Pallas Capital Advisors LLC Has $1.59 Million Stock Position in Atlassian Co. (NASDAQ:TEAM)

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

A number of other hedge funds and other institutional investors also recently modified their holdings of TEAM. JPMorgan Chase & Co. grew its position in shares of Atlassian by 5.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company's stock valued at $393,588,000 after acquiring an additional 131,621 shares during the period. Bleakley Financial Group LLC boosted its holdings in shares of Atlassian by 37.8% during the 4th quarter. Bleakley Financial Group LLC now owns 3,193 shares of the technology company's stock worth $777,000 after buying an additional 876 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Atlassian by 18.8% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 15,198 shares of the technology company's stock worth $3,699,000 after buying an additional 2,400 shares during the period. Empowered Funds LLC boosted its holdings in shares of Atlassian by 39.6% during the 4th quarter. Empowered Funds LLC now owns 3,361 shares of the technology company's stock worth $818,000 after buying an additional 953 shares during the period. Finally, Newbridge Financial Services Group Inc. bought a new stake in shares of Atlassian during the 4th quarter worth about $119,000. Institutional investors own 94.45% of the company's stock.

Atlassian Price Performance

Shares of NASDAQ:TEAM traded down $2.50 during midday trading on Friday, hitting $196.82. The stock had a trading volume of 1,899,963 shares, compared to its average volume of 2,120,412. The company's 50-day moving average price is $210.45 and its 200-day moving average price is $243.37. The company has a market capitalization of $51.67 billion, a P/E ratio of -146.88 and a beta of 0.96. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its earnings results on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.93 by $0.04. The company 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 EPS. As a group, equities research analysts predict that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Insider Activity at Atlassian

In related news, CAO Gene Liu sold 541 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $225.51, for a total value of $122,000.91. Following the completion of the transaction, the chief accounting officer now owns 51,481 shares of the company's stock, valued at $11,609,480.31. This represents a 1.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $185.61, for a total transaction of $1,475,228.28. Following the completion of the transaction, the director now directly owns 333,816 shares of the company's stock, valued at approximately $61,959,587.76. The trade was a 2.33% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 351,759 shares of company stock valued at $74,833,479 in the last quarter. Insiders own 38.55% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on TEAM. Robert W. Baird raised shares of Atlassian from a "neutral" rating to an "outperform" rating and reduced their target price for the stock from $320.00 to $255.00 in a report on Monday, April 14th. UBS Group reduced their target price on shares of Atlassian from $230.00 to $215.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. BMO Capital Markets reduced their target price on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Wall Street Zen raised shares of Atlassian from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Finally, Stephens reduced their target price on shares of Atlassian from $255.00 to $221.00 and set an "equal weight" rating for the company in a report on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $282.19.

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.