Cornercap Investment Counsel Inc. Sells 1,449 Shares of Atlassian Co. (NASDAQ:TEAM)

Cornercap Investment Counsel Inc. lowered its holdings in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 16.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,104 shares of the technology company's stock after selling 1,449 shares during the period. Atlassian makes up 0.6% of Cornercap Investment Counsel Inc.'s holdings, making the stock its 23rd largest position. Cornercap Investment Counsel Inc.'s holdings in Atlassian were worth $1,729,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in TEAM. Corebridge Financial Inc. lifted 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 purchasing an additional 35 shares during the period. Assetmark Inc. boosted its stake in Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company's stock valued at $43,000 after buying an additional 41 shares in the last quarter. Allworth Financial LP grew its holdings in Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company's stock worth $404,000 after acquiring an additional 47 shares during the period. GAMMA Investing LLC raised its position in Atlassian by 22.9% in the fourth quarter. GAMMA Investing LLC now owns 290 shares of the technology company's stock worth $71,000 after acquiring an additional 54 shares in the last quarter. Finally, Venturi Wealth Management LLC raised its holdings in shares of Atlassian by 4.0% in the 4th quarter. Venturi Wealth Management LLC now owns 1,467 shares of the technology company's stock worth $357,000 after purchasing an additional 56 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company's stock.

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Insider Transactions at Atlassian

In other news, CAO Gene Liu sold 568 shares of the firm's stock in a transaction on Friday, February 14th. The stock was sold at an average price of $312.08, for a total value of $177,261.44. Following the completion of the sale, the chief accounting officer now directly owns 52,142 shares in the company, valued at approximately $16,272,475.36. This trade represents a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction dated Friday, March 28th. The stock was sold at an average price of $216.63, for a total transaction of $1,721,775.24. Following the transaction, the chief executive officer now owns 7,948 shares in the company, valued at approximately $1,721,775.24. This trade represents a 50.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 263,033 shares of company stock valued at $70,403,022. 38.55% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Piper Sandler boosted their price objective on Atlassian from $310.00 to $365.00 and gave the stock an "overweight" rating in a report on Friday, January 31st. Truist Financial reduced their price target on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a research report on Monday. Oppenheimer lifted their price objective on shares of Atlassian from $300.00 to $380.00 and gave the stock an "outperform" rating in a research report on Friday, January 31st. Morgan Stanley lifted their price target on Atlassian from $315.00 to $370.00 and gave the company an "overweight" rating in a report on Friday, January 31st. Finally, Barclays raised their price objective on Atlassian from $275.00 to $350.00 and gave the stock an "overweight" rating in a research report on Monday, February 3rd. Nine investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $314.73.

Atlassian Stock Performance

Shares of NASDAQ TEAM traded down $5.78 during trading hours on Monday, reaching $212.21. The stock had a trading volume of 2,397,572 shares, compared to its average volume of 1,978,402. The company has a market cap of $55.60 billion, a price-to-earnings ratio of -158.36 and a beta of 0.91. Atlassian Co. has a twelve month low of $135.29 and a twelve month high of $326.00. The business's fifty day moving average is $269.28 and its two-hundred day moving average is $239.11. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates 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 expect that Atlassian Co. will post -0.34 EPS for the current year.

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.