Lazard Asset Management LLC Has $4.07 Million Stock Holdings in Atlassian Corporation PLC $TEAM

Lazard Asset Management LLC decreased its position in Atlassian Corporation PLC (NASDAQ:TEAM) by 57.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 59,666 shares of the technology company’s stock after selling 79,820 shares during the period. Lazard Asset Management LLC’s holdings in Atlassian were worth $4,072,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. MV Capital Management Inc. acquired a new position in Atlassian during the 4th quarter valued at about $25,000. State of Wyoming boosted its stake in shares of Atlassian by 65.7% in the 1st quarter. State of Wyoming now owns 449 shares of the technology company’s stock valued at $31,000 after purchasing an additional 178 shares during the last quarter. Basepoint Wealth LLC acquired a new stake in shares of Atlassian during the 4th quarter worth approximately $32,000. Garton & Associates Financial Advisors LLC acquired a new stake in shares of Atlassian during the 4th quarter worth approximately $32,000. Finally, Bogart Wealth LLC raised its stake in shares of Atlassian by 76.4% during the fourth quarter. Bogart Wealth LLC now owns 217 shares of the technology company’s stock worth $35,000 after buying an additional 94 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Atlassian news, CRO Brian Duffy sold 3,000 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the completion of the transaction, the executive directly owned 227,691 shares of the company’s stock, valued at approximately $20,426,159.61. The trade was a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Chuong sold 8,838 shares of the stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $775,534.50. Following the completion of the sale, the chief financial officer owned 288,272 shares of the company’s stock, valued at $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 20,041 shares of company stock valued at $1,801,069. 36.66% of the stock is owned by corporate insiders.

Atlassian Stock Up 2.9%

Shares of NASDAQ:TEAM opened at $101.01 on Friday. Atlassian Corporation PLC has a 52 week low of $56.01 and a 52 week high of $199.09. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market capitalization of $25.63 billion, a PE ratio of -121.70, a PEG ratio of 6.96 and a beta of 1.11. The company has a 50 day moving average price of $90.49 and a two-hundred day moving average price of $87.46.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.42. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The company had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period last year, the business posted $0.97 earnings per share. The business’s revenue for the quarter was up 31.7% compared to the same quarter last year. Analysts forecast that Atlassian Corporation PLC will post 0.81 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on TEAM. Mizuho cut their price objective on shares of Atlassian from $185.00 to $145.00 and set an “outperform” rating on the stock in a report on Tuesday, April 14th. Canaccord Genuity Group cut their price target on Atlassian from $185.00 to $150.00 and set a “buy” rating on the stock in a research note on Wednesday, April 15th. Oppenheimer raised their price target on Atlassian from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, May 11th. Truist Financial lifted their price objective on Atlassian from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a report on Friday, July 17th. Twenty-one investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $138.50.

Atlassian Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.