Avior Wealth Management LLC Increases Position in Atlassian Co. (NASDAQ:TEAM)

Avior Wealth Management LLC lifted its position in Atlassian Co. (NASDAQ:TEAM) by 66.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 507 shares of the technology company’s stock after purchasing an additional 203 shares during the quarter. Avior Wealth Management LLC’s holdings in Atlassian were worth $123,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Point72 Asset Management L.P. boosted its position in shares of Atlassian by 760.5% during the 3rd 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 in the last quarter. Two Sigma Advisers LP boosted its holdings in shares of Atlassian by 122.0% in the 3rd quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock valued at $159,382,000 after purchasing an additional 551,500 shares during the last quarter. Westfield Capital Management Co. LP acquired a new stake in Atlassian during the 3rd quarter worth approximately $57,149,000. Parnassus Investments LLC lifted its stake in shares of Atlassian by 322.9% during the third quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock worth $51,016,000 after purchasing an additional 245,286 shares in the last quarter. Finally, PointState Capital LP acquired a new stake in Atlassian during the 3rd quarter valued at $30,566,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on TEAM. Mizuho boosted their price objective on Atlassian from $240.00 to $285.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Robert W. Baird boosted their price target on Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Wells Fargo & Company increased their price objective on Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. 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 research report on Friday, November 1st. Finally, BMO Capital Markets upgraded Atlassian from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $255.00 to $292.00 in a research report on Friday, January 10th. Nine investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and an average price target of $273.19.

Atlassian Price Performance

TEAM stock opened at $274.71 on Wednesday. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $287.97. The business has a 50-day simple moving average of $258.81 and a two-hundred day simple moving average of $206.31. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. The company has a market capitalization of $71.54 billion, a P/E ratio of -180.73 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the prior year, the company posted ($0.07) EPS. The business’s revenue for the quarter was up 21.5% compared to the same quarter last year. Research analysts expect that Atlassian Co. will post -0.55 EPS for the current fiscal year.

Insider Activity

In related news, President Anutthara Bharadwaj sold 4,560 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $225.45, for a total transaction of $1,028,052.00. Following the transaction, the president now owns 224,436 shares in the company, valued at $50,599,096.20. This represents a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $269.01, for a total transaction of $2,138,091.48. Following the completion of the transaction, the chief executive officer now owns 349,712 shares in the company, valued at $94,076,025.12. This trade represents a 2.22 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 264,240 shares of company stock valued at $66,529,872. Insiders own 38.55% of the company’s stock.

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.