Citigroup Inc. Sells 57,507 Shares of Atlassian Co. (NASDAQ:TEAM)

Citigroup Inc. reduced its stake in Atlassian Co. (NASDAQ:TEAM - Free Report) by 20.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 217,508 shares of the technology company's stock after selling 57,507 shares during the quarter. Citigroup Inc. owned 0.08% of Atlassian worth $34,542,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Asset Dedication LLC increased its stake in Atlassian by 229.8% in the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company's stock valued at $27,000 after buying an additional 108 shares during the last quarter. Trust Co. of Vermont increased its stake in Atlassian by 2,175.0% in the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company's stock valued at $32,000 after buying an additional 174 shares during the last quarter. Rothschild Investment LLC acquired a new stake in Atlassian in the 2nd quarter valued at $36,000. GAMMA Investing LLC increased its stake in Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company's stock valued at $37,000 after buying an additional 96 shares during the last quarter. Finally, Reston Wealth Management LLC acquired a new stake in Atlassian in the 3rd quarter valued at $48,000. 93.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on TEAM shares. The Goldman Sachs Group upgraded shares of Atlassian from a "neutral" rating to a "buy" rating and lifted their price target for the company from $200.00 to $230.00 in a research note on Friday, August 2nd. Wells Fargo & Company lifted their price target on shares of Atlassian from $250.00 to $300.00 and gave the company an "overweight" rating in a research note on Friday, November 1st. Mizuho boosted 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. Piper Sandler boosted their price objective on shares of Atlassian from $225.00 to $265.00 and gave the stock an "overweight" rating in a research note on Friday, November 1st. Finally, Robert W. Baird boosted their price objective on shares of Atlassian from $175.00 to $200.00 and gave the stock a "neutral" rating in a research note on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $244.21.

Atlassian Stock Performance

NASDAQ TEAM traded up $1.23 during trading on Tuesday, reaching $262.23. The company's stock had a trading volume of 1,345,554 shares, compared to its average volume of 1,872,183. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $68.29 billion, a price-to-earnings ratio of -172.52 and a beta of 0.71. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $269.40. The firm has a 50 day moving average price of $198.38 and a 200 day moving average price of $177.54.

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

Insider Buying and Selling at Atlassian

In other news, Director Scott Farquhar sold 7,948 shares of the company's stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $163.81, for a total transaction of $1,301,961.88. Following the completion of the sale, the director now owns 151,012 shares of the company's stock, valued at approximately $24,737,275.72. This represents a 5.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Anutthara Bharadwaj sold 1,659 shares of the company's stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $245.81, for a total transaction of $407,798.79. Following the sale, the president now directly owns 213,511 shares of the company's stock, valued at approximately $52,483,138.91. This trade represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 257,694 shares of company stock valued at $49,802,725 in the last quarter. Company insiders own 38.55% of the company's stock.

Atlassian 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.