Lord Abbett & CO. LLC Makes New $22.63 Million Investment in Atlassian Co. (NASDAQ:TEAM)

Lord Abbett & CO. LLC purchased a new stake in Atlassian Co. (NASDAQ:TEAM) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 93,000 shares of the technology company’s stock, valued at approximately $22,634,000.

A number of other large investors have also added to or reduced their stakes in TEAM. Murphy & Mullick Capital Management Corp acquired a new stake in shares of Atlassian during the 4th quarter worth $27,000. Summit Securities Group LLC acquired a new stake in shares of Atlassian during the 4th quarter worth approximately $38,000. Pilgrim Partners Asia Pte Ltd bought a new position in Atlassian in the fourth quarter valued at approximately $39,000. Avion Wealth raised its position in Atlassian by 1,308.3% during the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after purchasing an additional 157 shares in the last quarter. Finally, Assetmark Inc. lifted its stake in Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock worth $43,000 after purchasing an additional 41 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Insider Buying and Selling at Atlassian

In other Atlassian news, CAO Gene Liu sold 779 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $320.01, for a total value of $249,287.79. Following the completion of the sale, the chief accounting officer now owns 52,710 shares of the company’s stock, valued at approximately $16,867,727.10. This trade represents a 1.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $270.63, for a total value of $2,150,967.24. Following the sale, the director now owns 333,816 shares of the company’s stock, valued at approximately $90,340,624.08. This represents a 2.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 261,513 shares of company stock valued at $66,183,631. Corporate insiders own 38.55% of the company’s stock.

Atlassian Stock Up 1.6 %

Shares of Atlassian stock opened at $228.68 on Friday. The firm has a market cap of $59.91 billion, a price-to-earnings ratio of -170.66 and a beta of 1.07. The stock’s 50-day moving average is $229.25 and its 200 day moving average is $244.20. 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 one year low of $135.29 and a one year high of $326.00.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data 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 research analysts anticipate that Atlassian Co. will post -0.34 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on TEAM. UBS Group dropped their price objective on Atlassian from $330.00 to $230.00 and set a “neutral” rating for the company in a research report on Tuesday, April 1st. StockNews.com lowered shares of Atlassian from a “buy” rating to a “hold” rating in a report on Monday, March 31st. Cantor Fitzgerald raised shares of Atlassian from a “neutral” rating to an “overweight” rating and dropped their price objective for the company from $304.00 to $272.00 in a research note on Wednesday, April 2nd. Oppenheimer boosted their target price on shares of Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a research note on Friday, January 31st. Finally, JMP Securities reissued a “market perform” rating on shares of Atlassian in a report on Friday, January 31st. Five research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and a consensus price target of $301.90.

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.