Atlassian Co. (NASDAQ:TEAM) Position Lessened by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. lowered its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 16.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,104 shares of the technology company’s stock after selling 1,449 shares during the quarter. Atlassian makes up approximately 0.6% of Cornercap Investment Counsel Inc.’s holdings, making the stock its 23rd largest position. Cornercap Investment Counsel Inc.’s holdings in Atlassian were worth $1,729,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Murphy & Mullick Capital Management Corp bought a new position in shares of Atlassian during the fourth quarter worth about $27,000. True Wealth Design LLC boosted its stake in Atlassian by 23,100.0% during the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after purchasing an additional 231 shares during the period. Avion Wealth grew its position in Atlassian by 1,308.3% in the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after purchasing an additional 157 shares during the last quarter. Assetmark Inc. increased its stake in shares of Atlassian by 30.6% in the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock valued at $43,000 after purchasing an additional 41 shares during the period. Finally, Mainstream Capital Management LLC bought a new stake in shares of Atlassian during the fourth quarter valued at approximately $49,000. 94.45% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CAO Gene Liu sold 568 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $312.08, for a total transaction of $177,261.44. Following the transaction, the chief accounting officer now owns 52,142 shares in the company, valued at $16,272,475.36. This represents a 1.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Anutthara Bharadwaj sold 1,520 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $259.85, for a total value of $394,972.00. Following the completion of the transaction, the president now directly owns 210,471 shares in the company, valued at $54,690,889.35. The trade was a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 263,033 shares of company stock worth $70,644,164. Corporate insiders own 38.55% of the company’s stock.

Atlassian Stock Performance

Shares of TEAM stock opened at $217.99 on Friday. The company has a market capitalization of $57.11 billion, a price-to-earnings ratio of -162.68 and a beta of 0.91. Atlassian Co. has a 1-year low of $135.29 and a 1-year high of $326.00. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The stock’s fifty day simple moving average is $269.28 and its 200-day simple moving average is $238.07.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. On average, sell-side analysts predict that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. StockNews.com upgraded Atlassian from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. UBS Group upped their price objective on shares of Atlassian from $275.00 to $330.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Truist Financial reissued a “buy” rating and set a $350.00 target price (up previously from $300.00) on shares of Atlassian in a research note on Friday, January 31st. Scotiabank upped their price target on shares of Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a research note on Friday, January 31st. Finally, Wells Fargo & Company raised their price objective on shares of Atlassian from $350.00 to $375.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Nine analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat.com, Atlassian has a consensus rating of “Moderate Buy” and an average target price of $316.77.

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.