Point72 DIFC Ltd Invests $9.31 Million in Atlassian Co. (NASDAQ:TEAM)

Point72 DIFC Ltd purchased a new stake in Atlassian Co. (NASDAQ:TEAM) in the third quarter, Holdings Channel.com reports. The institutional investor purchased 58,641 shares of the technology company’s stock, valued at approximately $9,313,000.

Several other hedge funds also recently added to or reduced their stakes in TEAM. Point72 Asset Management L.P. grew its holdings in shares of Atlassian by 760.5% during the third quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock worth $110,972,000 after purchasing an additional 617,566 shares during the last quarter. PointState Capital LP acquired a new position in Atlassian during the third quarter worth approximately $30,566,000. Insight Holdings Group LLC increased its holdings in shares of Atlassian by 419.9% in the 3rd quarter. Insight Holdings Group LLC now owns 109,700 shares of the technology company’s stock valued at $17,421,000 after acquiring an additional 88,600 shares during the period. Investment Management Corp of Ontario raised its holdings in shares of Atlassian by 50.8% in the third quarter. Investment Management Corp of Ontario now owns 5,341 shares of the technology company’s stock valued at $848,000 after buying an additional 1,800 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its position in Atlassian by 2.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,182,373 shares of the technology company’s stock valued at $187,773,000 after acquiring an additional 22,936 shares during the period. 93.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Wells Fargo & Company lifted their target price on Atlassian from $250.00 to $300.00 and gave the company an “overweight” rating in a research note on Friday, November 1st. Piper Sandler upped their price objective on shares of Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a research report on Friday, November 1st. Raymond James lifted their target price on shares of Atlassian from $200.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Canaccord Genuity Group boosted their price target on shares of Atlassian from $225.00 to $255.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Finally, Mizuho raised their price objective on shares of Atlassian from $200.00 to $240.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and a consensus target price of $244.21.

Insider Buying and Selling at Atlassian

In other Atlassian news, CAO Gene Liu sold 165 shares of Atlassian stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $245.84, for a total value of $40,563.60. Following the completion of the sale, the chief accounting officer now directly owns 56,423 shares of the company’s stock, valued at approximately $13,871,030.32. The trade was a 0.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $160.97, for a total value of $1,279,389.56. Following the transaction, the chief executive officer now directly owns 135,116 shares in the company, valued at approximately $21,749,622.52. This represents a 5.56 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 265,642 shares of company stock worth $53,473,430. 38.55% of the stock is owned by insiders.

Atlassian Price Performance

Atlassian stock opened at $268.36 on Wednesday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. The firm’s 50-day simple moving average is $210.75 and its 200 day simple moving average is $181.01. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $269.40. The firm has a market capitalization of $69.89 billion, a PE ratio of -176.55 and a beta of 0.80.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the prior year, the firm earned ($0.07) earnings per share. The company’s revenue for the quarter was up 21.5% compared to the same quarter last year. On average, equities research analysts predict that Atlassian Co. will post -0.54 EPS for the current fiscal year.

Atlassian 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.