Atlassian Co. (NASDAQ:TEAM) Position Cut by Bridgefront Capital LLC

Bridgefront Capital LLC cut its position in Atlassian Co. (NASDAQ:TEAM - Free Report) by 29.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,939 shares of the technology company's stock after selling 1,615 shares during the quarter. Bridgefront Capital LLC's holdings in Atlassian were worth $959,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its holdings in shares of Atlassian by 72.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock valued at $1,042,737,000 after purchasing an additional 1,806,042 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new position in shares of Atlassian during the fourth quarter valued at about $687,486,000. Invesco Ltd. boosted its stake in Atlassian by 265.9% during the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock worth $595,171,000 after buying an additional 1,777,179 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Atlassian by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company's stock valued at $528,851,000 after purchasing an additional 27,899 shares in the last quarter. Finally, Voya Investment Management LLC raised its holdings in shares of Atlassian by 17,941.0% in the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock valued at $528,693,000 after buying an additional 2,160,810 shares during the last quarter. Institutional investors own 94.45% of the company's stock.

Insider Buying and Selling at Atlassian

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction on Monday, April 7th. The stock was sold at an average price of $185.61, for a total transaction of $1,475,228.28. Following the sale, the director now directly owns 333,816 shares in the company, valued at approximately $61,959,587.76. The trade was a 2.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $177,261.44. Following the sale, the chief accounting officer now owns 52,142 shares in the company, valued at approximately $16,272,475.36. This trade represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 260,734 shares of company stock worth $62,944,544. 38.55% of the stock is currently owned by insiders.

Atlassian Price Performance

Shares of NASDAQ TEAM traded down $2.18 during trading on Wednesday, hitting $205.71. The company had a trading volume of 2,203,106 shares, compared to its average volume of 2,078,968. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. The stock has a fifty day simple moving average of $218.00 and a two-hundred day simple moving average of $245.42. The firm has a market capitalization of $53.90 billion, a price-to-earnings ratio of -153.51 and a beta of 1.06. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter last year, the firm earned $0.89 EPS. The business's revenue was up 14.1% compared to the same quarter last year. On average, research analysts expect that Atlassian Co. will post -0.34 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on TEAM shares. Canaccord Genuity Group decreased their price objective on shares of Atlassian from $300.00 to $255.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Jefferies Financial Group decreased their price objective on Atlassian from $330.00 to $262.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Piper Sandler reaffirmed an "overweight" rating and issued a $300.00 target price (down previously from $365.00) on shares of Atlassian in a report on Friday, May 2nd. Oppenheimer raised their price objective on Atlassian from $300.00 to $380.00 and gave the company an "outperform" rating in a report on Friday, January 31st. Finally, Truist Financial cut their price target on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Five analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $285.29.

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.