Parallel Advisors LLC Raises Holdings in Atlassian Co. (NASDAQ:TEAM)

Parallel Advisors LLC raised its holdings in shares of Atlassian Co. (NASDAQ:TEAM) by 3.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,702 shares of the technology company’s stock after purchasing an additional 64 shares during the quarter. Parallel Advisors LLC’s holdings in Atlassian were worth $414,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in TEAM. True Wealth Design LLC lifted its position in shares of Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after acquiring an additional 231 shares in the last quarter. Avion Wealth lifted its holdings in shares of Atlassian by 1,308.3% during the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after acquiring an additional 157 shares during the last quarter. Assetmark Inc. lifted its stake in Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock worth $43,000 after purchasing an additional 41 shares during the last quarter. Mainstream Capital Management LLC bought a new stake in shares of Atlassian in the 4th quarter worth approximately $49,000. Finally, Kestra Investment Management LLC bought a new stake in Atlassian in the fourth quarter worth $56,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Atlassian

In other Atlassian news, President Anutthara Bharadwaj sold 1,520 shares of the business’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $259.85, for a total transaction of $394,972.00. Following the completion of the sale, the president now directly owns 210,471 shares in the company, valued at $54,690,889.35. The trade was a 0.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael Cannon-Brookes sold 15,896 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $243.55, for a total transaction of $3,871,470.80. Following the sale, the chief executive officer now owns 429,192 shares of the company’s stock, valued at $104,529,711.60. This trade represents a 3.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 263,033 shares of company stock valued at $71,015,177 over the last ninety days. Insiders own 38.55% of the company’s stock.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $227.34 on Friday. The firm has a market cap of $59.56 billion, a P/E ratio of -169.66 and a beta of 0.91. Atlassian Co. has a twelve month low of $135.29 and a twelve month high of $326.00. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. The company has a 50 day moving average of $271.24 and a 200 day moving average of $235.79.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate 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, research analysts expect that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TEAM. William Blair reiterated an “outperform” rating on shares of Atlassian in a research report on Friday, January 31st. Piper Sandler upped their price target on Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. KeyCorp upped their price target on Atlassian from $315.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Morgan Stanley upped their target price on Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, Jefferies Financial Group upped their target price on Atlassian from $300.00 to $325.00 and gave the company a “buy” rating in a report on Friday, January 24th. Nine investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $316.77.

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.