WCM Investment Management LLC Reduces Position in Atlassian Corporation PLC (NASDAQ:TEAM)

WCM Investment Management LLC decreased its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 20.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,417,713 shares of the technology company's stock after selling 901,692 shares during the period. Atlassian comprises approximately 1.9% of WCM Investment Management LLC's investment portfolio, making the stock its 20th biggest holding. WCM Investment Management LLC owned about 1.30% of Atlassian worth $745,027,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of TEAM. Clean Yield Group raised its stake in shares of Atlassian by 372.0% during the 1st quarter. Clean Yield Group now owns 118 shares of the technology company's stock worth $25,000 after acquiring an additional 93 shares in the last quarter. Murphy & Mullick Capital Management Corp purchased a new position in Atlassian in the fourth quarter worth $27,000. Colonial Trust Co SC increased its position in shares of Atlassian by 100.0% during the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock worth $34,000 after purchasing an additional 69 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Atlassian during the 4th quarter valued at $38,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Atlassian during the 4th quarter valued at $39,000. Hedge funds and other institutional investors own 94.45% of the company's stock.

Insider Activity

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of the business's stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $203.16, for a total transaction of $1,557,221.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the stock in a transaction on Monday, June 30th. The shares were sold at an average price of $203.16, for a total value of $1,557,221.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 403,433 shares of company stock worth $83,749,161. Company insiders own 38.55% of the company's stock.

Atlassian Stock Performance

TEAM stock traded down $0.93 during trading on Wednesday, hitting $206.78. 1,724,672 shares of the company traded hands, compared to its average volume of 2,149,603. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The stock's 50-day simple moving average is $210.15 and its 200 day simple moving average is $236.59. Atlassian Corporation PLC has a 1 year low of $135.29 and a 1 year high of $326.00. The company has a market cap of $54.28 billion, a PE ratio of -124.57 and a beta of 0.94.

Atlassian (NASDAQ:TEAM - Get Free Report) last released 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 return on equity of 23.41% and a negative net margin of 8.66%. The company had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. During the same quarter in the prior year, the firm posted $0.89 EPS. Atlassian's quarterly revenue was up 14.1% compared to the same quarter last year. On average, equities analysts expect that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TEAM. Jefferies Financial Group reduced 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. Barclays cut their price objective on shares of Atlassian from $350.00 to $260.00 and set an "overweight" rating on the stock in a report on Monday, May 5th. Truist Financial decreased their price objective on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Macquarie dropped their target price on shares of Atlassian from $270.00 to $250.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Finally, Raymond James Financial reissued an "outperform" rating and set a $300.00 target price (down previously from $330.00) on shares of Atlassian in a research report on Friday, May 2nd. Four research 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's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $282.19.

Atlassian 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.