Oppenheimer Asset Management Inc. Reduces Stock Holdings in Atlassian Co. (NASDAQ:TEAM)

Oppenheimer Asset Management Inc. reduced its stake in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 13.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,190 shares of the technology company's stock after selling 5,679 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Atlassian were worth $5,589,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Atlassian by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 15,577,302 shares of the technology company's stock valued at $3,039,287,000 after buying an additional 221,650 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Atlassian by 8.8% in 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 acquiring an additional 904,138 shares during the last quarter. Baillie Gifford & Co. raised its holdings in Atlassian by 0.9% during the 3rd quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company's stock worth $1,352,115,000 after purchasing an additional 78,454 shares during the last quarter. Dragoneer Investment Group LLC acquired a new stake in shares of Atlassian during the second quarter worth $469,803,000. Finally, Capital International Investors increased its stake in Atlassian by 6.3% in the first quarter. Capital International Investors now owns 2,436,567 shares of the technology company's stock valued at $475,399,000 after purchasing an additional 144,117 shares in the last quarter. 93.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Scotiabank increased their price objective on shares of Atlassian from $175.00 to $250.00 and gave the stock a "sector perform" rating in a research note on Friday, November 1st. Jefferies Financial Group raised their price objective on Atlassian from $280.00 to $300.00 and gave the company a "buy" rating in a research report on Thursday. Oppenheimer lifted their target price on shares of Atlassian from $230.00 to $270.00 and gave the stock an "outperform" rating in a report on Friday, November 1st. Piper Sandler upped their price target on shares of Atlassian from $225.00 to $265.00 and gave the company an "overweight" rating in a research note on Friday, November 1st. Finally, Mizuho boosted their price target on Atlassian from $200.00 to $240.00 and gave the company an "outperform" rating in a research note on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $244.21.

Atlassian Price Performance

TEAM traded down $10.40 on Friday, reaching $239.59. The company had a trading volume of 1,334,620 shares, compared to its average volume of 1,860,196. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $258.69. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. The business has a 50 day simple moving average of $184.61 and a 200 day simple moving average of $173.61.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its earnings results on Thursday, October 31st. The technology company reported $0.77 EPS 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 business had revenue of $1.19 billion for the quarter, compared to analysts' expectations of $1.16 billion. During the same quarter in the prior year, the firm earned ($0.07) earnings per share. The firm's revenue was up 21.5% on a year-over-year basis. On average, sell-side analysts forecast that Atlassian Co. will post -0.56 EPS for the current year.

Insider Buying and Selling

In related news, President Anutthara Bharadwaj sold 760 shares of the firm's stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $163.11, for a total transaction of $123,963.60. Following the transaction, the president now directly owns 143,966 shares in the company, valued at $23,482,294.26. This trade represents a 0.53 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $244.84, for a total value of $1,945,988.32. Following the completion of the sale, the director now owns 270,232 shares of the company's stock, valued at $66,163,602.88. The trade was a 2.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 246,248 shares of company stock worth $45,553,294 in the last quarter. 38.55% of the stock is owned by insiders.

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.