Proficio Capital Partners LLC Buys New Stake in Atlassian Co. (NASDAQ:TEAM)

Proficio Capital Partners LLC purchased a new stake in Atlassian Co. (NASDAQ:TEAM) during the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 91,998 shares of the technology company’s stock, valued at approximately $22,390,000.

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Macquarie boosted their target price on shares of Atlassian from $290.00 to $317.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. The Goldman Sachs Group lifted their price objective on shares of Atlassian from $245.00 to $370.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Truist Financial reissued a “buy” rating and set a $350.00 target price (up from $300.00) on shares of Atlassian in a research note on Friday, January 31st. Cantor Fitzgerald lifted 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. Finally, Raymond James reiterated an “outperform” rating and set a $330.00 price target (up previously from $250.00) on shares of Atlassian in a research report on Friday, January 31st. Eight analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $319.71.

Insider Buying and Selling

In other news, Director Scott Farquhar sold 7,948 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $265.96, for a total transaction of $2,113,850.08. Following the completion of the transaction, the director now directly owns 158,960 shares in the company, valued at approximately $42,277,001.60. This represents a 4.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 15,896 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $243.55, for a total transaction of $3,871,470.80. Following the completion of the sale, the chief executive officer now owns 429,192 shares in the company, valued at approximately $104,529,711.60. This trade represents a 3.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 275,501 shares of company stock worth $75,853,687. Insiders own 38.55% of the company’s stock.

Atlassian Price Performance

TEAM stock opened at $284.26 on Friday. Atlassian Co. has a 1 year low of $135.29 and a 1 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 firm has a market capitalization of $74.48 billion, a PE ratio of -212.13 and a beta of 0.87. The business has a 50 day simple moving average of $275.25 and a 200-day simple moving average of $227.71.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (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%. Equities research analysts anticipate that Atlassian Co. will post -0.34 earnings per share 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.