Atlassian Co. (NASDAQ:TEAM) Shares Sold by Summit Global Investments

Summit Global Investments lessened its stake in Atlassian Co. (NASDAQ:TEAM - Free Report) by 51.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,115 shares of the technology company's stock after selling 5,512 shares during the quarter. Summit Global Investments' holdings in Atlassian were worth $812,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of TEAM. Financial Advocates Investment Management grew its holdings in shares of Atlassian by 1.7% in the second quarter. Financial Advocates Investment Management now owns 3,745 shares of the technology company's stock worth $662,000 after purchasing an additional 62 shares during the last quarter. Ameritas Investment Partners Inc. lifted its position in Atlassian by 1.4% during the first quarter. Ameritas Investment Partners Inc. now owns 4,561 shares of the technology company's stock valued at $890,000 after purchasing an additional 65 shares in the last quarter. Legacy Wealth Asset Management LLC raised its position in shares of Atlassian by 2.1% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company's stock valued at $544,000 after purchasing an additional 70 shares during the period. SkyView Investment Advisors LLC boosted its position in shares of Atlassian by 2.1% during the first quarter. SkyView Investment Advisors LLC now owns 3,971 shares of the technology company's stock worth $775,000 after acquiring an additional 80 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in Atlassian by 68.6% during the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company's stock valued at $37,000 after buying an additional 96 shares in the last quarter. Institutional investors own 93.03% of the company's stock.

Atlassian Trading Up 1.6 %

Shares of Atlassian stock traded up $3.84 during trading hours on Friday, reaching $237.80. The stock had a trading volume of 2,514,459 shares, compared to its average volume of 2,529,578. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $258.69. The firm has a 50 day simple moving average of $179.57 and a two-hundred day simple moving average of $172.26. The firm has a market capitalization of $61.93 billion, a price-to-earnings ratio of -156.45 and a beta of 0.71.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the firm earned ($0.07) earnings per share. The company's revenue was up 21.5% on a year-over-year basis. As a group, equities research analysts anticipate that Atlassian Co. will post -0.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Truist Financial upped their price target on shares of Atlassian from $160.00 to $200.00 and gave the company a "hold" rating in a report on Friday, November 1st. Morgan Stanley increased their price objective on Atlassian from $216.00 to $224.00 and gave the company an "overweight" rating in a report on Friday, October 11th. Mizuho boosted their price target on shares of Atlassian from $200.00 to $240.00 and gave the stock an "outperform" rating in a report on Friday, November 1st. Canaccord Genuity Group upped their target price on shares of Atlassian from $225.00 to $255.00 and gave the stock a "buy" rating in a report on Friday, November 1st. Finally, Barclays dropped their price target on shares of Atlassian from $275.00 to $250.00 and set an "overweight" rating for the company in a research note on Monday, August 5th. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Atlassian currently has a consensus rating of "Moderate Buy" and an average price target of $243.16.

Insider Buying and Selling

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction on Friday, November 8th. The shares were sold at an average price of $237.04, for a total transaction of $1,883,993.92. Following the completion of the sale, the director now owns 278,180 shares in the company, valued at $65,939,787.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CAO Gene Liu sold 445 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $230.00, for a total value of $102,350.00. Following the sale, the chief accounting officer now owns 58,723 shares of the company's stock, valued at $13,506,290. This trade represents a 0.00 % decrease in their position. The transaction 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 business's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $237.04, for a total transaction of $1,883,993.92. Following the transaction, the director now directly owns 278,180 shares of the company's stock, valued at $65,939,787.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 245,662 shares of company stock worth $44,653,051. Corporate insiders own 38.55% of the company's stock.

Atlassian 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.