Atria Wealth Solutions Inc. Invests $4.90 Million in Atlassian Co. (NASDAQ:TEAM)

Atria Wealth Solutions Inc. purchased a new position in shares of Atlassian Co. (NASDAQ:TEAM) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 20,114 shares of the technology company’s stock, valued at approximately $4,895,000.

A number of other hedge funds also recently modified their holdings of the business. Baillie Gifford & Co. raised its position in shares of Atlassian by 0.9% during the third quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock worth $1,352,115,000 after purchasing an additional 78,454 shares during the period. State Street Corp grew its holdings in shares of Atlassian by 0.3% during the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock worth $565,424,000 after buying an additional 8,957 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Atlassian by 5.6% during the third quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock worth $393,588,000 after buying an additional 131,621 shares in the last quarter. FMR LLC grew its holdings in shares of Atlassian by 7.4% during the third quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock worth $346,679,000 after buying an additional 150,237 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Atlassian by 2.8% during the third quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company’s stock worth $340,453,000 after buying an additional 57,911 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. StockNews.com downgraded Atlassian from a “buy” rating to a “hold” rating in a report on Thursday, February 13th. Macquarie increased their price objective on Atlassian from $290.00 to $317.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Raymond James reiterated an “outperform” rating and set a $330.00 price objective (up from $250.00) on shares of Atlassian in a report on Friday, January 31st. Barclays increased their price objective on Atlassian from $275.00 to $350.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Finally, Cantor Fitzgerald raised their price target on Atlassian from $264.00 to $304.00 and gave the company a “neutral” rating in a research note on Friday, January 31st. Nine analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $319.71.

Atlassian Stock Performance

NASDAQ:TEAM opened at $303.72 on Thursday. The stock has a market cap of $79.57 billion, a P/E ratio of -226.66 and a beta of 0.87. The stock has a 50 day simple moving average of $272.45 and a 200 day simple moving average of $221.16. 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.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate 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 anticipate that Atlassian Co. will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction on Monday, November 25th. The stock was sold at an average price of $264.20, for a total value of $2,099,861.60. Following the completion of the transaction, the director now directly owns 190,752 shares of the company’s stock, valued at $50,396,678.40. The trade was a 4.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Gene Liu sold 779 shares of Atlassian stock in a transaction on Friday, January 31st. The shares were sold at an average price of $320.01, for a total value of $249,287.79. Following the completion of the transaction, the chief accounting officer now directly owns 52,710 shares of the company’s stock, valued at $16,867,727.10. This represents a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 273,778 shares of company stock valued at $74,688,580. 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.