Allstate Corp Takes Position in Atlassian Co. (NASDAQ:TEAM)

Allstate Corp bought a new stake in Atlassian Co. (NASDAQ:TEAM) in the 4th quarter, HoldingsChannel.com reports. The firm bought 4,739 shares of the technology company’s stock, valued at approximately $1,153,000.

Other large investors also recently made changes to their positions in the company. Murphy & Mullick Capital Management Corp bought a new position in Atlassian in the fourth quarter worth approximately $27,000. Avion Wealth raised its position in shares of Atlassian by 1,308.3% during the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after purchasing an additional 157 shares during the period. Assetmark Inc. lifted its holdings in shares of Atlassian by 30.6% in the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock worth $43,000 after purchasing an additional 41 shares in the last quarter. Mainstream Capital Management LLC acquired a new stake in Atlassian in the 4th quarter valued at $49,000. Finally, True Wealth Design LLC increased its stake in Atlassian by 23,100.0% during the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after purchasing an additional 231 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on TEAM shares. Piper Sandler raised their price objective on shares of Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Barclays lifted their price target on Atlassian from $275.00 to $350.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. KeyCorp increased their price objective on Atlassian from $315.00 to $365.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Raymond James reaffirmed an “outperform” rating and set a $330.00 target price (up previously from $250.00) on shares of Atlassian in a research report on Friday, January 31st. Finally, William Blair reissued an “outperform” rating on shares of Atlassian in a research report on Friday, January 31st. Nine investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $316.77.

Atlassian Stock Down 2.1 %

Shares of NASDAQ TEAM opened at $217.99 on Monday. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The stock has a market capitalization of $57.11 billion, a PE ratio of -162.68 and a beta of 0.91. Atlassian Co. has a one year low of $135.29 and a one year high of $326.00. The business’s fifty day moving average price is $269.28 and its 200-day moving average price is $239.11.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate 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 EPS for the current year.

Insider Buying and Selling

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $216.90, for a total value of $1,723,921.20. Following the sale, the chief executive officer now directly owns 71,532 shares of the company’s stock, valued at approximately $15,515,290.80. This represents a 10.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Anutthara Bharadwaj sold 1,520 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $259.85, for a total transaction of $394,972.00. Following the transaction, the president now directly owns 210,471 shares of the company’s stock, valued at approximately $54,690,889.35. This represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 255,085 shares of company stock valued at $68,681,246. 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.