Abacus FCF Advisors LLC Increases Stake in Atlassian Co. (NASDAQ:TEAM)

Abacus FCF Advisors LLC raised its stake in Atlassian Co. (NASDAQ:TEAM - Free Report) by 162.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 61,461 shares of the technology company's stock after purchasing an additional 38,027 shares during the quarter. Atlassian accounts for about 2.0% of Abacus FCF Advisors LLC's portfolio, making the stock its 19th biggest position. Abacus FCF Advisors LLC's holdings in Atlassian were worth $13,043,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Allworth Financial LP boosted its holdings in Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company's stock worth $404,000 after purchasing an additional 47 shares during the last quarter. LPL Financial LLC lifted its position in shares of Atlassian by 93.4% during the 4th quarter. LPL Financial LLC now owns 51,534 shares of the technology company's stock worth $12,542,000 after buying an additional 24,891 shares in the last quarter. Freestone Grove Partners LP purchased a new position in shares of Atlassian in the 4th quarter worth approximately $10,805,000. Shay Capital LLC purchased a new position in shares of Atlassian in the 4th quarter worth approximately $243,000. Finally, Empowered Funds LLC grew its holdings in shares of Atlassian by 39.6% in the fourth quarter. Empowered Funds LLC now owns 3,361 shares of the technology company's stock valued at $818,000 after acquiring an additional 953 shares in the last quarter. Institutional investors own 94.45% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on TEAM shares. Morgan Stanley dropped their price target on Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Wall Street Zen upgraded Atlassian from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Truist Financial reduced their price target on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Robert W. Baird raised shares of Atlassian from a "neutral" rating to an "outperform" rating and lowered their price objective for the stock from $320.00 to $255.00 in a research report on Monday, April 14th. Finally, Jefferies Financial Group dropped their target price on shares of Atlassian from $330.00 to $262.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Four equities research 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 company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $285.29.

Atlassian Price Performance

Shares of Atlassian stock traded down $2.75 on Wednesday, reaching $210.30. The stock had a trading volume of 574,823 shares, compared to its average volume of 2,099,660. The company has a market cap of $55.21 billion, a P/E ratio of -157.39 and a beta of 0.96. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $326.00. The business's 50 day moving average is $209.92 and its two-hundred day moving average is $244.08. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its earnings results on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.93 by $0.04. The business had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The firm's revenue was up 14.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.89 earnings per share. As a group, research analysts anticipate that Atlassian Co. will post -0.34 EPS for the current year.

Insider Buying and Selling

In related news, President Anutthara Bharadwaj sold 7,674 shares of the company's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $225.51, for a total value of $1,730,563.74. Following the completion of the transaction, the president now directly owns 192,260 shares in the company, valued at approximately $43,356,552.60. The trade was a 3.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Gene Liu sold 121 shares of the firm's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $214.88, for a total value of $26,000.48. Following the sale, the chief accounting officer now owns 51,360 shares in the company, valued at $11,036,236.80. The trade was a 0.24% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 336,429 shares of company stock worth $71,774,377. 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.