abrdn plc Raises Holdings in Atlassian Co. (NASDAQ:TEAM)

abrdn plc boosted its position in Atlassian Co. (NASDAQ:TEAM) by 19.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 54,989 shares of the technology company’s stock after purchasing an additional 9,137 shares during the quarter. abrdn plc’s holdings in Atlassian were worth $8,733,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Atlassian by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 15,577,302 shares of the technology company’s stock worth $3,039,287,000 after purchasing an additional 221,650 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Atlassian by 8.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock worth $2,173,847,000 after buying an additional 904,138 shares in the last quarter. Dragoneer Investment Group LLC acquired a new position in Atlassian during the second quarter worth $469,803,000. Capital International Investors grew its holdings in Atlassian by 6.3% in the 1st quarter. Capital International Investors now owns 2,436,567 shares of the technology company’s stock valued at $475,399,000 after buying an additional 144,117 shares in the last quarter. Finally, Clearbridge Investments LLC increased its stake in shares of Atlassian by 6.7% in the 1st quarter. Clearbridge Investments LLC now owns 2,070,928 shares of the technology company’s stock worth $404,059,000 after acquiring an additional 130,253 shares during the last quarter. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Atlassian Stock Performance

NASDAQ:TEAM opened at $224.35 on Friday. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $258.69. The company has a fifty day simple moving average of $173.30 and a two-hundred day simple moving average of $171.30. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95. The company has a market cap of $58.34 billion, a price-to-earnings ratio of -147.60 and a beta of 0.71.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.59 by $0.07. The firm had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Atlassian had a negative return on equity of 23.38% and a negative net margin of 8.59%. Atlassian’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.21) EPS. As a group, equities analysts anticipate that Atlassian Co. will post -0.58 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In related news, CEO Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $140.54, for a total value of $1,117,011.92. Following the completion of the transaction, the chief executive officer now owns 294,076 shares in the company, valued at $41,329,441.04. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $140.54, for a total transaction of $1,117,011.92. Following the completion of the sale, the chief executive officer now directly owns 294,076 shares of the company’s stock, valued at $41,329,441.04. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Anutthara Bharadwaj sold 760 shares of the company’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $188.79, for a total value of $143,480.40. Following the transaction, the president now directly owns 228,996 shares of the company’s stock, valued at approximately $43,232,154.84. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 230,185 shares of company stock valued at $39,155,661. 38.55% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

TEAM has been the topic of several recent research reports. Raymond James boosted their price target on shares of Atlassian from $200.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday. Baird R W cut shares of Atlassian from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 2nd. UBS Group raised their price target on shares of Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. Canaccord Genuity Group upped their price objective on Atlassian from $225.00 to $255.00 and gave the company a “buy” rating in a report on Friday. Finally, StockNews.com cut Atlassian from a “buy” rating to a “hold” rating in a research note on Friday, July 12th. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $243.16.

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.