Citigroup Inc. Sells 57,507 Shares of Atlassian Co. (NASDAQ:TEAM)

Citigroup Inc. lowered its holdings in Atlassian Co. (NASDAQ:TEAM) by 20.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 217,508 shares of the technology company’s stock after selling 57,507 shares during the period. Citigroup Inc.’s holdings in Atlassian were worth $34,542,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Asset Dedication LLC increased its position in shares of Atlassian by 229.8% during the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after purchasing an additional 108 shares during the last quarter. Trust Co. of Vermont grew its stake in shares of Atlassian by 2,175.0% in the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after buying an additional 174 shares in the last quarter. Rothschild Investment LLC acquired a new position in Atlassian during the second quarter worth $36,000. GAMMA Investing LLC raised its position in Atlassian by 68.6% during the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after acquiring an additional 96 shares in the last quarter. Finally, Reston Wealth Management LLC acquired a new stake in Atlassian in the third quarter valued at $48,000. 93.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on TEAM shares. JMP Securities upgraded shares of Atlassian to a “hold” rating in a research note on Friday, August 2nd. Morgan Stanley boosted their price target on Atlassian from $216.00 to $224.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Scotiabank raised their price objective on Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a research report on Friday, November 1st. Mizuho boosted their target price on Atlassian from $200.00 to $240.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Finally, Barclays cut their price target on Atlassian from $275.00 to $250.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $244.21.

Atlassian Stock Up 0.2 %

NASDAQ TEAM opened at $261.00 on Tuesday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. The company has a market cap of $67.97 billion, a price-to-earnings ratio of -171.71 and a beta of 0.71. The company has a 50 day moving average of $196.47 and a 200-day moving average of $176.97. Atlassian Co. has a 1-year low of $135.29 and a 1-year high of $269.40.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data 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. The firm had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The company’s quarterly revenue was up 21.5% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.07) EPS. On average, equities research analysts expect that Atlassian Co. will post -0.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Gene Liu sold 1,024 shares of the business’s stock in a transaction 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 owns 59,168 shares of the company’s stock, valued at approximately $13,339,425.60. The trade was a 1.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $163.81, for a total value of $1,301,961.88. Following the completion of the sale, the director now directly owns 151,012 shares in the company, valued at $24,737,275.72. This trade represents a 5.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 249,746 shares of company stock valued at $47,702,864 over the last quarter. 38.55% of the stock is owned by company insiders.

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.