Harbert Fund Advisors Inc. Takes $1.22 Million Position in Atlassian Co. (NASDAQ:TEAM)

Harbert Fund Advisors Inc. acquired a new stake in Atlassian Co. (NASDAQ:TEAM) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 5,000 shares of the technology company’s stock, valued at approximately $1,217,000.

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

Atlassian Price Performance

Shares of TEAM opened at $198.03 on Friday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The firm has a 50-day simple moving average of $253.50 and a 200-day simple moving average of $241.00. The company has a market capitalization of $51.88 billion, a price-to-earnings ratio of -147.78 and a beta of 1.07.

Atlassian (NASDAQ:TEAM) last released 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 net margin of 7.22% and a negative return on equity of 17.37%. On average, equities research analysts anticipate that Atlassian Co. will post -0.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on TEAM. Truist Financial cut their target price on shares of Atlassian from $350.00 to $300.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Scotiabank increased their price objective on shares of Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a research report on Friday, January 31st. UBS Group decreased their price objective on shares of Atlassian from $330.00 to $230.00 and set a “neutral” rating for the company in a research report on Tuesday, April 1st. Morgan Stanley boosted their target price on shares of Atlassian from $315.00 to $370.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Finally, Raymond James restated an “outperform” rating and issued a $330.00 price target (up from $250.00) on shares of Atlassian in a research note on Friday, January 31st. Eight research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $297.50.

Insiders Place Their Bets

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $322.31, for a total value of $2,561,719.88. Following the sale, the chief executive officer now directly owns 270,232 shares in the company, valued at $87,098,475.92. The trade was a 2.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Gene Liu sold 779 shares of the firm’s stock in a transaction on Friday, January 31st. The shares were 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 directly 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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 263,033 shares of company stock worth $68,608,284. 38.55% of the stock is owned by insiders.

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.