Mainstream Capital Management LLC Acquires Shares of 203 Atlassian Co. (NASDAQ:TEAM)

Mainstream Capital Management LLC bought a new position in shares of Atlassian Co. (NASDAQ:TEAM) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 203 shares of the technology company’s stock, valued at approximately $49,000.

A number of other hedge funds and other institutional investors have also modified their holdings of TEAM. True Wealth Design LLC grew 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. Avion Wealth boosted its stake in shares of Atlassian by 1,308.3% during the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after buying an additional 157 shares during the last quarter. Kestra Investment Management LLC purchased a new position in shares of Atlassian during the 4th quarter valued at approximately $56,000. Brown Brothers Harriman & Co. grew its position in shares of Atlassian by 23.2% during the third quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock worth $69,000 after buying an additional 82 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Atlassian by 22.9% in the fourth quarter. GAMMA Investing LLC now owns 290 shares of the technology company’s stock worth $71,000 after buying an additional 54 shares during the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $274.22 on Tuesday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The firm’s 50 day moving average is $275.70 and its two-hundred day moving average is $229.79. The firm has a market capitalization of $71.85 billion, a P/E ratio of -204.64 and a beta of 0.87. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $326.00.

Atlassian (NASDAQ:TEAM) last posted its earnings results 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%. Analysts anticipate that Atlassian Co. will post -0.34 earnings per share for the current year.

Insider Activity at Atlassian

In related news, CAO Gene Liu sold 568 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $312.08, for a total transaction of $177,261.44. Following the transaction, the chief accounting officer now owns 52,142 shares in the company, valued at $16,272,475.36. This trade represents a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 15,896 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $243.55, for a total value of $3,871,470.80. Following the completion of the sale, the chief executive officer now owns 429,192 shares of the company’s stock, valued at $104,529,711.60. This trade represents a 3.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 275,501 shares of company stock worth $75,954,229 over the last ninety days. 38.55% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Piper Sandler increased 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. Canaccord Genuity Group increased their price target on shares of Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Mizuho boosted their price objective on Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a report on Friday, January 31st. Morgan Stanley increased their target price on Atlassian from $315.00 to $370.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Finally, Jefferies Financial Group lifted their target price on Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a research report on Friday, January 24th. Eight equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $319.71.

Atlassian Profile

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.