Valley National Advisers Inc. Raises Stake in Atlassian Co. (NASDAQ:TEAM)

Valley National Advisers Inc. increased its stake in Atlassian Co. (NASDAQ:TEAM) by 30.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 579 shares of the technology company’s stock after acquiring an additional 135 shares during the quarter. Valley National Advisers Inc.’s holdings in Atlassian were worth $137,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. OFI Invest Asset Management acquired a new position in Atlassian during the third quarter worth about $26,000. Tyler Stone Wealth Management acquired a new stake in shares of Atlassian in the 2nd quarter worth approximately $34,000. Meeder Asset Management Inc. increased its stake in Atlassian by 151.5% in the 4th quarter. Meeder Asset Management Inc. now owns 244 shares of the technology company’s stock valued at $31,000 after purchasing an additional 147 shares in the last quarter. Carmel Capital Partners LLC raised its holdings in Atlassian by 28.5% during the third quarter. Carmel Capital Partners LLC now owns 257 shares of the technology company’s stock worth $52,000 after purchasing an additional 57 shares during the last quarter. Finally, Quarry LP purchased a new stake in Atlassian during the second quarter worth $44,000. Institutional investors and hedge funds own 93.03% of the company’s stock.

Atlassian Stock Performance

NASDAQ:TEAM opened at $202.92 on Wednesday. Atlassian Co. has a one year low of $128.02 and a one year high of $258.69. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.04. The business’s 50-day simple moving average is $205.75 and its 200 day simple moving average is $206.54.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, February 1st. The technology company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.24). Atlassian had a negative net margin of 9.87% and a negative return on equity of 34.56%. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.02 billion. Research analysts forecast that Atlassian Co. will post -0.4 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In other news, President Anutthara Bharadwaj sold 2,470 shares of the business’s stock in a transaction dated Friday, January 19th. The shares were sold at an average price of $240.55, for a total value of $594,158.50. Following the completion of the sale, the president now owns 171,674 shares of the company’s stock, valued at approximately $41,296,180.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Atlassian news, President Anutthara Bharadwaj sold 2,470 shares of the stock in a transaction that occurred on Friday, January 19th. The stock was sold at an average price of $240.55, for a total transaction of $594,158.50. Following the transaction, the president now owns 171,674 shares of the company’s stock, valued at approximately $41,296,180.70. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Scott Farquhar sold 8,241 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $253.53, for a total value of $2,089,340.73. Following the completion of the sale, the chief executive officer now owns 346,122 shares of the company’s stock, valued at $87,752,310.66. The disclosure for this sale can be found here. Insiders have sold 293,159 shares of company stock worth $62,593,423 in the last ninety days. 40.48% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Citigroup lifted their target price on shares of Atlassian from $215.00 to $280.00 and gave the stock a “buy” rating in a research report on Monday, January 22nd. Truist Financial lifted their price target on shares of Atlassian from $180.00 to $220.00 and gave the stock a “hold” rating in a report on Tuesday, January 16th. Mizuho upped their price objective on shares of Atlassian from $240.00 to $265.00 and gave the company a “buy” rating in a research note on Tuesday, January 16th. UBS Group lowered their target price on shares of Atlassian from $260.00 to $250.00 and set a “neutral” rating for the company in a research note on Friday, February 2nd. Finally, The Goldman Sachs Group increased their price target on Atlassian from $188.00 to $215.00 and gave the stock a “neutral” rating in a research note on Friday, February 2nd. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $225.19.

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.