WCM Investment Management LLC Sells 3,005,803 Shares of Atlassian Co. (NASDAQ:TEAM)

WCM Investment Management LLC lowered its stake in Atlassian Co. (NASDAQ:TEAM - Free Report) by 40.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 4,466,240 shares of the technology company's stock after selling 3,005,803 shares during the quarter. Atlassian accounts for 1.6% of WCM Investment Management LLC's portfolio, making the stock its 22nd biggest position. WCM Investment Management LLC owned 1.72% of Atlassian worth $720,047,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in TEAM. Sequoia Financial Advisors LLC raised its position in Atlassian by 37.0% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company's stock valued at $306,000 after purchasing an additional 520 shares during the last quarter. Impax Asset Management Group plc raised its holdings in shares of Atlassian by 590.6% during the third quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company's stock valued at $5,940,000 after acquiring an additional 31,986 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its stake in Atlassian by 2.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 175,350 shares of the technology company's stock worth $34,213,000 after acquiring an additional 3,687 shares during the period. International Assets Investment Management LLC bought a new stake in Atlassian in the third quarter valued at $97,350,000. Finally, National Pension Service increased its position in Atlassian by 8.4% during the 3rd quarter. National Pension Service now owns 296,066 shares of the technology company's stock valued at $47,018,000 after purchasing an additional 22,883 shares during the period. Hedge funds and other institutional investors own 93.03% of the company's stock.

Insider Transactions at Atlassian

In other Atlassian news, CAO Gene Liu sold 1,024 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $225.45, for a total value of $230,860.80. Following the transaction, the chief accounting officer now directly owns 59,168 shares in the company, valued at approximately $13,339,425.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Gene Liu sold 1,024 shares of the business's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $225.45, for a total transaction of $230,860.80. Following the completion of the transaction, the chief accounting officer now directly owns 59,168 shares in the company, valued at approximately $13,339,425.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Rajeev Bashyam Rajan sold 199 shares of the firm's stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $146.08, for a total transaction of $29,069.92. Following the sale, the chief technology officer now owns 128,957 shares in the company, valued at approximately $18,838,038.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 245,662 shares of company stock worth $44,653,051 in the last quarter. Company insiders own 38.55% of the company's stock.

Atlassian Stock Performance

Atlassian stock traded up $8.05 during midday trading on Monday, reaching $245.85. 3,006,871 shares of the company traded hands, compared to its average volume of 1,853,498. The firm has a market capitalization of $64.03 billion, a price-to-earnings ratio of -161.97 and a beta of 0.71. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The business has a 50 day moving average of $179.57 and a two-hundred day moving average of $172.26. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $258.69.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, topping 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 analyst estimates of $1.16 billion. During the same quarter in the previous year, the company posted ($0.07) earnings per share. Atlassian's revenue was up 21.5% compared to the same quarter last year. As a group, research analysts predict that Atlassian Co. will post -0.56 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Barclays reduced their price target on shares of Atlassian from $275.00 to $250.00 and set an "overweight" rating on the stock in a research report on Monday, August 5th. Jefferies Financial Group raised their target price on Atlassian from $240.00 to $280.00 and gave the company a "buy" rating in a research note on Friday, November 1st. Truist Financial upped their price target on Atlassian from $160.00 to $200.00 and gave the stock a "hold" rating in a research note on Friday, November 1st. KeyCorp upgraded shares of Atlassian from a "sector weight" rating to an "overweight" rating and set a $260.00 target price on the stock in a report on Friday, November 1st. Finally, The Goldman Sachs Group upgraded shares of Atlassian from a "neutral" rating to a "buy" rating and increased their price target for the stock from $200.00 to $230.00 in a research note on Friday, August 2nd. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $243.16.

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.