Sit Investment Associates Inc. Purchases 2,433 Shares of Atlassian Co. (NASDAQ:TEAM)

Sit Investment Associates Inc. increased its position in Atlassian Co. (NASDAQ:TEAM) by 4.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 56,702 shares of the technology company’s stock after buying an additional 2,433 shares during the quarter. Sit Investment Associates Inc.’s holdings in Atlassian were worth $13,800,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of TEAM. Corebridge Financial Inc. raised its stake in shares of Atlassian by 0.3% during the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company’s stock worth $2,555,000 after acquiring an additional 35 shares in the last quarter. Assetmark Inc. grew its holdings in shares of Atlassian by 30.6% during the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock valued at $43,000 after purchasing an additional 41 shares during the last quarter. Allworth Financial LP raised its position in Atlassian by 3.1% in the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock worth $404,000 after purchasing an additional 47 shares during the period. GAMMA Investing LLC lifted its stake in Atlassian by 22.9% in the fourth quarter. GAMMA Investing LLC now owns 290 shares of the technology company’s stock worth $71,000 after purchasing an additional 54 shares during the last quarter. Finally, Venturi Wealth Management LLC boosted its position in Atlassian by 4.0% during the fourth quarter. Venturi Wealth Management LLC now owns 1,467 shares of the technology company’s stock valued at $357,000 after buying an additional 56 shares during the period. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Trading Down 5.4 %

NASDAQ:TEAM opened at $187.67 on Friday. The firm has a market capitalization of $49.17 billion, a P/E ratio of -140.05 and a beta of 1.07. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. Atlassian Co. has a one year low of $135.29 and a one year high of $326.00. The company’s 50-day simple moving average is $264.05 and its 200 day simple moving average is $239.57.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. As a group, analysts forecast that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Insider Transactions at Atlassian

In other news, President Anutthara Bharadwaj sold 1,723 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $305.84, for a total transaction of $526,962.32. Following the sale, the president now owns 199,934 shares in the company, valued at $61,147,814.56. This represents a 0.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $222.68, for a total transaction of $1,769,860.64. Following the sale, the chief executive officer now directly owns 357,660 shares of the company’s stock, valued at $79,643,728.80. This trade represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 270,981 shares of company stock valued at $71,914,254. Insiders own 38.55% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on TEAM shares. Oppenheimer boosted their target price on Atlassian from $300.00 to $380.00 and gave the company an “outperform” rating in a research note on Friday, January 31st. Macquarie increased their price objective on Atlassian from $290.00 to $317.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. JMP Securities restated a “market perform” rating on shares of Atlassian in a report on Friday, January 31st. UBS Group lowered their price target on shares of Atlassian from $330.00 to $230.00 and set a “neutral” rating for the company in a report on Tuesday. Finally, KeyCorp boosted their price objective on shares of Atlassian from $315.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Nine research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, Atlassian currently has an average rating of “Moderate Buy” and an average price target of $308.73.

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.