SRS Investment Management LLC Reduces Stock Position in Atlassian Co. (NASDAQ:TEAM)

SRS Investment Management LLC lowered its stake in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 26.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,305,595 shares of the technology company's stock after selling 465,384 shares during the quarter. Atlassian accounts for 4.5% of SRS Investment Management LLC's investment portfolio, making the stock its 8th largest holding. SRS Investment Management LLC owned 0.50% of Atlassian worth $317,756,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Virtu Financial LLC purchased a new position in shares of Atlassian in the 3rd quarter worth approximately $606,000. Fulton Bank N.A. bought a new stake in Atlassian during the fourth quarter worth $447,000. Allworth Financial LP lifted its holdings in Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company's stock worth $404,000 after acquiring an additional 47 shares during the period. Nordea Investment Management AB boosted its position in Atlassian by 20.1% in the fourth quarter. Nordea Investment Management AB now owns 30,442 shares of the technology company's stock worth $7,458,000 after purchasing an additional 5,088 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in Atlassian by 61.4% in the 3rd quarter. Principal Financial Group Inc. now owns 10,770 shares of the technology company's stock valued at $1,710,000 after purchasing an additional 4,099 shares during the period. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Trading Down 4.9 %

Atlassian stock opened at $192.84 on Tuesday. The stock has a market cap of $50.52 billion, a P/E ratio of -143.91 and a beta of 1.07. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The firm's fifty day moving average price is $237.16 and its 200-day moving average price is $243.47. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced 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%. Equities research analysts forecast that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $265.33, for a total transaction of $2,108,842.84. Following the completion of the sale, the chief executive officer now owns 365,608 shares of the company's stock, valued at $97,006,770.64. The trade was a 2.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Gene Liu sold 779 shares of the company's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $320.01, for a total value of $249,287.79. Following the completion of the transaction, the chief accounting officer now owns 52,710 shares of the company's stock, valued at $16,867,727.10. The trade was a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 253,565 shares of company stock worth $65,091,576 over the last three months. 38.55% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. KeyCorp cut their price target on shares of Atlassian from $365.00 to $275.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. StockNews.com downgraded shares of Atlassian from a "buy" rating to a "hold" rating in a research report on Monday, March 31st. Truist Financial lowered their price target on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating on the stock in a report on Monday, March 31st. The Goldman Sachs Group increased their price objective on Atlassian from $245.00 to $370.00 and gave the company a "buy" rating in a report on Monday, February 3rd. Finally, William Blair restated an "outperform" rating on shares of Atlassian in a research note on Friday, January 31st. Six investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Atlassian currently has a consensus 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.

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