Intech Investment Management LLC Sells 123,558 Shares of Atlassian Co. (NASDAQ:TEAM)

Intech Investment Management LLC trimmed its holdings in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 91.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,105 shares of the technology company's stock after selling 123,558 shares during the period. Intech Investment Management LLC's holdings in Atlassian were worth $2,703,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. State Street Corp increased its holdings in Atlassian by 0.3% in the 3rd quarter. State Street Corp now owns 3,560,381 shares of the technology company's stock worth $565,424,000 after buying an additional 8,957 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Atlassian by 5.6% in the third quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company's stock worth $393,588,000 after buying an additional 131,621 shares during the period. FMR LLC raised its stake in Atlassian by 7.4% during the 3rd quarter. FMR LLC now owns 2,182,980 shares of the technology company's stock worth $346,679,000 after acquiring an additional 150,237 shares during the period. Geode Capital Management LLC lifted its holdings in Atlassian by 2.8% during the third quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company's stock valued at $340,453,000 after purchasing an additional 57,911 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Atlassian by 5.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,210,351 shares of the technology company's stock worth $192,216,000 after acquiring an additional 58,536 shares during the period. Institutional investors own 94.45% of the company's stock.

Remove Ads

Atlassian Trading Up 3.2 %

Shares of NASDAQ TEAM traded up $7.28 during mid-day trading on Monday, reaching $234.62. The company had a trading volume of 1,897,222 shares, compared to its average volume of 1,941,152. The stock has a market cap of $61.47 billion, a price-to-earnings ratio of -175.09 and a beta of 0.91. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $326.00. The business's 50-day moving average is $271.24 and its 200-day moving average is $236.81. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS 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%. Equities analysts expect that Atlassian Co. will post -0.34 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms recently commented on TEAM. Cantor Fitzgerald boosted their price target on Atlassian from $264.00 to $304.00 and gave the stock a "neutral" rating in a report on Friday, January 31st. StockNews.com raised shares of Atlassian from a "hold" rating to a "buy" rating in a report on Wednesday, March 12th. Barclays raised their target price on shares of Atlassian from $275.00 to $350.00 and gave the company an "overweight" rating in a research note on Monday, February 3rd. Piper Sandler boosted their price target on shares of Atlassian from $310.00 to $365.00 and gave the stock an "overweight" rating in a research note on Friday, January 31st. Finally, Stephens assumed coverage on Atlassian in a research report on Wednesday, March 19th. They set an "equal weight" rating and a $255.00 price objective for the company. Nine analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company's stock. According to data from MarketBeat.com, Atlassian has a consensus rating of "Moderate Buy" and an average price target of $316.77.

Insiders Place Their Bets

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the business's stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $216.90, for a total value of $1,723,921.20. Following the completion of the transaction, the chief executive officer now owns 71,532 shares of the company's stock, valued at $15,515,290.80. The trade was a 10.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Anutthara Bharadwaj sold 1,520 shares of the company's stock in a transaction on Friday, January 17th. The stock was sold at an average price of $259.85, for a total value of $394,972.00. Following the sale, the president now owns 210,471 shares of the company's stock, valued at approximately $54,690,889.35. This represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 263,033 shares of company stock worth $71,015,177 in the last ninety days. 38.55% of the stock is owned by company insiders.

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.