Atlassian Co. (NASDAQ:TEAM) Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC trimmed its stake in Atlassian Co. (NASDAQ:TEAM - Free Report) by 54.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 8,061 shares of the technology company's stock after selling 9,653 shares during the period. Cresset Asset Management LLC's holdings in Atlassian were worth $1,962,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Murphy & Mullick Capital Management Corp acquired a new position in Atlassian during the 4th quarter worth approximately $27,000. Summit Securities Group LLC acquired a new position in Atlassian during the 4th quarter worth approximately $38,000. Pilgrim Partners Asia Pte Ltd acquired a new position in Atlassian during the 4th quarter worth approximately $39,000. Avion Wealth grew its holdings in Atlassian by 1,308.3% during the 4th quarter. Avion Wealth now owns 169 shares of the technology company's stock worth $41,000 after acquiring an additional 157 shares in the last quarter. Finally, Assetmark Inc. grew its holdings in Atlassian by 30.6% during the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company's stock worth $43,000 after acquiring an additional 41 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on TEAM. Macquarie lowered their price target on shares of Atlassian from $270.00 to $250.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Jefferies Financial Group lowered their target price on shares of Atlassian from $330.00 to $262.00 and set a "buy" rating for the company in a report on Monday, April 7th. KeyCorp lowered their target price on shares of Atlassian from $365.00 to $275.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Stephens lowered their target price on shares of Atlassian from $255.00 to $221.00 and set an "equal weight" rating for the company in a report on Friday, May 2nd. Finally, JMP Securities restated a "market perform" rating on shares of Atlassian in a report on Friday, January 31st. Five research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $285.29.

Insider Transactions at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $209.19, for a total value of $1,662,642.12. Following the sale, the chief executive officer now directly owns 158,960 shares of the company's stock, valued at approximately $33,252,842.40. This represents a 4.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Joseph Leo Binz sold 2,587 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $312.09, for a total transaction of $807,376.83. Following the completion of the sale, the chief financial officer now directly owns 169,342 shares in the company, valued at approximately $52,849,944.78. The trade was a 1.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 252,786 shares of company stock valued at $59,536,362 in the last ninety days. 38.55% of the stock is currently owned by company insiders.

Atlassian Stock Performance

Atlassian stock traded up $16.23 during trading hours on Monday, reaching $223.75. 2,413,663 shares of the stock were exchanged, compared to its average volume of 2,089,641. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $326.00. The stock has a market cap of $58.62 billion, a P/E ratio of -166.98 and a beta of 1.06. The firm's 50 day moving average is $214.30 and its 200 day moving average is $246.65.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, topping analysts' consensus estimates of $0.93 by $0.04. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. The business had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. During the same period in the prior year, the company posted $0.89 EPS. The business's revenue for the quarter was up 14.1% on a year-over-year basis. Analysts predict that Atlassian Co. will post -0.34 EPS 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.