Parallel Advisors LLC Lowers Stock Position in Atlassian Co. (NASDAQ:TEAM)

Posted by Defense World Staff on Apr 30th, 2023

Parallel Advisors LLC cut its stake in shares of Atlassian Co. (NASDAQ:TEAM – Get Rating) by 15.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,358 shares of the technology company’s stock after selling 433 shares during the period. Parallel Advisors LLC’s holdings in Atlassian were worth $303,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in TEAM. Rosenberg Matthew Hamilton acquired a new position in shares of Atlassian during the 3rd quarter valued at $26,000. Guinness Atkinson Asset Management Inc acquired a new position in shares of Atlassian during the 4th quarter valued at $30,000. Sonnipe Ltd acquired a new position in shares of Atlassian during the 4th quarter valued at $36,000. Ridgewood Investments LLC acquired a new position in shares of Atlassian during the 4th quarter valued at $42,000. Finally, Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Atlassian by 155.8% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 330 shares of the technology company’s stock valued at $42,000 after acquiring an additional 201 shares in the last quarter. 45.50% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Atlassian

In related news, insider Gene Liu sold 238 shares of the business’s stock in a transaction dated Tuesday, February 14th. The shares were sold at an average price of $180.79, for a total transaction of $43,028.02. Following the completion of the sale, the insider now owns 50,413 shares of the company’s stock, valued at approximately $9,114,166.27. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Atlassian news, CEO Scott Farquhar sold 8,614 shares of the company’s stock in a transaction dated Wednesday, February 1st. The shares were sold at an average price of $165.11, for a total value of $1,422,257.54. Following the completion of the transaction, the chief executive officer now owns 353,174 shares in the company, valued at approximately $58,312,559.14. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Gene Liu sold 238 shares of the company’s stock in a transaction dated Tuesday, February 14th. The stock was sold at an average price of $180.79, for a total transaction of $43,028.02. Following the completion of the transaction, the insider now owns 50,413 shares of the company’s stock, valued at approximately $9,114,166.27. The disclosure for this sale can be found here. Insiders sold a total of 281,329 shares of company stock valued at $46,059,595 in the last quarter. Insiders own 43.11% of the company’s stock.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $147.66 on Friday. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. Atlassian Co. has a fifty-two week low of $113.86 and a fifty-two week high of $300.29. The firm has a 50-day simple moving average of $161.11 and a 200 day simple moving average of $155.25. The company has a market cap of $37.84 billion, a PE ratio of -107.00 and a beta of 0.83.

Atlassian (NASDAQ:TEAM – Get Rating) last announced its quarterly earnings data on Thursday, February 2nd. The technology company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.33). Atlassian had a negative net margin of 11.17% and a negative return on equity of 73.57%. The business had revenue of $872.70 million for the quarter, compared to the consensus estimate of $842.45 million. On average, sell-side analysts anticipate that Atlassian Co. will post -0.84 EPS for the current year.

Analysts Set New Price Targets

TEAM has been the topic of several recent research reports. Wells Fargo & Company reduced their target price on shares of Atlassian from $250.00 to $200.00 and set an “overweight” rating on the stock in a report on Friday, January 6th. KeyCorp boosted their price objective on shares of Atlassian from $174.00 to $187.00 and gave the stock an “overweight” rating in a report on Thursday, April 20th. Mizuho cut their price objective on shares of Atlassian from $255.00 to $235.00 and set a “buy” rating on the stock in a report on Monday, April 17th. Canaccord Genuity Group boosted their price objective on shares of Atlassian from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, February 3rd. Finally, Jefferies Financial Group boosted their price objective on shares of Atlassian from $150.00 to $180.00 and gave the stock a “buy” rating in a report on Thursday, January 19th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Atlassian currently has a consensus rating of “Moderate Buy” and an average price target of $209.05.

About Atlassian

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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.