Cornercap Investment Counsel Inc. Decreases Stock Holdings in Atlassian Co. (NASDAQ:TEAM)

Cornercap Investment Counsel Inc. decreased its holdings in Atlassian Co. (NASDAQ:TEAM - Free Report) by 23.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,553 shares of the technology company's stock after selling 2,567 shares during the period. Cornercap Investment Counsel Inc.'s holdings in Atlassian were worth $1,358,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in TEAM. Asset Dedication LLC boosted its position in Atlassian by 229.8% during the second quarter. Asset Dedication LLC now owns 155 shares of the technology company's stock worth $27,000 after purchasing an additional 108 shares during the period. Trust Co. of Vermont grew its position in Atlassian by 2,175.0% during the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company's stock worth $32,000 after buying an additional 174 shares in the last quarter. Rothschild Investment LLC acquired a new position in Atlassian in the 2nd quarter valued at approximately $36,000. GAMMA Investing LLC lifted its position in shares of Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company's stock worth $37,000 after acquiring an additional 96 shares during the period. Finally, Crewe Advisors LLC bought a new stake in shares of Atlassian during the first quarter valued at approximately $43,000. Institutional investors own 93.03% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on TEAM. Barclays lowered their price objective on Atlassian from $275.00 to $250.00 and set an "overweight" rating on the stock in a research note on Monday, August 5th. KeyCorp upgraded shares of Atlassian from a "sector weight" rating to an "overweight" rating and set a $260.00 target price on the stock in a research report on Friday, November 1st. Truist Financial upped their price target on Atlassian from $160.00 to $200.00 and gave the company a "hold" rating in a research note on Friday, November 1st. BMO Capital Markets boosted their price objective on Atlassian from $177.00 to $255.00 and gave the company a "market perform" rating in a research report on Friday, November 1st. Finally, Baird R W cut shares of Atlassian from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 2nd. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $244.21.

Insiders Place Their Bets

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm's stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $156.92, for a total transaction of $1,247,200.16. Following the sale, the chief executive officer now owns 214,596 shares of the company's stock, valued at $33,674,404.32. This trade represents a 3.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $163.11, for a total value of $123,963.60. Following the sale, the president now directly owns 143,966 shares in the company, valued at $23,482,294.26. The trade was a 0.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 246,248 shares of company stock valued at $45,553,294. 38.55% of the stock is currently owned by corporate insiders.

Atlassian Price Performance

TEAM traded down $9.95 on Friday, hitting $240.04. 2,277,948 shares of the stock were exchanged, compared to its average volume of 1,864,675. The business has a 50-day moving average of $186.37 and a two-hundred day moving average of $174.14. The firm has a market capitalization of $62.51 billion, a price-to-earnings ratio of -157.92 and a beta of 0.71. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $258.69.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, beating 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 firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the business posted ($0.07) EPS. The company's revenue was up 21.5% compared to the same quarter last year. Sell-side analysts forecast that Atlassian Co. will post -0.56 EPS for the current fiscal year.

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.