Capital Group Private Client Services Inc. Sells 2,029 Shares of Atlassian Co. (NASDAQ:TEAM)

Capital Group Private Client Services Inc. decreased its stake in Atlassian Co. (NASDAQ:TEAM - Free Report) by 0.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 259,407 shares of the technology company's stock after selling 2,029 shares during the quarter. Capital Group Private Client Services Inc. owned approximately 0.10% of Atlassian worth $63,134,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of TEAM. Corebridge Financial Inc. grew its position in Atlassian by 0.3% in the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company's stock worth $2,555,000 after acquiring an additional 35 shares in the last quarter. Assetmark Inc. lifted its stake in shares of Atlassian by 30.6% in the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company's stock valued at $43,000 after purchasing an additional 41 shares during the last quarter. Allworth Financial LP boosted its holdings in Atlassian by 3.1% in the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company's stock worth $404,000 after purchasing an additional 47 shares in the last quarter. GAMMA Investing LLC increased its position in Atlassian by 22.9% during 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. Finally, Venturi Wealth Management LLC raised its holdings in Atlassian by 4.0% during the fourth quarter. Venturi Wealth Management LLC now owns 1,467 shares of the technology company's stock valued at $357,000 after buying an additional 56 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company's stock.

Insider Buying and Selling at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $322.31, for a total value of $2,561,719.88. Following the transaction, the chief executive officer now owns 270,232 shares of the company's stock, valued at $87,098,475.92. This represents a 2.86 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Gene Liu sold 779 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $320.01, for a total value of $249,287.79. Following the completion of the transaction, the chief accounting officer now directly owns 52,710 shares in the company, valued at $16,867,727.10. The trade was a 1.46 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 261,513 shares of company stock worth $66,621,566. Insiders own 38.55% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TEAM. JMP Securities reissued a "market perform" rating on shares of Atlassian in a research note on Friday, January 31st. Piper Sandler raised their target price 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. Stephens reissued an "equal weight" rating and set a $255.00 target price on shares of Atlassian in a research report on Monday, April 14th. Oppenheimer raised their price target on Atlassian from $300.00 to $380.00 and gave the company an "outperform" rating in a research report on Friday, January 31st. Finally, Cantor Fitzgerald raised Atlassian from a "neutral" rating to an "overweight" rating and cut their price objective for the stock from $304.00 to $272.00 in a research report on Wednesday, April 2nd. Six equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Atlassian has a consensus rating of "Moderate Buy" and a consensus price target of $297.73.

Atlassian Price Performance

Shares of TEAM stock traded up $9.00 during trading hours on Wednesday, hitting $209.30. 788,478 shares of the company's stock were exchanged, compared to its average volume of 2,046,405. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $326.00. The stock has a market cap of $54.84 billion, a price-to-earnings ratio of -156.19 and a beta of 1.07. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The stock's 50-day moving average is $234.84 and its 200-day moving average is $243.17.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share 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%. As a group, research analysts forecast that Atlassian Co. will post -0.34 EPS for the current 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.