Harbor Capital Advisors Inc. Cuts Stock Holdings in Atlassian Co. (NASDAQ:TEAM)

Harbor Capital Advisors Inc. decreased its position in Atlassian Co. (NASDAQ:TEAM - Free Report) by 31.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,699 shares of the technology company's stock after selling 3,459 shares during the period. Harbor Capital Advisors Inc.'s holdings in Atlassian were worth $1,874,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of TEAM. GAMMA Investing LLC raised its position in shares of Atlassian by 22.9% during the 4th quarter. GAMMA Investing LLC now owns 290 shares of the technology company's stock worth $71,000 after purchasing an additional 54 shares during the last quarter. Legacy Wealth Asset Management LLC raised its holdings in shares of Atlassian by 2.1% during the third quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company's stock valued at $544,000 after acquiring an additional 70 shares during the last quarter. Brown Brothers Harriman & Co. lifted its position in shares of Atlassian by 23.2% in the third quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company's stock valued at $69,000 after acquiring an additional 82 shares in the last quarter. Commerce Bank increased its position in shares of Atlassian by 1.8% during the third quarter. Commerce Bank now owns 4,966 shares of the technology company's stock worth $789,000 after purchasing an additional 90 shares in the last quarter. Finally, Signaturefd LLC raised its stake in Atlassian by 4.8% in the 3rd quarter. Signaturefd LLC now owns 2,411 shares of the technology company's stock valued at $383,000 after purchasing an additional 111 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company's stock.

Insider Transactions at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm's stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $193.70, for a total transaction of $1,539,527.60. Following the transaction, the chief executive officer now owns 429,192 shares in the company, valued at $83,134,490.40. This trade represents a 1.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Gene Liu sold 165 shares of the business's stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $245.84, for a total value of $40,563.60. Following the completion of the sale, the chief accounting officer now owns 56,423 shares of the company's stock, valued at approximately $13,871,030.32. This represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 263,480 shares of company stock valued at $62,377,979. Corporate insiders own 38.55% of the company's stock.

Atlassian Stock Down 0.9 %

Shares of TEAM stock traded down $2.10 during trading hours on Friday, reaching $242.39. 1,809,132 shares of the stock were exchanged, compared to its average volume of 1,979,365. Atlassian Co. has a 12-month low of $135.29 and a 12-month high of $287.97. The business's fifty day moving average is $254.33 and its two-hundred day moving average is $199.79. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market capitalization of $63.13 billion, a P/E ratio of -159.47 and a beta of 0.83.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The business had revenue of $1.19 billion during the quarter, compared to analysts' expectations of $1.16 billion. During the same period in the previous year, the company earned ($0.07) EPS. The company's revenue for the quarter was up 21.5% on a year-over-year basis. As a group, research analysts expect that Atlassian Co. will post -0.54 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on TEAM. Morgan Stanley upped their target price on shares of Atlassian from $216.00 to $224.00 and gave the stock an "overweight" rating in a report on Friday, October 11th. Piper Sandler raised their target price on shares of Atlassian from $265.00 to $310.00 and gave the stock an "overweight" rating in a research note on Monday, January 6th. BMO Capital Markets upgraded Atlassian from a "market perform" rating to an "outperform" rating and upped their price target for the company from $255.00 to $292.00 in a research report on Friday. Canaccord Genuity Group boosted their price objective on Atlassian from $255.00 to $285.00 and gave the stock a "buy" rating in a research note on Friday, December 20th. Finally, Raymond James boosted their price target on shares of Atlassian from $200.00 to $250.00 and gave the company an "outperform" rating in a research report on Friday, November 1st. Eight investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $266.10.

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.