Rhumbline Advisers Decreases Stake in Atlassian Co. (NASDAQ:TEAM)

Rhumbline Advisers cut its holdings in Atlassian Co. (NASDAQ:TEAM - Free Report) by 1.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 195,547 shares of the technology company's stock after selling 2,494 shares during the period. Rhumbline Advisers owned approximately 0.07% of Atlassian worth $41,497,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Corebridge Financial Inc. lifted its stake in shares of Atlassian by 0.3% in the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company's stock valued at $2,555,000 after buying an additional 35 shares in the last quarter. GeoWealth Management LLC lifted its stake in shares of Atlassian by 26.8% in the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock valued at $44,000 after buying an additional 38 shares in the last quarter. Assetmark Inc. lifted 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 buying an additional 41 shares in the last quarter. Allworth Financial LP lifted its stake in shares of Atlassian by 3.1% in the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company's stock valued at $404,000 after buying an additional 47 shares in the last quarter. Finally, True Wealth Design LLC lifted its stake in shares of Atlassian by 21.6% in the fourth quarter. True Wealth Design LLC now owns 282 shares of the technology company's stock valued at $69,000 after buying an additional 50 shares in the last quarter. 94.45% of the stock is owned by institutional investors.

Insider Activity

In other news, CRO Brian Duffy sold 1,959 shares of Atlassian stock in a transaction on Monday, May 19th. The shares were sold at an average price of $214.87, for a total value of $420,930.33. Following the transaction, the executive now directly owns 75,612 shares of the company's stock, valued at $16,246,750.44. The trade was a 2.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, President Anutthara Bharadwaj sold 7,674 shares of Atlassian stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $225.51, for a total transaction of $1,730,563.74. Following the completion of the transaction, the president now directly owns 192,260 shares in the company, valued at $43,356,552.60. The trade was a 3.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 321,099 shares of company stock worth $68,581,564 over the last 90 days. 38.55% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Jefferies Financial Group dropped their price target on shares of Atlassian from $330.00 to $262.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Raymond James reissued an "outperform" rating and set a $300.00 price target (down from $330.00) on shares of Atlassian in a research report on Friday, May 2nd. Wall Street Zen raised shares of Atlassian from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. BMO Capital Markets lowered their price objective on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $300.00 price objective (down previously from $365.00) on shares of Atlassian in a research report on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $285.29.

Atlassian Price Performance

Shares of TEAM stock traded up $7.68 on Thursday, reaching $218.60. The company's stock had a trading volume of 2,678,868 shares, compared to its average volume of 2,097,908. The stock's fifty day simple moving average is $209.85 and its 200-day simple moving average is $245.30. 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 company has a market capitalization of $57.38 billion, a price-to-earnings ratio of -163.13 and a beta of 1.06.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, topping the consensus estimate 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 company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same period in the previous year, the firm earned $0.89 earnings per share. Atlassian's quarterly revenue was up 14.1% compared to the same quarter last year. Analysts forecast that Atlassian Co. 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.