State of Alaska Department of Revenue Cuts Stake in Atlassian Co. (NASDAQ:TEAM)

State of Alaska Department of Revenue cut its holdings in Atlassian Co. (NASDAQ:TEAM) by 23.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 32,400 shares of the technology company’s stock after selling 10,180 shares during the quarter. State of Alaska Department of Revenue’s holdings in Atlassian were worth $6,321,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its holdings in Atlassian by 123.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 61,856 shares of the technology company’s stock worth $12,069,000 after buying an additional 34,204 shares during the period. Oak Thistle LLC acquired a new position in Atlassian during the 1st quarter valued at about $254,000. Diversified Trust Co grew its stake in shares of Atlassian by 27.6% during the first quarter. Diversified Trust Co now owns 14,036 shares of the technology company’s stock worth $2,739,000 after acquiring an additional 3,035 shares during the last quarter. Founders Financial Securities LLC increased its holdings in shares of Atlassian by 14.3% during the first quarter. Founders Financial Securities LLC now owns 2,099 shares of the technology company’s stock valued at $410,000 after acquiring an additional 263 shares in the last quarter. Finally, First Bank & Trust acquired a new position in Atlassian during the 1st quarter valued at approximately $1,727,000. 93.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TEAM. Wells Fargo & Company cut their target price on Atlassian from $285.00 to $250.00 and set an “overweight” rating on the stock in a research report on Friday, June 21st. Truist Financial cut their price objective on Atlassian from $220.00 to $200.00 and set a “hold” rating for the company in a research report on Friday, April 26th. Canaccord Genuity Group dropped their price target on Atlassian from $260.00 to $230.00 and set a “buy” rating for the company in a research report on Friday, April 26th. KeyCorp started coverage on shares of Atlassian in a research note on Tuesday, March 19th. They issued a “sector weight” rating on the stock. Finally, StockNews.com raised Atlassian from a “hold” rating to a “buy” rating in a report on Friday, June 7th. Eight equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $226.94.

Atlassian Price Performance

Shares of Atlassian stock opened at $182.26 on Thursday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.18 and a current ratio of 1.18. The business has a 50-day moving average of $171.25 and a 200 day moving average of $200.67. Atlassian Co. has a 12 month low of $152.34 and a 12 month high of $258.69.

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

Insiders Place Their Bets

In other news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $182.62, for a total value of $1,451,463.76. Following the sale, the chief executive officer now directly owns 484,828 shares in the company, valued at $88,539,289.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Atlassian news, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $196.25, for a total value of $1,617,296.25. Following the sale, the chief executive officer now directly owns 473,583 shares of the company’s stock, valued at approximately $92,940,663.75. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $182.62, for a total transaction of $1,451,463.76. Following the completion of the sale, the chief executive officer now owns 484,828 shares in the company, valued at $88,539,289.36. The disclosure for this sale can be found here. Insiders sold a total of 287,802 shares of company stock worth $51,411,378 over the last 90 days. Corporate insiders own 40.48% of the company’s stock.

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.