Atlassian Co. (NASDAQ:TEAM) Holdings Cut by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC decreased its stake in Atlassian Co. (NASDAQ:TEAM) by 85.8% in the third quarter, Holdings Channel reports. The institutional investor owned 1,878 shares of the technology company’s stock after selling 11,338 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Atlassian were worth $298,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. State of New Jersey Common Pension Fund D lifted its position in Atlassian by 1.9% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 58,885 shares of the technology company’s stock worth $9,352,000 after buying an additional 1,121 shares in the last quarter. Lindbrook Capital LLC lifted its position in Atlassian by 8.0% in the 3rd quarter. Lindbrook Capital LLC now owns 1,802 shares of the technology company’s stock worth $286,000 after buying an additional 133 shares in the last quarter. Verdence Capital Advisors LLC lifted its position in Atlassian by 88.8% in the 3rd quarter. Verdence Capital Advisors LLC now owns 3,503 shares of the technology company’s stock worth $556,000 after buying an additional 1,648 shares in the last quarter. Capital Performance Advisors LLP purchased a new stake in Atlassian in the 3rd quarter worth approximately $103,000. Finally, AIA Group Ltd bought a new position in shares of Atlassian during the 3rd quarter valued at $1,598,000. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Insider Activity at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $156.92, for a total value of $1,247,200.16. Following the completion of the transaction, the chief executive officer now directly owns 214,596 shares of the company’s stock, valued at approximately $33,674,404.32. The trade was a 3.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $163.11, for a total transaction of $123,963.60. Following the completion of the transaction, the president now directly owns 143,966 shares of the company’s stock, valued at approximately $23,482,294.26. This represents a 0.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 246,248 shares of company stock valued at $45,553,294 in the last ninety days. Insiders own 38.55% of the company’s stock.

Atlassian Price Performance

NASDAQ:TEAM opened at $240.04 on Monday. The company has a 50-day moving average of $187.95 and a 200-day moving average of $174.60. The company has a market capitalization of $62.51 billion, a price-to-earnings ratio of -157.92 and a beta of 0.71. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $258.69. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The firm 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 posted ($0.07) EPS. The firm’s quarterly 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 fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on TEAM. BMO Capital Markets raised their price target on shares of Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a report on Friday, November 1st. Canaccord Genuity Group raised their price target on shares of Atlassian from $225.00 to $255.00 and gave the company a “buy” rating in a report on Friday, November 1st. Baird R W downgraded shares of Atlassian from a “strong-buy” rating to a “hold” rating in a report on Friday, August 2nd. Oppenheimer raised their price target on shares of Atlassian from $230.00 to $270.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, Scotiabank raised their target price on shares of Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a research note on Friday, November 1st. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Atlassian has an average rating of “Moderate Buy” and a consensus price target of $244.21.

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.