Capital Research Global Investors Trims Holdings in Atlassian Co. (NASDAQ:TEAM)

Capital Research Global Investors reduced its stake in Atlassian Co. (NASDAQ:TEAM) by 37.1% in the 1st quarter, Holdings Channel reports. The institutional investor owned 76,118 shares of the technology company’s stock after selling 44,915 shares during the period. Capital Research Global Investors’ holdings in Atlassian were worth $14,851,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of TEAM. Hollencrest Capital Management grew its holdings in shares of Atlassian by 383.9% in the first quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock valued at $29,000 after purchasing an additional 119 shares during the period. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Atlassian in the 1st quarter valued at approximately $40,000. Crewe Advisors LLC acquired a new stake in shares of Atlassian during the 1st quarter worth approximately $43,000. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in Atlassian by 271.0% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock valued at $88,000 after acquiring an additional 271 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Atlassian by 255.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock worth $96,000 after acquiring an additional 291 shares during the period. 93.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TEAM has been the topic of several recent analyst reports. Mizuho decreased their price target on Atlassian from $225.00 to $220.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 16th. Robert W. Baird lowered their target price on shares of Atlassian from $270.00 to $230.00 and set an “outperform” rating for the company in a research note on Friday, April 26th. Morgan Stanley reduced their price target on shares of Atlassian from $245.00 to $225.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th. Wells Fargo & Company lowered their price objective on shares of Atlassian from $285.00 to $250.00 and set an “overweight” rating for the company in a research report on Friday, June 21st. Finally, Canaccord Genuity Group lowered their price target on Atlassian from $260.00 to $230.00 and set a “buy” rating for the company in a research report on Friday, April 26th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $228.81.

Insider Transactions at Atlassian

In related news, President Anutthara Bharadwaj sold 4,856 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $184.26, for a total transaction of $894,766.56. Following the completion of the sale, the president now owns 156,994 shares in the company, valued at $28,927,714.44. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, President Anutthara Bharadwaj sold 4,856 shares of Atlassian stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $184.26, for a total transaction of $894,766.56. Following the sale, the president now directly owns 156,994 shares in the company, valued at approximately $28,927,714.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Gene Liu sold 199 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $184.25, for a total transaction of $36,665.75. Following the completion of the sale, the chief accounting officer now directly owns 45,666 shares of the company’s stock, valued at $8,413,960.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 276,164 shares of company stock valued at $47,848,092. 40.48% of the stock is currently owned by corporate insiders.

Atlassian Trading Down 0.5 %

NASDAQ TEAM opened at $177.32 on Friday. Atlassian Co. has a 52 week low of $152.34 and a 52 week high of $258.69. The firm has a 50 day moving average of $170.19 and a two-hundred day moving average of $193.91. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.82. The stock has a market capitalization of $46.16 billion, a PE ratio of -281.46 and a beta of 0.74.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, April 25th. The technology company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.27. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. Atlassian had a negative net margin of 3.90% and a negative return on equity of 13.95%. The company’s revenue was up 29.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.40) earnings per share. As a group, research analysts expect that Atlassian Co. will post -0.22 EPS for the current fiscal year.

Atlassian Company 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.