Mainstream Capital Management LLC Invests $49,000 in Atlassian Co. (NASDAQ:TEAM)

Mainstream Capital Management LLC purchased a new stake in Atlassian Co. (NASDAQ:TEAM) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 203 shares of the technology company’s stock, valued at approximately $49,000.

Several other institutional investors have also recently added to or reduced their stakes in TEAM. Allworth Financial LP grew its stake in shares of Atlassian by 3.1% in the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after purchasing an additional 47 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Atlassian by 22.9% during the fourth quarter. GAMMA Investing LLC now owns 290 shares of the technology company’s stock worth $71,000 after purchasing an additional 54 shares during the period. Venturi Wealth Management LLC grew its position in Atlassian by 4.0% in the 4th quarter. Venturi Wealth Management LLC now owns 1,467 shares of the technology company’s stock valued at $357,000 after buying an additional 56 shares during the last quarter. J.W. Cole Advisors Inc. increased its stake in Atlassian by 1.5% in the 4th quarter. J.W. Cole Advisors Inc. now owns 3,958 shares of the technology company’s stock valued at $963,000 after buying an additional 59 shares during the period. Finally, Brown Brothers Harriman & Co. raised its position in Atlassian by 23.2% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock worth $69,000 after buying an additional 82 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Insider Activity

In related news, CAO Gene Liu sold 568 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $312.08, for a total value of $177,261.44. Following the completion of the sale, the chief accounting officer now directly owns 52,142 shares in the company, valued at approximately $16,272,475.36. The trade was a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Scott Farquhar sold 7,948 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $278.61, for a total transaction of $2,214,392.28. Following the transaction, the director now directly owns 166,908 shares of the company’s stock, valued at $46,502,237.88. This trade represents a 4.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 275,501 shares of company stock valued at $75,954,229 over the last quarter. Company insiders own 38.55% of the company’s stock.

Atlassian Price Performance

Atlassian stock opened at $274.22 on Tuesday. The firm’s 50-day moving average is $275.70 and its two-hundred day moving average is $229.79. 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 $71.85 billion, a P/E ratio of -204.64 and a beta of 0.87. Atlassian Co. has a 12-month low of $135.29 and a 12-month high of $326.00.

Atlassian (NASDAQ:TEAM) last released its 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 return on equity of 17.37% and a negative net margin of 7.22%. Equities analysts predict that Atlassian Co. will post -0.34 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Truist Financial reaffirmed a “buy” rating and issued a $350.00 target price (up previously from $300.00) on shares of Atlassian in a report on Friday, January 31st. BMO Capital Markets raised Atlassian from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $255.00 to $292.00 in a report on Friday, January 10th. Mizuho increased their target price on Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a research note on Friday, January 31st. Citigroup lifted their price target on Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Finally, Canaccord Genuity Group increased their price objective on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Eight equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and an average price target of $319.71.

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.