Advisors Asset Management Inc. Reduces Holdings in Atlassian Co. (NASDAQ:TEAM)

Advisors Asset Management Inc. lowered its position in Atlassian Co. (NASDAQ:TEAM) by 9.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 473 shares of the technology company’s stock after selling 48 shares during the quarter. Advisors Asset Management Inc.’s holdings in Atlassian were worth $75,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Baillie Gifford & Co. increased its stake in Atlassian by 0.9% in the third quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock worth $1,352,115,000 after purchasing an additional 78,454 shares during the period. Dragoneer Investment Group LLC purchased a new position in Atlassian in the 2nd quarter worth about $469,803,000. Bank of New York Mellon Corp lifted its holdings in Atlassian by 3.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 783,688 shares of the technology company’s stock valued at $138,619,000 after buying an additional 26,555 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in Atlassian in the 2nd quarter valued at about $91,072,000. Finally, Swiss National Bank grew its stake in Atlassian by 1.5% in the 3rd quarter. Swiss National Bank now owns 472,867 shares of the technology company’s stock worth $75,096,000 after acquiring an additional 6,900 shares in the last quarter. Institutional investors own 93.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TEAM. Barclays decreased their price target on shares of Atlassian from $275.00 to $250.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. BMO Capital Markets lifted their target price on Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a research report on Friday, November 1st. Truist Financial increased their price target on Atlassian from $160.00 to $200.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. Scotiabank lifted their price objective on Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a report on Friday, November 1st. Finally, Robert W. Baird increased their target price on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Atlassian has an average rating of “Moderate Buy” and a consensus target price of $244.21.

Insiders Place Their Bets

In related news, CTO Rajeev Bashyam Rajan sold 5,172 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $190.00, for a total value of $982,680.00. Following the sale, the chief technology officer now owns 204,109 shares in the company, valued at $38,780,710. This represents a 2.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $261.73, for a total transaction of $2,080,230.04. Following the transaction, the chief executive officer now directly owns 174,856 shares of the company’s stock, valued at $45,765,060.88. This represents a 4.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 257,694 shares of company stock valued at $50,560,726. Insiders own 38.55% of the company’s stock.

Atlassian Stock Up 0.4 %

Shares of TEAM stock opened at $263.58 on Friday. The stock’s fifty day moving average price is $206.56 and its 200 day moving average price is $179.82. Atlassian Co. has a 1-year low of $135.29 and a 1-year high of $269.40. The company has a market cap of $68.64 billion, a price-to-earnings ratio of -173.41 and a beta of 0.71. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates 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 revenue was up 21.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.07) earnings per share. On average, research analysts expect that Atlassian Co. will post -0.54 earnings per share for the current fiscal year.

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.