Lyell Wealth Management LP Sells 2,684 Shares of Atlassian Co. (NASDAQ:TEAM)

Lyell Wealth Management LP reduced its stake in Atlassian Co. (NASDAQ:TEAM - Free Report) by 21.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,967 shares of the technology company's stock after selling 2,684 shares during the quarter. Lyell Wealth Management LP's holdings in Atlassian were worth $2,426,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of TEAM. Creative Planning raised its position in Atlassian by 32.3% during the third quarter. Creative Planning now owns 7,947 shares of the technology company's stock valued at $1,262,000 after purchasing an additional 1,941 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of Atlassian by 37.0% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company's stock valued at $306,000 after buying an additional 520 shares in the last quarter. Signaturefd LLC boosted its stake in Atlassian by 4.8% in the third quarter. Signaturefd LLC now owns 2,411 shares of the technology company's stock worth $383,000 after buying an additional 111 shares in the last quarter. Eastern Bank bought a new stake in shares of Atlassian in the 3rd quarter worth approximately $217,000. Finally, Stanley Laman Group Ltd. purchased a new stake in shares of Atlassian in the 3rd quarter valued at $6,046,000. 94.45% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Atlassian

In other news, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $264.20, for a total transaction of $2,099,861.60. Following the completion of the sale, the director now owns 190,752 shares of the company's stock, valued at $50,396,678.40. The trade was a 4.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Cannon-Brookes sold 15,896 shares of Atlassian stock in a transaction on Friday, January 10th. The shares were sold at an average price of $243.55, for a total value of $3,871,470.80. Following the transaction, the chief executive officer now owns 429,192 shares in the company, valued at $104,529,711.60. This trade represents a 3.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 283,449 shares of company stock worth $77,580,151 in the last three months. 38.55% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. JMP Securities reissued a "market perform" rating on shares of Atlassian in a research note on Friday, January 31st. Wells Fargo & Company boosted their price objective on Atlassian from $350.00 to $375.00 and gave the company an "overweight" rating in a research report on Friday, January 31st. Canaccord Genuity Group increased their target price on shares of Atlassian from $255.00 to $285.00 and gave the stock a "buy" rating in a report on Friday, December 20th. Morgan Stanley lifted their price target on shares of Atlassian from $315.00 to $370.00 and gave the company an "overweight" rating in a report on Friday, January 31st. Finally, Robert W. Baird upped their price objective on shares of Atlassian from $175.00 to $200.00 and gave the stock a "neutral" rating in a report on Friday, November 1st. Eight analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $319.71.

Atlassian Stock Performance

Shares of Atlassian stock traded down $12.50 during trading on Friday, hitting $285.99. 1,717,448 shares of the company's stock traded hands, compared to its average volume of 2,056,392. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $326.00. The business has a 50-day simple moving average of $272.83 and a 200-day simple moving average of $221.70. 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 has a market capitalization of $74.93 billion, a P/E ratio of -213.42 and a beta of 0.87.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. As a group, 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.