Entropy Technologies LP Lowers Position in Atlassian Co. (NASDAQ:TEAM)

Entropy Technologies LP lowered its position in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 66.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,800 shares of the technology company's stock after selling 13,711 shares during the period. Entropy Technologies LP's holdings in Atlassian were worth $1,655,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in TEAM. Point72 Asset Management L.P. increased its holdings in shares of Atlassian by 760.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company's stock worth $110,972,000 after buying an additional 617,566 shares during the last quarter. Two Sigma Advisers LP boosted its position in shares of Atlassian by 122.0% during the 3rd quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company's stock worth $159,382,000 after purchasing an additional 551,500 shares during the period. Westfield Capital Management Co. LP purchased a new position in shares of Atlassian during the 3rd quarter worth approximately $57,149,000. Parnassus Investments LLC boosted its position in shares of Atlassian by 322.9% during the 3rd quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company's stock worth $51,016,000 after purchasing an additional 245,286 shares during the period. Finally, PointState Capital LP purchased a new position in shares of Atlassian during the 3rd quarter worth approximately $30,566,000. Institutional investors and hedge funds own 94.45% of the company's stock.

Atlassian Stock Down 0.8 %

NASDAQ:TEAM traded down $2.45 during midday trading on Thursday, hitting $316.00. 1,459,831 shares of the company were exchanged, compared to its average volume of 2,033,703. The company has a fifty day simple moving average of $268.61 and a 200 day simple moving average of $216.16. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The company has a current ratio of 1.24, a quick ratio of 1.18 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $82.79 billion, a PE ratio of -235.82 and a beta of 0.87.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results 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 return on equity of 17.37% and a negative net margin of 7.22%. As a group, equities analysts anticipate that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on TEAM shares. Canaccord Genuity Group increased their price objective on shares of Atlassian from $255.00 to $285.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. UBS Group increased their price objective on shares of Atlassian from $275.00 to $330.00 and gave the stock a "neutral" rating in a research report on Friday, January 31st. Jefferies Financial Group raised their price target on shares of Atlassian from $300.00 to $325.00 and gave the company a "buy" rating in a research report on Friday, January 24th. Robert W. Baird raised their price target on shares of Atlassian from $175.00 to $200.00 and gave the company a "neutral" rating in a research report on Friday, November 1st. Finally, BMO Capital Markets raised shares of Atlassian from a "market perform" rating to an "outperform" rating and raised their price target for the company from $255.00 to $292.00 in a research report on Friday, January 10th. Nine equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $319.71.

Insider Buying and Selling

In related news, President Anutthara Bharadwaj sold 1,659 shares of Atlassian stock in a transaction on Tuesday, November 19th. The shares were 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 in the company, valued at $52,483,138.91. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Monday, January 13th. The stock was sold at an average price of $236.89, for a total transaction of $1,882,801.72. Following the sale, the chief executive officer now owns 421,244 shares in the company, valued at $99,788,491.16. This represents a 1.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 272,601 shares of company stock worth $72,961,244 in the last ninety days. 38.55% of the stock is owned by corporate insiders.

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.