Lazard Asset Management LLC Grows Position in Atlassian Co. (NASDAQ:TEAM)

Lazard Asset Management LLC raised its holdings in shares of Atlassian Co. (NASDAQ:TEAM) by 1,089.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 35,764 shares of the technology company’s stock after purchasing an additional 32,757 shares during the quarter. Lazard Asset Management LLC’s holdings in Atlassian were worth $6,976,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Hollencrest Capital Management lifted its holdings in Atlassian by 383.9% during the first quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock valued at $29,000 after purchasing an additional 119 shares during the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in Atlassian during the first quarter valued at about $40,000. Crewe Advisors LLC purchased a new stake in shares of Atlassian in the first quarter worth about $43,000. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in shares of Atlassian by 271.0% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock worth $88,000 after buying an additional 271 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Atlassian by 255.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock worth $96,000 after buying an additional 291 shares in the last quarter. 93.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Scott Farquhar sold 8,241 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $183.51, for a total transaction of $1,512,305.91. Following the completion of the sale, the chief executive officer now owns 308,763 shares of the company’s stock, valued at $56,661,098.13. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $183.51, for a total value of $1,512,305.91. Following the completion of the sale, the chief executive officer now owns 308,763 shares of the company’s stock, valued at $56,661,098.13. The sale 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 firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $163.54, for a total value of $1,299,815.92. Following the completion of the sale, the chief executive officer now directly owns 87,428 shares of the company’s stock, valued at approximately $14,297,975.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 267,923 shares of company stock valued at $46,388,282. 40.48% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on TEAM shares. Oppenheimer lowered their price target on shares of Atlassian from $300.00 to $250.00 and set an “outperform” rating on the stock in a report on Friday, April 26th. Robert W. Baird lowered their price target on shares of Atlassian from $270.00 to $230.00 and set an “outperform” rating on the stock in a report on Friday, April 26th. Wells Fargo & Company lowered their price target on shares of Atlassian from $285.00 to $250.00 and set an “overweight” rating on the stock in a report on Friday, June 21st. Citigroup decreased their price objective on shares of Atlassian from $280.00 to $265.00 and set a “buy” rating on the stock in a research report on Friday, April 12th. Finally, Barclays upgraded shares of Atlassian from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $235.00 to $275.00 in a research report on Thursday, April 11th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $228.81.

Atlassian Stock Up 1.1 %

Shares of NASDAQ TEAM opened at $179.21 on Monday. Atlassian Co. has a one year low of $152.34 and a one year high of $258.69. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.18 and a quick ratio of 1.18. The firm’s 50 day simple moving average is $170.19 and its two-hundred day simple moving average is $193.56. The stock has a market capitalization of $46.65 billion, a P/E ratio of -281.46 and a beta of 0.74.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, April 25th. The technology company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.27. The firm had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. Atlassian had a negative return on equity of 13.95% and a negative net margin of 3.90%. The business’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.40) earnings per share. As a group, analysts expect that Atlassian Co. will post -0.22 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.