Intech Investment Management LLC Has $2.70 Million Position in Atlassian Co. (NASDAQ:TEAM)

Intech Investment Management LLC reduced its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 91.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,105 shares of the technology company’s stock after selling 123,558 shares during the quarter. Intech Investment Management LLC’s holdings in Atlassian were worth $2,703,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of TEAM. Principal Financial Group Inc. increased its stake in shares of Atlassian by 61.4% in the third quarter. Principal Financial Group Inc. now owns 10,770 shares of the technology company’s stock valued at $1,710,000 after buying an additional 4,099 shares in the last quarter. Oppenheimer & Co. Inc. increased its stake in shares of Atlassian by 24.4% in the third quarter. Oppenheimer & Co. Inc. now owns 1,771 shares of the technology company’s stock valued at $281,000 after buying an additional 347 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in shares of Atlassian by 168.1% in the third quarter. Thrivent Financial for Lutherans now owns 10,270 shares of the technology company’s stock valued at $1,631,000 after buying an additional 6,440 shares in the last quarter. Swiss National Bank increased its stake in shares of Atlassian by 1.5% in the third quarter. Swiss National Bank now owns 472,867 shares of the technology company’s stock valued at $75,096,000 after buying an additional 6,900 shares in the last quarter. Finally, Quest Partners LLC increased its stake in shares of Atlassian by 18.3% in the third quarter. Quest Partners LLC now owns 2,135 shares of the technology company’s stock valued at $339,000 after buying an additional 330 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Mizuho raised their target price on Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a research note on Friday, January 31st. The Goldman Sachs Group raised their target price on Atlassian from $245.00 to $370.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. UBS Group raised their target price on Atlassian from $275.00 to $330.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Canaccord Genuity Group lifted their price objective on Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a report on Friday, December 20th. Finally, Piper Sandler lifted their price objective on Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Nine research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and a consensus price target of $316.77.

Atlassian Stock Performance

Shares of NASDAQ TEAM opened at $229.86 on Thursday. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The stock’s fifty day moving average price is $271.91 and its two-hundred day moving average price is $235.42. Atlassian Co. has a one year low of $135.29 and a one year high of $326.00. The firm has a market cap of $60.22 billion, a price-to-earnings ratio of -171.54 and a beta of 0.91.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) EPS 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, equities analysts forecast that Atlassian Co. will post -0.34 EPS for the current year.

Insider Transactions at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $216.90, for a total value of $1,723,921.20. Following the sale, the chief executive officer now directly owns 71,532 shares of the company’s stock, valued at $15,515,290.80. This trade represents a 10.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, President Anutthara Bharadwaj sold 1,520 shares of the firm’s stock in a transaction dated 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 sale, the president now directly owns 210,471 shares in the company, valued at $54,690,889.35. This trade represents a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 264,553 shares of company stock valued at $71,627,261. 38.55% of the stock is owned by corporate insiders.

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.