Summit Global Investments Sells 2,393 Shares of Atlassian Co. (NASDAQ:TEAM)

Summit Global Investments lessened its stake in Atlassian Co. (NASDAQ:TEAM - Free Report) by 46.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,722 shares of the technology company's stock after selling 2,393 shares during the period. Summit Global Investments' holdings in Atlassian were worth $662,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. True Wealth Design LLC raised its position in Atlassian by 23,100.0% in the third quarter. True Wealth Design LLC now owns 232 shares of the technology company's stock worth $37,000 after acquiring an additional 231 shares in the last quarter. Avion Wealth increased its position in shares of Atlassian by 1,308.3% in the fourth quarter. Avion Wealth now owns 169 shares of the technology company's stock worth $41,000 after acquiring an additional 157 shares in the last quarter. Assetmark Inc. raised its holdings in shares of Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company's stock valued at $43,000 after acquiring an additional 41 shares during the period. Mainstream Capital Management LLC purchased a new stake in shares of Atlassian in the 4th quarter valued at approximately $49,000. Finally, Kestra Investment Management LLC acquired a new position in Atlassian in the 4th quarter worth approximately $56,000. 94.45% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CAO Gene Liu sold 779 shares of the company's stock in a transaction on 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 directly owns 52,710 shares in the company, valued at approximately $16,867,727.10. This represents a 1.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $226.93, for a total transaction of $1,803,639.64. Following the sale, the chief executive officer now owns 55,636 shares in the company, valued at $12,625,477.48. This represents a 12.50 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 255,085 shares of company stock valued at $68,986,450. Insiders own 38.55% of the company's stock.

Remove Ads

Atlassian Stock Performance

NASDAQ:TEAM traded up $2.33 during mid-day trading on Tuesday, hitting $236.95. 987,994 shares of the company's stock traded hands, compared to its average volume of 2,228,569. The firm has a market capitalization of $62.08 billion, a price-to-earnings ratio of -176.83 and a beta of 0.91. The firm has a 50 day moving average of $271.21 and a two-hundred day moving average of $237.32. 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 Co. has a 12 month low of $135.29 and a 12 month high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. On average, equities analysts forecast that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Analysts Set New Price Targets

TEAM has been the subject of several recent analyst reports. Piper Sandler raised their target price on Atlassian from $310.00 to $365.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. Barclays lifted their target price on Atlassian from $275.00 to $350.00 and gave the company an "overweight" rating in a research note on Monday, February 3rd. Macquarie increased their price target on shares of Atlassian from $290.00 to $317.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Oppenheimer boosted their price objective on shares of Atlassian from $300.00 to $380.00 and gave the company an "outperform" rating in a research report on Friday, January 31st. Finally, KeyCorp upped their price objective on shares of Atlassian from $315.00 to $365.00 and gave the company an "overweight" rating in a research note on Friday, January 31st. Nine investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price 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.