Avestar Capital LLC Lowers Stock Holdings in Atlassian Co. (NASDAQ:TEAM)

Avestar Capital LLC trimmed its holdings in shares of Atlassian Co. (NASDAQ:TEAM) by 20.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,404 shares of the technology company’s stock after selling 356 shares during the period. Avestar Capital LLC’s holdings in Atlassian were worth $223,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in TEAM. Dragoneer Investment Group LLC purchased a new position in shares of Atlassian during the second quarter valued at approximately $469,803,000. Manning & Napier Advisors LLC purchased a new position in shares of Atlassian during the second quarter valued at approximately $91,072,000. Westfield Capital Management Co. LP purchased a new position in shares of Atlassian during the third quarter valued at approximately $57,149,000. Parnassus Investments LLC lifted its holdings in shares of Atlassian by 322.9% during the third quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock valued at $51,016,000 after purchasing an additional 245,286 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Atlassian by 657.5% during the second quarter. Assenagon Asset Management S.A. now owns 239,509 shares of the technology company’s stock valued at $42,364,000 after purchasing an additional 207,891 shares during the last quarter. 93.03% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $163.11, for a total value of $123,963.60. Following the completion of the sale, the president now owns 143,966 shares in the company, valued at approximately $23,482,294.26. This represents a 0.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $261.73, for a total value of $2,080,230.04. Following the completion of the sale, the chief executive officer now owns 174,856 shares of the company’s stock, valued at $45,765,060.88. The trade was a 4.35 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 257,694 shares of company stock worth $50,560,726. Corporate insiders own 38.55% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on TEAM shares. Barclays lowered their target price on shares of Atlassian from $275.00 to $250.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Truist Financial boosted their price objective on shares of Atlassian from $160.00 to $200.00 and gave the stock a “hold” rating in a report on Friday, November 1st. Robert W. Baird boosted their price objective on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Scotiabank boosted their price objective on shares of Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a report on Friday, November 1st. Finally, Baird R W lowered shares of Atlassian from a “strong-buy” rating to a “hold” rating in a report on Friday, August 2nd. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $244.21.

Atlassian Trading Up 0.1 %

NASDAQ:TEAM opened at $262.46 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market capitalization of $68.35 billion, a price-to-earnings ratio of -172.67 and a beta of 0.71. Atlassian Co. has a one year low of $135.29 and a one year high of $269.40. The business has a fifty day moving average price of $204.55 and a 200-day moving average price of $179.29.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.64 by $0.13. The firm had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. Atlassian’s revenue was up 21.5% on a year-over-year basis. During the same period in the prior year, the business posted ($0.07) EPS. Sell-side analysts forecast that Atlassian Co. will post -0.54 EPS for the current year.

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.