Two Sigma Advisers LP Lowers Holdings in Atlassian Co. (NASDAQ:TEAM)

Two Sigma Advisers LP trimmed its position in Atlassian Co. (NASDAQ:TEAM - Free Report) by 70.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 296,500 shares of the technology company's stock after selling 707,100 shares during the period. Two Sigma Advisers LP owned 0.11% of Atlassian worth $72,162,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Corebridge Financial Inc. grew its position in Atlassian by 0.3% during the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company's stock worth $2,555,000 after buying an additional 35 shares in the last quarter. GeoWealth Management LLC boosted its position in shares of Atlassian by 26.8% during the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock valued at $44,000 after acquiring an additional 38 shares during the last quarter. Assetmark Inc. grew its holdings in shares of Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company's stock worth $43,000 after purchasing an additional 41 shares in the last quarter. Allworth Financial LP increased its position 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 worth $404,000 after purchasing an additional 47 shares during the last quarter. Finally, True Wealth Design LLC raised its stake in 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 purchasing an additional 50 shares in the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Atlassian

In other news, Director Scott Farquhar sold 7,948 shares of the firm's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $283.26, for a total value of $2,251,350.48. Following the completion of the sale, the director now directly owns 198,700 shares of the company's stock, valued at approximately $56,283,762. This trade represents a 3.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Gene Liu sold 541 shares of Atlassian stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $225.51, for a total transaction of $122,000.91. Following the sale, the chief accounting officer now directly owns 51,481 shares in the company, valued at $11,609,480.31. The trade was a 1.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 275,249 shares of company stock worth $61,999,348 over the last quarter. Corporate insiders own 38.55% of the company's stock.

Atlassian Stock Down 2.9%

Shares of NASDAQ:TEAM opened at $214.47 on Tuesday. The stock's 50-day moving average is $213.39 and its 200 day moving average is $247.54. The company has a market cap of $56.30 billion, a PE ratio of -160.05 and a beta of 1.06. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The business's quarterly revenue was up 14.1% compared to the same quarter last year. During the same period last year, the company earned $0.89 EPS. Sell-side analysts anticipate that Atlassian Co. will post -0.34 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on TEAM. KeyCorp cut their price target on shares of Atlassian from $365.00 to $275.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Scotiabank increased their target price on Atlassian from $250.00 to $330.00 and gave the company a "sector perform" rating in a research note on Friday, January 31st. Truist Financial dropped their price target on Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a research note on Monday, March 31st. The Goldman Sachs Group upped their price objective on Atlassian from $245.00 to $370.00 and gave the stock a "buy" rating in a report on Monday, February 3rd. Finally, Stephens dropped their target price on Atlassian from $255.00 to $221.00 and set an "equal weight" rating for the company in a research report on Friday, May 2nd. Five investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Atlassian has an average rating of "Moderate Buy" and an average target price of $285.29.

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.

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