moving average price is $157.22 and its two-hundred day moving average price is $153.05.

Atlassian (NASDAQ:TEAM – Get Rating) last issued its quarterly earnings data on Thursday, May 4th. The technology company reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.15). The company had revenue of $915.45 million for the quarter, compared to the consensus estimate of $898.71 million. Atlassian had a negative net margin of 15.89% and a negative return on equity of 79.71%. On average, equities analysts anticipate that Atlassian Co. will post -0.8 EPS for the current year.

About Atlassian

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Atlassian Corp. is a holding company, which engages in providing team collaboration and productivity software. Its software helps teams organize, discuss, and complete shared work. Its products include Jira Software, Confluence, Jira Service Management, and Trello. The company was founded by Michael Cannon-Brookes and Scott Farquhar in October 2002 and is headquartered in San Francisco, CA.