Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Atlassian Co. (NASDAQ:TEAM)

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Atlassian Co. (NASDAQ:TEAM) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 139,409 shares of the technology company’s stock, valued at approximately $22,140,000.

Several other institutional investors have also recently made changes to their positions in TEAM. Asset Dedication LLC raised its position in Atlassian by 229.8% in the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after purchasing an additional 108 shares during the period. Trust Co. of Vermont grew its stake in shares of Atlassian by 2,175.0% during the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after buying an additional 174 shares during the last quarter. Rothschild Investment LLC purchased a new stake in shares of Atlassian in the second quarter worth approximately $36,000. GAMMA Investing LLC lifted its stake in shares of Atlassian by 68.6% during the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after acquiring an additional 96 shares during the last quarter. Finally, Crewe Advisors LLC purchased a new position in Atlassian during the 1st quarter valued at $43,000. Institutional investors own 93.03% of the company’s stock.

Insider Activity

In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $164.81, for a total value of $1,309,909.88. Following the completion of the transaction, the chief executive officer now owns 182,804 shares of the company’s stock, valued at approximately $30,127,927.24. This trade represents a 4.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Gene Liu sold 165 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $245.84, for a total transaction of $40,563.60. Following the sale, the chief accounting officer now directly owns 56,423 shares in the company, valued at $13,871,030.32. This trade represents a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 249,746 shares of company stock worth $47,067,024. Insiders own 38.55% of the company’s stock.

Atlassian Trading Down 0.9 %

TEAM opened at $245.45 on Thursday. The business’s 50-day moving average is $191.18 and its two-hundred day moving average is $175.45. 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.

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

Analyst Ratings Changes

A number of research firms have weighed in on TEAM. Truist Financial increased their target price on Atlassian from $160.00 to $200.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. Scotiabank lifted their price objective on shares of Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a report on Friday, November 1st. Baird R W downgraded shares of Atlassian from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 2nd. Barclays reduced their target price on shares of Atlassian from $275.00 to $250.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Finally, Wells Fargo & Company boosted their price target on Atlassian from $250.00 to $300.00 and gave the company an “overweight” rating in a report on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Atlassian has a consensus rating of “Moderate Buy” and an average target price of $244.21.

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.