Renaissance Technologies LLC Lowers Stock Position in Atlassian Co. (NASDAQ:TEAM)

Renaissance Technologies LLC trimmed its holdings in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 0.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,508,523 shares of the technology company's stock after selling 12,200 shares during the quarter. Atlassian makes up about 0.5% of Renaissance Technologies LLC's investment portfolio, making the stock its 20th largest holding. Renaissance Technologies LLC owned approximately 0.58% of Atlassian worth $367,144,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Murphy & Mullick Capital Management Corp bought a new stake in shares of Atlassian during the 4th quarter valued at $27,000. Summit Securities Group LLC purchased a new stake in Atlassian in the fourth quarter worth about $38,000. Pilgrim Partners Asia Pte Ltd bought a new position in shares of Atlassian in the fourth quarter worth about $39,000. Avion Wealth raised its stake in shares of Atlassian by 1,308.3% in the fourth quarter. Avion Wealth now owns 169 shares of the technology company's stock worth $41,000 after buying an additional 157 shares during the period. Finally, Assetmark Inc. lifted its position in shares of Atlassian by 30.6% during the 4th 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. 94.45% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on TEAM. Canaccord Genuity Group raised their target price on shares of Atlassian from $255.00 to $285.00 and gave the stock a "buy" rating in a research note on Friday, December 20th. UBS Group lowered their target price on shares of Atlassian from $330.00 to $230.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 1st. Mizuho increased their price target on Atlassian from $285.00 to $355.00 and gave the stock an "outperform" rating in a research note on Friday, January 31st. Scotiabank boosted their price objective on Atlassian from $250.00 to $330.00 and gave the company a "sector perform" rating in a research report on Friday, January 31st. Finally, Piper Sandler lifted their target price on Atlassian from $310.00 to $365.00 and gave the company an "overweight" rating in a research note on Friday, January 31st. Eight equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $297.50.

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Atlassian Trading Up 0.2 %

TEAM stock traded up $0.34 during midday trading on Friday, reaching $198.37. 2,003,551 shares of the company traded hands, compared to its average volume of 2,041,722. The firm has a market capitalization of $51.97 billion, a price-to-earnings ratio of -148.04 and a beta of 1.07. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. The business has a 50 day moving average of $251.13 and a 200-day moving average of $241.80. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (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, sell-side analysts expect that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the business's stock in a transaction on Wednesday, April 9th. The stock was sold at an average price of $195.56, for a total transaction of $1,554,310.88. Following the completion of the transaction, the chief executive officer now owns 317,920 shares in the company, valued at $62,172,435.20. The trade was a 2.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Anutthara Bharadwaj sold 1,723 shares of the company's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $305.84, for a total value of $526,962.32. Following the completion of the transaction, the president now directly owns 199,934 shares in the company, valued at $61,147,814.56. This trade represents a 0.85 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 263,033 shares of company stock valued at $68,608,284. Company insiders own 38.55% of the company's stock.

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.