Abacus FCF Advisors LLC Raises Stock Position in Atlassian Co. (NASDAQ:TEAM)

Abacus FCF Advisors LLC grew its holdings in Atlassian Co. (NASDAQ:TEAM) by 162.3% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 61,461 shares of the technology company’s stock after acquiring an additional 38,027 shares during the period. Atlassian comprises approximately 2.0% of Abacus FCF Advisors LLC’s portfolio, making the stock its 19th biggest holding. Abacus FCF Advisors LLC’s holdings in Atlassian were worth $13,043,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in TEAM. JPMorgan Chase & Co. grew its stake 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 worth $393,588,000 after buying an additional 131,621 shares in the last quarter. Bleakley Financial Group LLC boosted its stake 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 purchasing an additional 876 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake 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 purchasing an additional 2,400 shares during the period. Empowered Funds LLC boosted its stake 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 purchasing an additional 953 shares during the period. Finally, Newbridge Financial Services Group Inc. purchased a new position in shares of Atlassian during the 4th quarter worth about $119,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Gene Liu sold 541 shares of the business’s stock in a transaction dated 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 sale, the chief accounting officer now owns 51,481 shares in the company, valued at approximately $11,609,480.31. The trade was a 1.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $234.38, for a total transaction of $1,862,852.24. Following the completion of the sale, the director now owns 39,740 shares of the company’s stock, valued at approximately $9,314,261.20. This represents a 16.67% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 329,047 shares of company stock worth $70,283,469. 38.55% of the stock is currently owned by corporate insiders.

Atlassian Trading Up 0.2%

NASDAQ:TEAM opened at $214.99 on Tuesday. 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 quick ratio of 1.24 and a current ratio of 1.24. The firm has a market cap of $56.44 billion, a P/E ratio of -160.44 and a beta of 0.96. The firm has a 50-day simple moving average of $209.62 and a 200-day simple moving average of $244.30.

Atlassian (NASDAQ:TEAM) last posted its quarterly 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. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the previous year, the business posted $0.89 EPS. The company’s quarterly revenue was up 14.1% compared to the same quarter last year. Equities analysts anticipate that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on TEAM. Raymond James reaffirmed an “outperform” rating and set a $300.00 price target (down from $330.00) on shares of Atlassian in a research note on Friday, May 2nd. Canaccord Genuity Group dropped their price target on shares of Atlassian from $300.00 to $255.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. Cantor Fitzgerald raised shares of Atlassian from a “neutral” rating to an “overweight” rating and dropped their price target for the stock from $304.00 to $272.00 in a research note on Wednesday, April 2nd. Baird R W raised shares of Atlassian from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 14th. Finally, UBS Group dropped their price target on shares of Atlassian from $230.00 to $215.00 and set a “neutral” rating for the company in a research note on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $285.29.

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.