Harbert Fund Advisors Inc. Acquires New Shares in Atlassian Co. (NASDAQ:TEAM)

Harbert Fund Advisors Inc. acquired a new position in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 5,000 shares of the technology company's stock, valued at approximately $1,217,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Covestor Ltd grew its holdings in shares of Atlassian by 339.1% in the fourth quarter. Covestor Ltd now owns 483 shares of the technology company's stock valued at $118,000 after purchasing an additional 373 shares during the period. Treasurer of the State of North Carolina raised its position in shares of Atlassian by 1.9% during the 4th quarter. Treasurer of the State of North Carolina now owns 71,903 shares of the technology company's stock valued at $17,500,000 after buying an additional 1,320 shares during the period. CenterBook Partners LP lifted its holdings in Atlassian by 228.3% in the fourth quarter. CenterBook Partners LP now owns 22,181 shares of the technology company's stock valued at $5,398,000 after acquiring an additional 15,425 shares during the last quarter. APG Asset Management N.V. grew its position in Atlassian by 503.4% in the fourth quarter. APG Asset Management N.V. now owns 95,141 shares of the technology company's stock worth $22,362,000 after acquiring an additional 79,374 shares during the period. Finally, Advisory Services Network LLC increased its stake in Atlassian by 7.9% during the fourth quarter. Advisory Services Network LLC now owns 8,555 shares of the technology company's stock worth $2,082,000 after acquiring an additional 625 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company's stock.

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Atlassian Stock Performance

Shares of TEAM traded up $2.62 during midday trading on Monday, reaching $200.99. 2,031,297 shares of the stock were exchanged, compared to its average volume of 2,041,681. The company has a market capitalization of $52.66 billion, a price-to-earnings ratio of -149.99 and a beta of 1.07. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. Atlassian Co. has a twelve month low of $135.29 and a twelve month high of $326.00. The business's 50-day moving average price is $251.13 and its 200 day moving average price is $241.80.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. On average, sell-side analysts expect that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Insider Activity at Atlassian

In other news, President Anutthara Bharadwaj sold 1,520 shares of the firm's stock in a transaction on Friday, January 17th. The shares were sold at an average price of $259.85, for a total value of $394,972.00. Following the completion of the sale, the president now owns 210,471 shares in the company, valued at approximately $54,690,889.35. This trade represents a 0.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business's stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $251.20, for a total transaction of $1,996,537.60. Following the transaction, the chief executive officer now owns 405,348 shares in the company, valued at approximately $101,823,417.60. This trade represents a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 263,033 shares of company stock worth $68,282,575 in the last quarter. Company insiders own 38.55% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on TEAM shares. Morgan Stanley upped their price target on Atlassian from $315.00 to $370.00 and gave the company an "overweight" rating in a research note on Friday, January 31st. Mizuho lifted their price target on shares of Atlassian from $285.00 to $355.00 and gave the company an "outperform" rating in a research report on Friday, January 31st. BMO Capital Markets decreased their price objective on shares of Atlassian from $360.00 to $295.00 and set an "outperform" rating on the stock in a report on Thursday. UBS Group cut their target price on Atlassian from $330.00 to $230.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 1st. Finally, Truist Financial lowered their price target on Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Seven investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $300.00.

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.