Pallas Capital Advisors LLC Has $1.03 Million Stock Position in Atlassian Co. (NASDAQ:TEAM)

Pallas Capital Advisors LLC increased its position in Atlassian Co. (NASDAQ:TEAM) by 185.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,245 shares of the technology company’s stock after buying an additional 2,760 shares during the period. Pallas Capital Advisors LLC’s holdings in Atlassian were worth $1,033,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Baillie Gifford & Co. increased its holdings in shares of Atlassian by 0.9% during the third quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock valued at $1,352,115,000 after acquiring an additional 78,454 shares in the last quarter. State Street Corp grew its position in Atlassian by 0.3% in the 3rd quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock valued at $565,424,000 after purchasing an additional 8,957 shares during the period. Dragoneer Investment Group LLC bought a new stake in Atlassian during the 2nd quarter valued at $469,803,000. JPMorgan Chase & Co. raised its holdings in Atlassian by 5.6% during the third quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock worth $393,588,000 after buying an additional 131,621 shares during the last quarter. Finally, FMR LLC lifted its stake in shares of Atlassian by 7.4% in the third quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock valued at $346,679,000 after buying an additional 150,237 shares in the last quarter. 94.45% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on TEAM shares. Jefferies Financial Group upped their target price on shares of Atlassian from $280.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Macquarie initiated coverage on Atlassian in a research note on Thursday, December 12th. They issued a “neutral” rating and a $290.00 price objective for the company. Canaccord Genuity Group lifted their target price on Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Mizuho increased their price target on Atlassian from $240.00 to $285.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Finally, Piper Sandler lifted their price objective on shares of Atlassian from $265.00 to $310.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Eight investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $266.10.

Atlassian Stock Performance

NASDAQ:TEAM opened at $236.24 on Tuesday. The company has a market capitalization of $61.52 billion, a P/E ratio of -155.42 and a beta of 0.83. The business has a fifty day simple moving average of $254.68 and a two-hundred day simple moving average of $200.23. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $287.97.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.13. The company 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%. The firm’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.07) EPS. On average, analysts expect that Atlassian Co. will post -0.54 earnings per share for the current year.

Insider Activity

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $189.96, for a total transaction of $1,509,802.08. Following the sale, the director now owns 413,296 shares of the company’s stock, valued at $78,509,708.16. The trade was a 1.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, President Anutthara Bharadwaj sold 4,560 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $225.45, for a total value of $1,028,052.00. Following the completion of the transaction, the president now directly owns 224,436 shares of the company’s stock, valued at $50,599,096.20. The trade was a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 271,428 shares of company stock valued at $64,709,922 over the last quarter. Company insiders own 38.55% of the company’s stock.

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.