SG Americas Securities LLC Raises Stake in Atlassian Co. (NASDAQ:TEAM)

SG Americas Securities LLC lifted its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 2,126.9% during the 1st quarter, Holdings Channel reports. The fund owned 228,078 shares of the technology company’s stock after buying an additional 217,836 shares during the quarter. SG Americas Securities LLC’s holdings in Atlassian were worth $48,400,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Abacus FCF Advisors LLC increased its position in Atlassian by 162.3% during the first quarter. Abacus FCF Advisors LLC now owns 61,461 shares of the technology company’s stock worth $13,043,000 after purchasing an additional 38,027 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Atlassian by 96.9% in the 1st quarter. GAMMA Investing LLC now owns 571 shares of the technology company’s stock valued at $121,000 after buying an additional 281 shares during the period. Yousif Capital Management LLC increased its holdings in shares of Atlassian by 2.9% during the 1st quarter. Yousif Capital Management LLC now owns 2,063 shares of the technology company’s stock worth $438,000 after buying an additional 58 shares during the last quarter. Pallas Capital Advisors LLC increased its holdings in shares of Atlassian by 76.1% during the 1st quarter. Pallas Capital Advisors LLC now owns 7,475 shares of the technology company’s stock worth $1,586,000 after buying an additional 3,230 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its position in shares of Atlassian by 37.7% during the 1st quarter. Farther Finance Advisors LLC now owns 369 shares of the technology company’s stock valued at $80,000 after buying an additional 101 shares during the period. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Insider Transactions at Atlassian

In related news, President Anutthara Bharadwaj sold 7,674 shares of the firm’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $225.51, for a total transaction of $1,730,563.74. Following the completion of the sale, the president now directly owns 192,260 shares in the company, valued at approximately $43,356,552.60. This trade represents a 3.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $216.90, for a total value of $1,723,921.20. Following the sale, the chief executive officer now directly owns 71,532 shares of the company’s stock, valued at approximately $15,515,290.80. This represents a 10.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 329,047 shares of company stock valued at $70,283,469. Company insiders own 38.55% of the company’s stock.

Analyst Upgrades and Downgrades

TEAM has been the subject of several analyst reports. Truist Financial lowered their price objective on Atlassian from $350.00 to $300.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Canaccord Genuity Group lowered their price target on Atlassian from $300.00 to $255.00 and set a “buy” rating for the company in a report on Friday, May 2nd. KeyCorp cut their price objective on Atlassian from $365.00 to $275.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Stephens decreased their target price on shares of Atlassian from $255.00 to $221.00 and set an “equal weight” rating on the stock in a research report on Friday, May 2nd. Finally, Macquarie lowered their target price on shares of Atlassian from $270.00 to $250.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and a consensus price target of $285.29.

Atlassian Stock Up 0.2%

NASDAQ:TEAM opened at $214.99 on Tuesday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The stock has a 50 day moving average of $209.62 and a 200-day moving average of $244.30. The firm has a market capitalization of $56.44 billion, a PE ratio of -160.44 and a beta of 0.96. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $326.00.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.04. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Atlassian’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same period last year, the firm posted $0.89 EPS. Analysts predict that Atlassian Co. will post -0.34 EPS for the current year.

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.