Sustainable Growth Advisers LP Trims Stock Holdings in Atlassian Co. (NASDAQ:TEAM)

Sustainable Growth Advisers LP trimmed its position in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 70.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 406,006 shares of the technology company's stock after selling 947,864 shares during the quarter. Sustainable Growth Advisers LP owned approximately 0.15% of Atlassian worth $98,814,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. True Wealth Design LLC grew its holdings in shares of Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company's stock worth $37,000 after buying an additional 231 shares in the last quarter. Avion Wealth grew its stake in Atlassian by 1,308.3% during the 4th quarter. Avion Wealth now owns 169 shares of the technology company's stock valued at $41,000 after acquiring an additional 157 shares in the last quarter. Assetmark Inc. raised its holdings in Atlassian by 30.6% in the 4th 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 last quarter. Mainstream Capital Management LLC acquired a new stake in Atlassian in the 4th quarter valued at about $49,000. Finally, Kestra Investment Management LLC purchased a new position in Atlassian in the 4th quarter worth approximately $56,000. 94.45% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TEAM has been the subject of several recent research reports. Macquarie increased their price target on Atlassian from $290.00 to $317.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Mizuho lifted their price target on Atlassian from $285.00 to $355.00 and gave the stock an "outperform" rating in a report on Friday, January 31st. Barclays upped their price objective on shares of Atlassian from $275.00 to $350.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Canaccord Genuity Group lifted their target price on shares of Atlassian from $255.00 to $285.00 and gave the stock a "buy" rating in a research note on Friday, December 20th. Finally, Raymond James reiterated an "outperform" rating and issued a $330.00 target price (up from $250.00) on shares of Atlassian in a report on Friday, January 31st. Eight analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, Atlassian presently has a consensus rating of "Moderate Buy" and a consensus price target of $319.71.

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Insiders Place Their Bets

In related news, President Anutthara Bharadwaj sold 1,520 shares of the company's stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $254.76, for a total value of $387,235.20. Following the completion of the transaction, the president now directly owns 211,991 shares of the company's stock, valued at $54,006,827.16. This represents a 0.71 % 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 the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $227.55, for a total transaction of $1,808,567.40. Following the completion of the transaction, the chief executive officer now owns 103,324 shares in the company, valued at $23,511,376.20. This represents a 7.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 264,553 shares of company stock valued at $71,956,546 in the last ninety days. Insiders own 38.55% of the company's stock.

Atlassian Stock Down 0.7 %

NASDAQ:TEAM traded down $1.53 during mid-day trading on Tuesday, hitting $219.45. The stock had a trading volume of 2,419,058 shares, compared to its average volume of 1,938,063. Atlassian Co. has a twelve month low of $135.29 and a twelve month high of $326.00. The stock has a 50-day simple moving average of $272.77 and a two-hundred day simple moving average of $235.08. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $57.50 billion, a PE ratio of -163.77 and a beta of 0.91.

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 for the quarter, missing analysts' consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. On average, equities research analysts anticipate that Atlassian Co. will post -0.34 EPS for the current year.

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.