Quantbot Technologies LP Cuts Stock Position in Atlassian Co. (NASDAQ:TEAM)

Quantbot Technologies LP cut its holdings in Atlassian Co. (NASDAQ:TEAM - Free Report) by 82.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,211 shares of the technology company's stock after selling 52,679 shares during the period. Quantbot Technologies LP's holdings in Atlassian were worth $2,729,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Point72 Asset Management L.P. grew its position 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 period. Two Sigma Advisers LP grew its holdings in Atlassian by 122.0% in the third 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 bought a new stake in Atlassian in the 3rd quarter valued at about $57,149,000. Los Angeles Capital Management LLC boosted its holdings in Atlassian by 12,047.2% in the fourth quarter. Los Angeles Capital Management LLC now owns 228,124 shares of the technology company's stock worth $55,521,000 after acquiring an additional 226,246 shares in the last quarter. Finally, Fisher Funds Management LTD bought a new position in shares of Atlassian in the 4th quarter worth $47,469,000. 94.45% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Atlassian

In related news, President Anutthara Bharadwaj sold 1,520 shares of the business's stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $259.85, for a total transaction of $394,972.00. Following the completion of the transaction, the president now owns 210,471 shares of the company's stock, valued at approximately $54,690,889.35. The trade was a 0.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Scott Farquhar sold 7,948 shares of the company's stock in a transaction on Friday, January 17th. The stock was sold at an average price of $253.01, for a total transaction of $2,010,923.48. Following the completion of the transaction, the director now directly owns 389,452 shares in the company, valued at approximately $98,535,250.52. The trade was a 2.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 255,085 shares of company stock worth $68,986,450. Corporate insiders own 38.55% of the company's stock.

Remove Ads

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on TEAM shares. Cantor Fitzgerald lifted their price objective on shares of Atlassian from $264.00 to $304.00 and gave the company a "neutral" rating in a report on Friday, January 31st. JMP Securities reissued a "market perform" rating on shares of Atlassian in a report on Friday, January 31st. Truist Financial restated a "buy" rating and issued a $350.00 target price (up previously from $300.00) on shares of Atlassian in a report on Friday, January 31st. BMO Capital Markets raised Atlassian from a "market perform" rating to an "outperform" rating and increased their price target for the company from $255.00 to $292.00 in a research report on Friday, January 10th. Finally, KeyCorp lifted their price objective on shares of Atlassian from $315.00 to $365.00 and gave the stock an "overweight" rating in a report on Friday, January 31st. Nine investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $316.77.

Atlassian Stock Performance

Shares of TEAM stock traded up $0.96 on Tuesday, hitting $235.58. 1,072,322 shares of the stock were exchanged, compared to its average volume of 1,941,070. The firm's 50 day moving average is $271.21 and its two-hundred day moving average is $237.32. Atlassian Co. has a one year low of $135.29 and a one year high of $326.00. The firm has a market capitalization of $61.72 billion, a PE ratio of -175.81 and a beta of 0.91. 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) 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%. Sell-side analysts expect that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

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.