Pallas Capital Advisors LLC Boosts Stake in Atlassian Co. (NASDAQ:TEAM)

Pallas Capital Advisors LLC increased its stake in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 76.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,475 shares of the technology company's stock after acquiring an additional 3,230 shares during the quarter. Pallas Capital Advisors LLC's holdings in Atlassian were worth $1,586,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Allworth Financial LP increased its stake in shares of Atlassian by 3.1% in the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company's stock worth $404,000 after buying an additional 47 shares during the period. LPL Financial LLC boosted its holdings in shares of Atlassian by 93.4% during the fourth quarter. LPL Financial LLC now owns 51,534 shares of the technology company's stock worth $12,542,000 after purchasing an additional 24,891 shares during the period. Freestone Grove Partners LP bought a new stake in shares of Atlassian in the fourth quarter worth about $10,805,000. Shay Capital LLC purchased a new position in Atlassian during the 4th quarter valued at about $243,000. Finally, Empowered Funds LLC increased its holdings in Atlassian by 39.6% during the 4th quarter. Empowered Funds LLC now owns 3,361 shares of the technology company's stock valued at $818,000 after purchasing an additional 953 shares during the period. Institutional investors own 94.45% of the company's stock.

Insider Activity at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $227.55, for a total value of $1,808,567.40. Following the sale, the chief executive officer now owns 103,324 shares in the company, valued at approximately $23,511,376.20. This trade represents a 7.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Anutthara Bharadwaj sold 7,674 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was 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 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 disclosure for this sale can be found here. In the last three months, insiders have sold 344,377 shares of company stock valued at $73,582,945. 38.55% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on TEAM shares. Canaccord Genuity Group cut their price objective on Atlassian from $300.00 to $255.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Truist Financial cut their price target on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Robert W. Baird raised shares of Atlassian from a "neutral" rating to an "outperform" rating and reduced their price objective for the company from $320.00 to $255.00 in a research report on Monday, April 14th. UBS Group dropped their target price on shares of Atlassian from $230.00 to $215.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. Finally, Jefferies Financial Group cut 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 investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $285.29.

Atlassian Stock Down 0.9%

Shares of TEAM traded down $1.94 during trading hours on Tuesday, hitting $213.05. The company had a trading volume of 2,073,505 shares, compared to its average volume of 2,101,510. The stock has a market capitalization of $55.93 billion, a price-to-earnings ratio of -158.99 and a beta of 0.96. The firm has a fifty day moving average price of $209.62 and a 200-day moving average price of $244.30. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $326.00. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (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 net margin of 7.22% and a negative return on equity of 17.37%. The business's revenue for the quarter was up 14.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.89 earnings per share. On average, equities research analysts forecast that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Atlassian Company 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.