Atlassian Co. (NASDAQ:TEAM) Shares Sold by Connable Office Inc.

Connable Office Inc. cut its holdings in Atlassian Co. (NASDAQ:TEAM - Free Report) by 40.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,307 shares of the technology company's stock after selling 2,891 shares during the quarter. Connable Office Inc.'s holdings in Atlassian were worth $684,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. lifted its position in Atlassian by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 15,577,302 shares of the technology company's stock worth $3,039,287,000 after acquiring an additional 221,650 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Atlassian by 8.8% during the first 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 period. Baillie Gifford & Co. increased its stake in Atlassian by 0.9% in the 3rd quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company's stock valued at $1,352,115,000 after buying an additional 78,454 shares during the period. Dragoneer Investment Group LLC purchased a new position in Atlassian during the 2nd quarter worth $469,803,000. Finally, Capital International Investors raised its position in Atlassian by 6.3% during the 1st quarter. Capital International Investors now owns 2,436,567 shares of the technology company's stock worth $475,399,000 after buying an additional 144,117 shares during the last quarter. Institutional investors and hedge funds own 93.03% of the company's stock.

Wall Street Analyst Weigh In

TEAM has been the topic of a number of recent analyst reports. BMO Capital Markets boosted their price target on shares of Atlassian from $177.00 to $255.00 and gave the stock a "market perform" rating in a research note on Friday, November 1st. Oppenheimer upped their price target on shares of Atlassian from $230.00 to $270.00 and gave the stock an "outperform" rating in a research note on Friday, November 1st. JMP Securities raised Atlassian to a "hold" rating in a research note on Friday, August 2nd. Mizuho raised their price target on Atlassian from $200.00 to $240.00 and gave the company an "outperform" rating in a research report on Friday, November 1st. Finally, Baird R W downgraded shares of Atlassian from a "strong-buy" rating to a "hold" rating in a report on Friday, August 2nd. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat, Atlassian currently has a consensus rating of "Moderate Buy" and an average target price of $244.21.

Atlassian Trading Down 4.0 %

Shares of TEAM traded down $9.95 during mid-day trading on Friday, hitting $240.04. The company had a trading volume of 2,278,983 shares, compared to its average volume of 1,864,679. Atlassian Co. has a 1-year low of $135.29 and a 1-year high of $258.69. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. The business's 50-day simple moving average is $186.37 and its 200-day simple moving average is $174.14. The stock has a market cap of $62.51 billion, a PE ratio of -157.92 and a beta of 0.71.

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

Insider Activity at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $156.92, for a total value of $1,247,200.16. Following the completion of the transaction, the chief executive officer now directly owns 214,596 shares of the company's stock, valued at $33,674,404.32. This represents a 3.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Gene Liu sold 785 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $240.00, for a total value of $188,400.00. Following the completion of the transaction, the chief accounting officer now directly owns 57,938 shares of the company's stock, valued at $13,905,120. This represents a 1.34 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 246,248 shares of company stock worth $45,553,294. 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.