1832 Asset Management L.P. Sells 417,909 Shares of Atlassian Corporation PLC $TEAM

1832 Asset Management L.P. decreased its holdings in Atlassian Corporation PLC (NASDAQ:TEAM) by 97.0% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 12,891 shares of the technology company’s stock after selling 417,909 shares during the period. 1832 Asset Management L.P.’s holdings in Atlassian were worth $2,618,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Blueshift Asset Management LLC grew its stake in shares of Atlassian by 189.6% during the second quarter. Blueshift Asset Management LLC now owns 10,496 shares of the technology company’s stock valued at $2,132,000 after buying an additional 6,872 shares during the last quarter. Quantbot Technologies LP boosted its holdings in Atlassian by 1.3% during the 2nd quarter. Quantbot Technologies LP now owns 95,392 shares of the technology company’s stock valued at $19,373,000 after acquiring an additional 1,213 shares during the period. Edgestream Partners L.P. purchased a new stake in Atlassian during the 2nd quarter valued at about $8,937,000. Virtus Advisers LLC purchased a new stake in Atlassian during the 2nd quarter valued at about $61,000. Finally, Lido Advisors LLC grew its position in Atlassian by 12.7% during the 2nd quarter. Lido Advisors LLC now owns 2,024 shares of the technology company’s stock worth $411,000 after acquiring an additional 228 shares during the last quarter. 94.45% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $155.08, for a total transaction of $1,188,688.20. Following the completion of the transaction, the director directly owned 137,970 shares of the company’s stock, valued at $21,396,387.60. This trade represents a 5.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the business’s stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $155.08, for a total transaction of $1,188,688.20. Following the sale, the chief executive officer directly owned 137,970 shares in the company, valued at $21,396,387.60. The trade was a 5.26% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 581,181 shares of company stock worth $92,344,535. Company insiders own 36.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on TEAM shares. Citigroup reissued a “buy” rating on shares of Atlassian in a research note on Wednesday, October 22nd. Wells Fargo & Company began coverage on shares of Atlassian in a research report on Tuesday, September 30th. They set an “overweight” rating and a $216.00 price target for the company. Guggenheim began coverage on shares of Atlassian in a research report on Thursday, September 11th. They issued a “buy” rating and a $225.00 price objective on the stock. Sanford C. Bernstein upped their price objective on shares of Atlassian from $290.00 to $304.00 and gave the company an “outperform” rating in a research note on Tuesday, November 18th. Finally, Robert W. Baird set a $230.00 target price on Atlassian in a research note on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Atlassian has a consensus rating of “Moderate Buy” and an average price target of $240.00.

Atlassian Stock Up 1.8%

TEAM stock opened at $159.33 on Friday. Atlassian Corporation PLC has a fifty-two week low of $139.70 and a fifty-two week high of $326.00. The company has a market capitalization of $41.92 billion, a price-to-earnings ratio of -224.41, a price-to-earnings-growth ratio of 29.53 and a beta of 0.89. The business’s 50 day moving average price is $155.20 and its two-hundred day moving average price is $177.42. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, October 30th. The technology company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.21. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Atlassian had a negative return on equity of 7.11% and a negative net margin of 3.38%.The firm’s revenue was up 20.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.77 earnings per share. As a group, analysts forecast that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal 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.