California Public Employees Retirement System Reduces Stock Position in Atlassian Co. (NASDAQ:TEAM)

California Public Employees Retirement System decreased its holdings in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 5.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 259,441 shares of the technology company's stock after selling 13,769 shares during the period. California Public Employees Retirement System owned approximately 0.10% of Atlassian worth $63,143,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Corebridge Financial Inc. raised its position in shares of Atlassian by 0.3% during the 4th quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company's stock valued at $2,555,000 after buying an additional 35 shares in the last quarter. Assetmark Inc. increased its stake in Atlassian by 30.6% in the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company's stock valued at $43,000 after acquiring an additional 41 shares during the last quarter. Allworth Financial LP raised its position in Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company's stock valued at $404,000 after purchasing an additional 47 shares in the last quarter. GAMMA Investing LLC lifted its stake 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 purchasing an additional 54 shares during the last quarter. Finally, Venturi Wealth Management LLC boosted 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. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

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Atlassian Stock Down 11.4 %

Shares of NASDAQ:TEAM traded down $25.61 during trading on Thursday, hitting $198.35. The stock had a trading volume of 3,316,711 shares, compared to its average volume of 1,994,797. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $326.00. The company has a market capitalization of $51.97 billion, a PE ratio of -148.02 and a beta of 1.07. The firm's fifty day moving average is $266.94 and its 200 day moving average is $239.70.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) EPS 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%. Analysts anticipate that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Insider Activity

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction dated Monday, February 10th. The shares were 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 in the company, valued at $87,098,475.92. The trade was a 2.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Anutthara Bharadwaj sold 1,520 shares of the stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $259.85, for a total transaction of $394,972.00. Following the sale, the president now directly owns 210,471 shares in the company, valued at $54,690,889.35. This trade represents a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 270,981 shares of company stock worth $71,914,254. Insiders own 38.55% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on TEAM shares. Stephens initiated coverage on Atlassian in a report on Wednesday, March 19th. They set an "equal weight" rating and a $255.00 price objective on the stock. Scotiabank lifted their price target on shares of Atlassian from $250.00 to $330.00 and gave the stock a "sector perform" rating in a research note on Friday, January 31st. Barclays upped their price objective on shares of Atlassian from $275.00 to $350.00 and gave the company an "overweight" rating in a research note on Monday, February 3rd. Jefferies Financial Group decreased their target price on shares of Atlassian from $400.00 to $330.00 and set a "buy" rating on the stock in a research report on Monday. Finally, UBS Group cut their price target on shares of Atlassian from $330.00 to $230.00 and set a "neutral" rating for the company in a research report on Tuesday. Nine analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $308.73.

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.