Picton Mahoney Asset Management Sells 237,043 Shares of Atlassian Co. (NASDAQ:TEAM)

Picton Mahoney Asset Management lessened its stake in Atlassian Co. (NASDAQ:TEAM - Free Report) by 79.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 62,449 shares of the technology company's stock after selling 237,043 shares during the period. Picton Mahoney Asset Management's holdings in Atlassian were worth $15,199,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Sienna Gestion bought a new stake in shares of Atlassian in the 4th quarter valued at about $4,298,000. LBP AM SA bought a new stake in shares of Atlassian in the 4th quarter valued at about $1,638,000. Parnassus Investments LLC lifted its stake in shares of Atlassian by 1.3% in the 4th quarter. Parnassus Investments LLC now owns 325,367 shares of the technology company's stock valued at $79,188,000 after acquiring an additional 4,127 shares during the last quarter. Erste Asset Management GmbH lifted its stake in shares of Atlassian by 16.7% in the 4th quarter. Erste Asset Management GmbH now owns 70,000 shares of the technology company's stock valued at $17,297,000 after acquiring an additional 10,000 shares during the last quarter. Finally, Telemark Asset Management LLC bought a new stake in shares of Atlassian in the 4th quarter valued at about $9,735,000. Institutional investors own 94.45% of the company's stock.

Atlassian Stock Up 4.7 %

Shares of Atlassian stock traded up $10.41 on Wednesday, reaching $229.86. The company's stock had a trading volume of 3,164,268 shares, compared to its average volume of 1,943,065. The company has a market capitalization of $60.22 billion, a price-to-earnings ratio of -171.54 and a beta of 0.91. The firm's fifty day simple moving average is $272.20 and its two-hundred day simple moving average is $235.46. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $326.00. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81.

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Atlassian (NASDAQ:TEAM - Get Free Report) last posted 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 anticipate that Atlassian Co. will post -0.34 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $227.55, for a total value of $1,808,567.40. Following the completion of the sale, the chief executive officer now owns 103,324 shares of the company's stock, valued at $23,511,376.20. The trade was a 7.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Anutthara Bharadwaj sold 1,723 shares of Atlassian stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $305.84, for a total value of $526,962.32. Following the completion of the sale, the president now directly owns 199,934 shares of the company's stock, valued at $61,147,814.56. The trade was a 0.85 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 256,605 shares of company stock valued at $69,903,340. Corporate insiders own 38.55% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Citigroup upped their price target on Atlassian from $255.00 to $300.00 and gave the company a "buy" rating in a research report on Friday, January 17th. Scotiabank upped their price target on Atlassian from $250.00 to $330.00 and gave the company a "sector perform" rating in a research report on Friday, January 31st. Piper Sandler upped their price target on Atlassian from $310.00 to $365.00 and gave the company an "overweight" rating in a research report on Friday, January 31st. Truist Financial reaffirmed a "buy" rating and set a $350.00 price target (up previously from $300.00) on shares of Atlassian in a research report on Friday, January 31st. Finally, Stephens assumed coverage on Atlassian in a research report on Wednesday. They set an "equal weight" rating and a $255.00 price target for the company. Nine analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $316.77.

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.