Lord Abbett & CO. LLC Takes Position in Atlassian Co. (NASDAQ:TEAM)

Lord Abbett & CO. LLC purchased a new position in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 93,000 shares of the technology company's stock, valued at approximately $22,634,000.

Other institutional investors also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA acquired a new stake in shares of Atlassian in the fourth quarter worth approximately $687,486,000. Voya Investment Management LLC increased its holdings in Atlassian by 17,941.0% in the 4th quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock valued at $528,693,000 after purchasing an additional 2,160,810 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Atlassian by 72.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock worth $1,042,737,000 after acquiring an additional 1,806,042 shares in the last quarter. Invesco Ltd. increased its stake in Atlassian by 265.9% during the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock worth $595,171,000 after buying an additional 1,777,179 shares during the period. Finally, Norges Bank purchased a new position in Atlassian in the fourth quarter valued at $296,697,000. 94.45% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Oppenheimer increased their target price on Atlassian from $300.00 to $380.00 and gave the company an "outperform" rating in a report on Friday, January 31st. Stephens reissued an "equal weight" rating and set a $255.00 price target on shares of Atlassian in a report on Monday, April 14th. Macquarie upgraded Atlassian from a "neutral" rating to an "outperform" rating and decreased their price target for the company from $317.00 to $270.00 in a research note on Thursday, April 10th. Piper Sandler increased their price objective on Atlassian from $310.00 to $365.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. Finally, Barclays increased their price target on shares of Atlassian from $275.00 to $350.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Five analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $301.90.

Atlassian Stock Up 0.3 %

Shares of TEAM traded up $0.76 during midday trading on Thursday, reaching $229.07. 4,156,567 shares of the company were exchanged, compared to its average volume of 2,048,711. 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 Co. has a 1-year low of $135.29 and a 1-year high of $326.00. The stock has a 50-day moving average price of $225.22 and a 200-day moving average price of $244.69. The company has a market cap of $60.02 billion, a price-to-earnings ratio of -170.95 and a beta of 1.07.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued 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 return on equity of 17.37% and a negative net margin of 7.22%. Research analysts expect that Atlassian Co. will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $229.59, for a total value of $1,824,781.32. Following the sale, the chief executive officer now owns 222,544 shares of the company's stock, valued at $51,093,876.96. This trade represents a 3.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Gene Liu sold 779 shares of the business's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $320.01, for a total transaction of $249,287.79. Following the transaction, the chief accounting officer now directly owns 52,710 shares of the company's stock, valued at $16,867,727.10. The trade was a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 261,513 shares of company stock worth $65,540,320. Corporate 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.