Lord Abbett & CO. LLC Purchases New Shares in Atlassian Co. (NASDAQ:TEAM)

Lord Abbett & CO. LLC acquired a new position in shares of Atlassian Co. (NASDAQ:TEAM) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 93,000 shares of the technology company’s stock, valued at approximately $22,634,000.

Other institutional investors also recently modified their holdings of the company. Virtu Financial LLC acquired a new stake in shares of Atlassian in the third quarter valued at approximately $606,000. Fulton Bank N.A. bought a new stake in shares of Atlassian during the fourth quarter worth $447,000. Allworth Financial LP lifted its stake in shares of Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after acquiring an additional 47 shares during the period. Nordea Investment Management AB boosted its holdings in Atlassian by 20.1% in the fourth quarter. Nordea Investment Management AB now owns 30,442 shares of the technology company’s stock valued at $7,458,000 after acquiring an additional 5,088 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in Atlassian by 61.4% in the third quarter. Principal Financial Group Inc. now owns 10,770 shares of the technology company’s stock worth $1,710,000 after purchasing an additional 4,099 shares during the period. 94.45% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $270.63, for a total value of $2,150,967.24. Following the completion of the sale, the director now directly owns 333,816 shares in the company, valued at approximately $90,340,624.08. This trade represents a 2.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Gene Liu sold 779 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $320.01, for a total value of $249,287.79. Following the transaction, the chief accounting officer now directly owns 52,710 shares in the company, valued at approximately $16,867,727.10. This trade represents a 1.46 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 261,513 shares of company stock valued at $66,183,631. 38.55% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Baird R W raised shares of Atlassian from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 14th. Robert W. Baird raised shares of Atlassian from a “neutral” rating to an “outperform” rating and lowered their target price for the stock from $320.00 to $255.00 in a report on Monday, April 14th. Piper Sandler raised their price target on Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. JMP Securities reiterated a “market perform” rating on shares of Atlassian in a report on Friday, January 31st. Finally, Mizuho raised their target price on Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. Five research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $301.90.

Atlassian Trading Up 1.6 %

Shares of NASDAQ:TEAM opened at $228.68 on Friday. The company’s 50-day moving average price is $229.25 and its two-hundred day moving average price is $244.20. Atlassian Co. has a one year low of $135.29 and a one year high of $326.00. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The stock has a market capitalization of $59.91 billion, a PE ratio of -170.66 and a beta of 1.07.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. On average, equities analysts forecast that Atlassian Co. will post -0.34 EPS for the current fiscal year.

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.