Allspring Global Investments Holdings LLC Trims Stock Position in Atlassian Co. (NASDAQ:TEAM)

Allspring Global Investments Holdings LLC decreased its position in Atlassian Co. (NASDAQ:TEAM) by 45.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 332 shares of the technology company’s stock after selling 273 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Atlassian were worth $53,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Asset Dedication LLC raised its position in Atlassian by 229.8% in the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after purchasing an additional 108 shares during the period. Trust Co. of Vermont raised its position in 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 purchasing an additional 174 shares during the period. Rothschild Investment LLC purchased a new stake in Atlassian in the second quarter valued at approximately $36,000. GAMMA Investing LLC raised its position in Atlassian by 68.6% in the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after purchasing an additional 96 shares during the period. Finally, Edmond DE Rothschild Holding S.A. acquired a new position in shares of Atlassian in the first quarter worth $40,000. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Insider Activity

In other news, CEO Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $140.54, for a total transaction of $1,117,011.92. Following the completion of the sale, the chief executive officer now directly owns 294,076 shares in the company, valued at approximately $41,329,441.04. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $140.54, for a total transaction of $1,117,011.92. Following the completion of the transaction, the chief executive officer now directly owns 294,076 shares of the company’s stock, valued at $41,329,441.04. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Rajeev Bashyam Rajan sold 199 shares of Atlassian 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 completion of the sale, the chief technology officer now directly owns 128,957 shares of the company’s stock, valued at $18,838,038.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 237,269 shares of company stock worth $41,382,072. Company insiders own 38.55% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Raymond James boosted their price target on shares of Atlassian from $200.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday. Truist Financial raised their price objective on Atlassian from $160.00 to $200.00 and gave the stock a “hold” rating in a report on Friday. StockNews.com lowered Atlassian from a “buy” rating to a “hold” rating in a report on Friday, July 12th. Mizuho raised their price objective on Atlassian from $200.00 to $240.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Jefferies Financial Group raised their price objective on Atlassian from $240.00 to $280.00 and gave the stock a “buy” rating in a report on Friday. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Atlassian currently has an average rating of “Moderate Buy” and a consensus price target of $243.16.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $218.96 on Tuesday. The company has a 50-day moving average price of $174.38 and a 200 day moving average price of $171.31. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $258.69. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95. The company has a market cap of $56.94 billion, a P/E ratio of -144.05 and a beta of 0.71.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.38%. The company 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 earned ($0.07) EPS. The company’s revenue for the quarter was up 21.5% on a year-over-year basis. Research analysts predict that Atlassian Co. will post -0.58 earnings per share for the current year.

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.