Avestar Capital LLC Sells 356 Shares of Atlassian Co. (NASDAQ:TEAM)

Avestar Capital LLC reduced its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 20.2% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 1,404 shares of the technology company’s stock after selling 356 shares during the period. Avestar Capital LLC’s holdings in Atlassian were worth $223,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TEAM. Sequoia Financial Advisors LLC grew its holdings in shares of Atlassian by 37.0% in the third quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock valued at $306,000 after acquiring an additional 520 shares in the last quarter. Impax Asset Management Group plc grew its holdings in shares of Atlassian by 590.6% in the third quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock valued at $5,940,000 after acquiring an additional 31,986 shares in the last quarter. Parnassus Investments LLC grew its holdings in shares of Atlassian by 322.9% in the third quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock valued at $51,016,000 after acquiring an additional 245,286 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Atlassian in the third quarter valued at approximately $97,350,000. Finally, Aigen Investment Management LP bought a new position in shares of Atlassian in the third quarter valued at approximately $2,232,000. 93.03% of the stock is owned by institutional investors.

Atlassian Trading Up 0.1 %

Shares of TEAM stock opened at $262.46 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $269.40. The company has a market capitalization of $68.35 billion, a PE ratio of -172.67 and a beta of 0.71. The business’s fifty day moving average is $204.55 and its 200 day moving average is $179.29.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the business posted ($0.07) earnings per share. The firm’s revenue was up 21.5% compared to the same quarter last year. On average, equities research analysts anticipate that Atlassian Co. will post -0.54 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on TEAM shares. UBS Group upped their target price on Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. Scotiabank upped their target price on Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a report on Friday, November 1st. Oppenheimer upped their target price on Atlassian from $230.00 to $270.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Jefferies Financial Group increased their price objective on Atlassian from $280.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, BMO Capital Markets increased their price objective on Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a report on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and an average target price of $244.21.

Insider Activity at Atlassian

In related news, Director Scott Farquhar sold 7,948 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $264.20, for a total value of $2,099,861.60. Following the transaction, the director now owns 190,752 shares of the company’s stock, valued at $50,396,678.40. This represents a 4.00 % 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, CAO Gene Liu sold 165 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $245.84, for a total value of $40,563.60. Following the transaction, the chief accounting officer now directly owns 56,423 shares in the company, valued at $13,871,030.32. This trade represents a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 257,694 shares of company stock valued at $50,560,726 over the last 90 days. 38.55% of the stock is owned by insiders.

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.