Sequoia Financial Advisors LLC Increases Stake in Atlassian Co. (NASDAQ:TEAM)

Sequoia Financial Advisors LLC grew its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 9.0% in the fourth quarter, HoldingsChannel.com reports. The firm owned 2,099 shares of the technology company’s stock after buying an additional 174 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Atlassian were worth $511,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in TEAM. Assetmark Inc. boosted its position in Atlassian by 30.6% during the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock valued at $43,000 after buying an additional 41 shares during the period. Allworth Financial LP raised its stake in shares of Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after acquiring an additional 47 shares during the last quarter. GAMMA Investing LLC boosted 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 stake in shares of Atlassian by 4.0% in the fourth quarter. Venturi Wealth Management LLC now owns 1,467 shares of the technology company’s stock worth $357,000 after purchasing an additional 56 shares during the last quarter. Finally, J.W. Cole Advisors Inc. increased its holdings in Atlassian by 1.5% during the 4th quarter. J.W. Cole Advisors Inc. now owns 3,958 shares of the technology company’s stock valued at $963,000 after purchasing an additional 59 shares during the period. Institutional investors own 94.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on TEAM shares. Piper Sandler lifted their price objective on Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. The Goldman Sachs Group boosted their price objective on shares of Atlassian from $245.00 to $370.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Mizuho upped their price objective on shares of Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. StockNews.com raised shares of Atlassian from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Finally, BMO Capital Markets raised shares of Atlassian from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $255.00 to $292.00 in a research note on Friday, January 10th. Eight analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $319.71.

Insider Activity at Atlassian

In other news, President Anutthara Bharadwaj sold 1,520 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $254.76, for a total transaction of $387,235.20. Following the sale, the president now owns 211,991 shares of the company’s stock, valued at $54,006,827.16. This trade represents a 0.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $258.33, for a total transaction of $2,053,206.84. Following the completion of the sale, the director now owns 63,584 shares of the company’s stock, valued at $16,425,654.72. This represents a 11.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 264,553 shares of company stock valued at $71,956,546. 38.55% of the stock is owned by corporate insiders.

Atlassian Price Performance

TEAM opened at $220.98 on Tuesday. The firm has a market cap of $57.90 billion, a PE ratio of -164.91 and a beta of 0.91. The stock has a 50-day moving average price of $272.77 and a 200-day moving average price of $235.08. 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.

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 return on equity of 17.37% and a negative net margin of 7.22%. Sell-side analysts predict 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.