First Trust Advisors LP Cuts Stock Holdings in Atlassian Co. (NASDAQ:TEAM)

First Trust Advisors LP cut its holdings in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 20.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,244,485 shares of the technology company's stock after selling 326,565 shares during the quarter. First Trust Advisors LP owned about 0.47% of Atlassian worth $302,883,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Virtu Financial LLC bought a new stake in Atlassian in the 3rd quarter valued at $606,000. SkyView Investment Advisors LLC boosted its holdings in Atlassian by 3.0% in the 3rd quarter. SkyView Investment Advisors LLC now owns 4,128 shares of the technology company's stock valued at $656,000 after purchasing an additional 122 shares during the period. Wilmington Savings Fund Society FSB increased its holdings in shares of Atlassian by 59.4% during the third quarter. Wilmington Savings Fund Society FSB now owns 2,901 shares of the technology company's stock worth $461,000 after purchasing an additional 1,081 shares during the period. Tidal Investments LLC raised its position in shares of Atlassian by 143.2% in the third quarter. Tidal Investments LLC now owns 12,605 shares of the technology company's stock valued at $2,002,000 after buying an additional 7,422 shares in the last quarter. Finally, Synovus Financial Corp boosted its stake in shares of Atlassian by 26.4% in the third quarter. Synovus Financial Corp now owns 19,962 shares of the technology company's stock valued at $3,170,000 after buying an additional 4,173 shares during the period. Institutional investors and hedge funds own 94.45% of the company's stock.

Atlassian Stock Performance

Shares of NASDAQ TEAM traded up $7.97 during trading on Wednesday, reaching $208.27. 1,780,223 shares of the stock traded hands, compared to its average volume of 2,050,239. The company has a 50-day moving average of $234.84 and a 200-day moving average of $243.17. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $326.00. The stock has a market capitalization of $54.57 billion, a P/E ratio of -155.42 and a beta of 1.07. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. Analysts forecast that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, President Anutthara Bharadwaj sold 1,723 shares of Atlassian stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $305.84, for a total transaction of $526,962.32. Following the completion of the sale, the president now owns 199,934 shares in the company, valued at approximately $61,147,814.56. This trade represents a 0.85 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Scott Farquhar sold 7,948 shares of the company's stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $185.61, for a total transaction of $1,475,228.28. Following the completion of the transaction, the director now owns 333,816 shares in the company, valued at approximately $61,959,587.76. This trade represents a 2.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 261,513 shares of company stock worth $66,621,566 in the last quarter. 38.55% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on TEAM shares. StockNews.com cut Atlassian from a "buy" rating to a "hold" rating in a research report on Monday, March 31st. Wells Fargo & Company cut their price target on shares of Atlassian from $375.00 to $330.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Stephens reissued an "equal weight" rating and issued a $255.00 price objective on shares of Atlassian in a research note on Monday, April 14th. Cantor Fitzgerald raised Atlassian from a "neutral" rating to an "overweight" rating and reduced their target price for the company from $304.00 to $272.00 in a report on Wednesday, April 2nd. Finally, The Goldman Sachs Group boosted their price target on Atlassian from $245.00 to $370.00 and gave the stock a "buy" rating in a report on Monday, February 3rd. Six research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Atlassian has an average rating of "Moderate Buy" and a consensus price target of $297.73.

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.