Los Angeles Capital Management LLC Sells 35,470 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Los Angeles Capital Management LLC lowered its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 15.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 192,654 shares of the technology company's stock after selling 35,470 shares during the quarter. Los Angeles Capital Management LLC owned 0.07% of Atlassian worth $40,883,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Lindbrook Capital LLC increased its holdings in Atlassian by 12.5% during the first quarter. Lindbrook Capital LLC now owns 2,044 shares of the technology company's stock worth $434,000 after buying an additional 227 shares during the last quarter. Optimist Retirement Group LLC bought a new stake in shares of Atlassian during the first quarter valued at about $224,000. J.W. Cole Advisors Inc. increased its position in shares of Atlassian by 24.5% in the first quarter. J.W. Cole Advisors Inc. now owns 4,929 shares of the technology company's stock worth $1,046,000 after purchasing an additional 971 shares during the last quarter. Twin Capital Management Inc. purchased a new stake in Atlassian in the first quarter worth approximately $585,000. Finally, OneAscent Financial Services LLC purchased a new stake in shares of Atlassian during the first quarter valued at approximately $890,000. Institutional investors own 94.45% of the company's stock.

Analyst Upgrades and Downgrades

TEAM has been the topic of several research reports. Jefferies Financial Group dropped their target price on Atlassian from $330.00 to $262.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Canaccord Genuity Group lowered their price objective on Atlassian from $300.00 to $255.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Cantor Fitzgerald raised Atlassian from a "neutral" rating to an "overweight" rating and lowered their price objective for the company from $304.00 to $272.00 in a research report on Wednesday, April 2nd. Morgan Stanley decreased their target price on Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Finally, Baird R W raised Atlassian from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Five research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $279.81.

Insider Transactions at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $189.37, for a total transaction of $1,451,521.05. Following the completion of the transaction, the chief executive officer directly owned 406,245 shares in the company, valued at $76,930,615.65. This represents a 1.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $189.37, for a total transaction of $1,451,521.05. Following the transaction, the director owned 406,245 shares of the company's stock, valued at approximately $76,930,615.65. This represents a 1.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 447,725 shares of company stock valued at $93,163,341 in the last three months. Insiders own 38.55% of the company's stock.

Atlassian Price Performance

TEAM opened at $194.86 on Friday. The company's 50 day simple moving average is $206.33 and its 200-day simple moving average is $231.87. Atlassian Corporation PLC has a one year low of $135.29 and a one year high of $326.00. The stock has a market capitalization of $51.15 billion, a P/E ratio of -117.39 and a beta of 0.94. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, topping analysts' consensus estimates of $0.93 by $0.04. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period last year, the business posted $0.89 earnings per share. The firm's quarterly revenue was up 14.1% on a year-over-year basis. Sell-side analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share 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.

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