Los Angeles Capital Management LLC Reduces Stock Position in Atlassian Co. (NASDAQ:TEAM)

Los Angeles Capital Management LLC lowered its stake in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 85.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,878 shares of the technology company's stock after selling 11,338 shares during the period. Los Angeles Capital Management LLC's holdings in Atlassian were worth $298,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of TEAM. Dragoneer Investment Group LLC purchased a new stake in Atlassian in the second quarter valued at about $469,803,000. Price T Rowe Associates Inc. MD grew its position in Atlassian by 8.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company's stock worth $2,173,847,000 after purchasing an additional 904,138 shares during the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Atlassian in the second quarter worth $91,072,000. Quadrature Capital Ltd acquired a new stake in shares of Atlassian during the first quarter worth $55,307,000. Finally, Swedbank AB purchased a new stake in shares of Atlassian during the first quarter valued at $50,923,000. 93.03% of the stock is currently owned by institutional investors.

Atlassian Trading Down 0.6 %

Shares of TEAM stock traded down $1.35 during trading on Monday, hitting $238.69. 2,212,653 shares of the stock traded hands, compared to its average volume of 1,866,309. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $258.69. The firm's fifty day moving average price is $187.95 and its 200-day moving average price is $174.61. The firm has a market capitalization of $62.16 billion, a P/E ratio of -158.64 and a beta of 0.71. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, beating analysts' consensus estimates of $0.64 by $0.13. The company had revenue of $1.19 billion during the quarter, compared to analysts' expectations of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. Atlassian's revenue for the quarter was up 21.5% on a year-over-year basis. During the same period last year, the business posted ($0.07) EPS. As a group, research analysts forecast that Atlassian Co. will post -0.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Gene Liu sold 1,024 shares of the business's stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $225.45, for a total transaction of $230,860.80. Following the completion of the transaction, the chief accounting officer now directly owns 59,168 shares of the company's stock, valued at approximately $13,339,425.60. The trade was a 1.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $156.92, for a total transaction of $1,247,200.16. Following the sale, the chief executive officer now owns 214,596 shares in the company, valued at $33,674,404.32. The trade was a 3.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 246,248 shares of company stock valued at $45,553,294 in the last ninety days. Company insiders own 38.55% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on TEAM shares. Robert W. Baird increased their price objective on Atlassian from $175.00 to $200.00 and gave the company a "neutral" rating in a report on Friday, November 1st. Oppenheimer lifted their price objective on shares of Atlassian from $230.00 to $270.00 and gave the company an "outperform" rating in a research note on Friday, November 1st. The Goldman Sachs Group upgraded shares of Atlassian from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $200.00 to $230.00 in a research note on Friday, August 2nd. Scotiabank upped their price target on shares of Atlassian from $175.00 to $250.00 and gave the company a "sector perform" rating in a report on Friday, November 1st. Finally, Mizuho raised their price objective on shares of Atlassian from $200.00 to $240.00 and gave the stock an "outperform" rating in a research note on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Atlassian presently has a consensus rating of "Moderate Buy" and a consensus price target of $244.21.

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.