Lazard Asset Management LLC Trims Holdings in Atlassian Co. (NASDAQ:TEAM)

Posted by on Mar 4th, 2023

Lazard Asset Management LLC decreased its holdings in Atlassian Co. (NASDAQ:TEAM – Get Rating) by 78.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,665 shares of the technology company’s stock after selling 6,038 shares during the quarter. Lazard Asset Management LLC’s holdings in Atlassian were worth $349,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Rosenberg Matthew Hamilton purchased a new position in Atlassian during the 3rd quarter worth $26,000. Ronald Blue Trust Inc. purchased a new position in Atlassian during the 2nd quarter worth $36,000. Quent Capital LLC raised its position in Atlassian by 28.4% during the 2nd quarter. Quent Capital LLC now owns 217 shares of the technology company’s stock worth $41,000 after buying an additional 48 shares during the last quarter. SeaCrest Wealth Management LLC purchased a new position in Atlassian during the 2nd quarter worth $54,000. Finally, Private Trust Co. NA purchased a new position in Atlassian during the 2nd quarter worth $55,000. Hedge funds and other institutional investors own 45.50% of the company’s stock.

Analysts Set New Price Targets

TEAM has been the subject of a number of analyst reports. Piper Sandler upped their price objective on shares of Atlassian from $140.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, February 3rd. Macquarie cut shares of Atlassian from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $287.00 to $147.00 in a research note on Friday, November 4th. Wells Fargo & Company lowered their price target on shares of Atlassian from $250.00 to $200.00 and set an “overweight” rating on the stock in a research note on Friday, January 6th. BMO Capital Markets lowered their price target on shares of Atlassian from $160.00 to $151.00 in a research note on Tuesday, November 29th. Finally, Canaccord Genuity Group upped their price target on shares of Atlassian from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, February 3rd. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $218.11.

Insiders Place Their Bets

In other Atlassian news, CEO Scott Farquhar sold 8,614 shares of the firm’s stock in a transaction dated Thursday, December 8th. The shares were sold at an average price of $135.49, for a total transaction of $1,167,110.86. Following the sale, the chief executive officer now directly owns 129,210 shares of the company’s stock, valued at approximately $17,506,662.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Atlassian news, CEO Scott Farquhar sold 8,614 shares of the firm’s stock in a transaction dated Thursday, December 8th. The shares were sold at an average price of $135.49, for a total transaction of $1,167,110.86. Following the sale, the chief executive officer now directly owns 129,210 shares of the company’s stock, valued at approximately $17,506,662.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Anutthara Bharadwaj sold 667 shares of the firm’s stock in a transaction dated Friday, December 16th. The stock was sold at an average price of $145.49, for a total transaction of $97,041.83. Following the sale, the chief operating officer now directly owns 135,493 shares in the company, valued at $19,712,876.57. The disclosure for this sale can be found here. Insiders have sold 264,768 shares of company stock valued at $40,125,975 in the last ninety days. Insiders own 43.11% of the company’s stock.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $177.53 on Friday. Atlassian Co. has a 52 week low of $113.86 and a 52 week high of $318.64. The stock has a market cap of $45.50 billion, a price-to-earnings ratio of -128.64 and a beta of 0.83. The company’s 50-day moving average price is $155.23 and its 200 day moving average price is $178.68. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.73.

Atlassian Company Profile

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Atlassian Corp. is a holding company, which engages in providing team collaboration and productivity software. Its software helps teams organize, discuss, and complete shared work. Its products include Jira Software, Confluence, Jira Service Management, and Trello. The company was founded by Michael Cannon-Brookes and Scott Farquhar in October 2002 and is headquartered in San Francisco, CA.

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Institutional Ownership by Quarter for Atlassian (NASDAQ:TEAM)

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