Independent Advisor Alliance Increases Holdings in Atlassian Co. (NASDAQ:TEAM)

Independent Advisor Alliance grew its holdings in Atlassian Co. (NASDAQ:TEAM) by 45.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,360 shares of the technology company’s stock after acquiring an additional 1,370 shares during the period. Independent Advisor Alliance’s holdings in Atlassian were worth $1,061,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the business. True Wealth Design LLC increased its holdings in shares of Atlassian by 23,100.0% in the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after purchasing an additional 231 shares during the last quarter. Avion Wealth increased its holdings in shares of Atlassian by 1,308.3% in the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after purchasing an additional 157 shares during the last quarter. Assetmark Inc. increased its holdings in shares of Atlassian by 30.6% in 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 fourth quarter worth about $49,000. Finally, Kestra Investment Management LLC bought a new stake in shares of Atlassian in the fourth quarter worth about $56,000. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on TEAM shares. BMO Capital Markets raised Atlassian from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $255.00 to $292.00 in a report on Friday, January 10th. Scotiabank boosted their price objective on Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a research note on Friday, January 31st. Mizuho boosted their price objective on Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a research note on Friday, January 31st. Canaccord Genuity Group boosted their price objective on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Finally, The Goldman Sachs Group boosted their price objective on Atlassian from $245.00 to $370.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Eight analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, Atlassian currently has a consensus rating of “Moderate Buy” and a consensus price target of $319.71.

Atlassian Stock Up 5.0 %

Shares of NASDAQ TEAM opened at $218.44 on Friday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. The firm has a market capitalization of $57.23 billion, a price-to-earnings ratio of -163.01 and a beta of 0.91. The stock has a 50 day moving average price of $273.44 and a 200 day moving average price of $234.20. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $326.00.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Sell-side analysts expect that Atlassian Co. will post -0.34 earnings per share for the current year.

Insiders Place Their Bets

In other news, President Anutthara Bharadwaj sold 1,520 shares of the company’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $259.85, for a total transaction of $394,972.00. Following the transaction, the president now directly owns 210,471 shares of the company’s stock, valued at approximately $54,690,889.35. This represents a 0.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $227.55, for a total value of $1,808,567.40. Following the transaction, the chief executive officer now directly owns 103,324 shares in the company, valued at approximately $23,511,376.20. The trade was a 7.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 272,501 shares of company stock worth $74,167,124 over the last 90 days. Company 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.