Janney Montgomery Scott LLC Reduces Stake in Atlassian Co.

Janney Montgomery Scott LLC has decreased its holdings in Atlassian Co. (NASDAQ:TEAM) by 3.9% during the fourth quarter, as reported by HoldingsChannel. After selling 530 shares during this period, the firm now owns a total of 12,958 shares in the technology company. The current value of Janney Montgomery Scott LLC's stake in Atlassian stands at approximately $3,154,000, according to their latest SEC filing.

In addition to Janney Montgomery Scott LLC, other institutional investors have also adjusted their positions in Atlassian. For instance, Virtu Financial LLC acquired a new stake in Atlassian valued at around $606,000 during the third quarter. Sequoia Financial Advisors LLC increased its stake by 37% in the same quarter, bringing their total to 1,925 shares worth approximately $306,000 after adding 520 shares. Fulton Bank N.A. also entered a new position in Atlassian valued at $447,000 in the fourth quarter. Furthermore, Paloma Partners Management Co and Impax Asset Management Group plc made significant moves as well, with Impax boosting their stake by a remarkable 590.6%, owning now 37,402 shares valued at about $5,940,000 after acquiring an additional 31,986 shares in the last quarter. Currently, hedge funds and other institutional investors hold 94.45% of Atlassian's shares.

Insider Activity at Atlassian

In a recent insider transaction, CAO Gene Liu sold 445 shares of the company on November 7th, at an average price of $230.00, resulting in a total transaction value of $102,350. Following this sale, Liu retains 58,723 shares valued at roughly $13,506,290, marking a 0.75% decrease in his ownership. This transaction was reported to the SEC and is available for public viewing. In another noteworthy transaction, CEO Michael Cannon-Brookes sold 15,896 shares on January 10th for an average price of $243.55, totaling approximately $3,871,470.80. After this sale, he owns 429,192 shares valued at about $104,529,711.60, indicating a 3.57% reduction in his stake. Over the past ninety days, insiders have sold 257,156 shares valued at $65,313,573, and corporate insiders currently hold 38.55% of the company's stock.

Analyst Insights

Atlassian recently attracted attention from analysts, with several upgrading their ratings and price targets. Citigroup raised its target price on Atlassian shares from $255.00 to $300.00, giving the company a “buy” rating on January 17th. Similarly, Raymond James maintained an “outperform” rating, increasing its target price from $250.00 to $330.00. Piper Sandler also lifted its price target from $310.00 to $365.00 with an “overweight” rating. Oppenheimer increased its price objective from $300.00 to $380.00 and new target from KeyCorp was set at $365.00 from $315.00, also with an “overweight” rating. Overall, nine analysts recommend holding shares of Atlassian, while sixteen analysts have issued buy ratings, leading to a consensus rating of "Moderate Buy" and an average price target of $307.00 according to MarketBeat.

Atlassian Stock Performance

On February 1st, Atlassian stock opened at $306.78, showing a year-to-date increase of 14.9%. The company reported a current ratio of 1.18 and a quick ratio of 1.18, with a debt-to-equity ratio of 0.96. Over the past year, Atlassian’s stock price has fluctuated from a low of $135.29 to a high of $324.37. The stock's 50-day moving average stands at $260.51, while the 200-day moving average is $208.06, and it boasts a market capitalization of $79.89 billion. Atlassian's P/E ratio is currently at -201.83, with a beta of 0.83, indicating lower volatility compared to the market.

On January 30th, Atlassian disclosed its latest earnings, reporting an earnings per share (EPS) of ($0.12) for the quarter, which missed the consensus estimate of $0.73 by $0.85. The company experienced a negative net margin of 8.59% alongside a negative return on equity of 23.35%. Analysts forecast that Atlassian will post an EPS of -0.55 for the ongoing fiscal year.

About Atlassian

Atlassian Corporation specializes in designing and developing a range of software products across the globe. Their offerings include Jira Software and Jira Work Management, a project management tool that integrates various teams’ efforts for better planning and tracking. Additionally, they provide Confluence, a knowledge management workspace for teamwork, and Trello, a collaboration tool focused on organizing work effectively.

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