Sunbelt Securities Inc. Sells 378 Shares of Atlassian Co. (NASDAQ:TEAM)

Sunbelt Securities Inc. lessened its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 65.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 198 shares of the technology company’s stock after selling 378 shares during the period. Sunbelt Securities Inc.’s holdings in Atlassian were worth $39,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Algert Global LLC bought a new position in shares of Atlassian in the third quarter worth approximately $353,000. O Shaughnessy Asset Management LLC bought a new position in Atlassian in the 3rd quarter valued at approximately $701,000. Bank of Nova Scotia purchased a new stake in Atlassian during the 3rd quarter valued at $347,000. Toronto Dominion Bank bought a new stake in shares of Atlassian in the 3rd quarter worth $6,041,000. Finally, Gotham Asset Management LLC raised its stake in shares of Atlassian by 348.5% in the third quarter. Gotham Asset Management LLC now owns 11,836 shares of the technology company’s stock worth $2,385,000 after purchasing an additional 9,197 shares during the last quarter. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Atlassian Stock Up 2.2 %

Shares of TEAM stock opened at $176.88 on Monday. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.18 and a quick ratio of 1.18. Atlassian Co. has a one year low of $152.34 and a one year high of $258.69. The company’s fifty day moving average price is $172.25 and its 200-day moving average price is $201.44. The company has a market capitalization of $46.04 billion, a price-to-earnings ratio of -280.76 and a beta of 0.73.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, April 25th. The technology company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.27. The firm had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. Atlassian had a negative return on equity of 13.95% and a negative net margin of 3.90%. The business’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.40) earnings per share. Sell-side analysts expect that Atlassian Co. will post -0.21 EPS for the current fiscal year.

Insider Activity

In other Atlassian news, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $196.25, for a total transaction of $1,617,296.25. Following the completion of the transaction, the chief executive officer now owns 473,583 shares of the company’s stock, valued at approximately $92,940,663.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $196.25, for a total transaction of $1,617,296.25. Following the completion of the transaction, the chief executive officer now directly owns 473,583 shares in the company, valued at approximately $92,940,663.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $200.00, for a total transaction of $152,000.00. Following the completion of the sale, the president now owns 161,850 shares in the company, valued at approximately $32,370,000. The disclosure for this sale can be found here. Insiders have sold a total of 280,147 shares of company stock worth $50,166,202 over the last quarter. Insiders own 40.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. StockNews.com upgraded Atlassian from a “hold” rating to a “buy” rating in a report on Friday, June 7th. Piper Sandler decreased their price objective on shares of Atlassian from $225.00 to $200.00 and set a “neutral” rating for the company in a report on Friday, April 26th. Truist Financial dropped their target price on shares of Atlassian from $220.00 to $200.00 and set a “hold” rating on the stock in a report on Friday, April 26th. TD Cowen decreased their target price on shares of Atlassian from $220.00 to $210.00 and set a “hold” rating for the company in a research note on Friday, April 26th. Finally, Wells Fargo & Company dropped their price target on Atlassian from $285.00 to $250.00 and set an “overweight” rating on the stock in a research note on Friday, June 21st. Nine analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $225.47.

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.