Foxhaven Asset Management LP Lowers Position in Atlassian Co. (NASDAQ:TEAM)

Foxhaven Asset Management LP reduced its stake in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 6.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,074,934 shares of the technology company's stock after selling 74,568 shares during the quarter. Atlassian accounts for 7.0% of Foxhaven Asset Management LP's portfolio, making the stock its 4th largest position. Foxhaven Asset Management LP owned about 0.41% of Atlassian worth $261,617,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Murphy & Mullick Capital Management Corp bought a new stake in shares of Atlassian during the fourth quarter worth $27,000. Colonial Trust Co SC grew its holdings 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 during the last quarter. Summit Securities Group LLC bought a new stake in shares of Atlassian during the fourth quarter worth $38,000. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Atlassian during the fourth quarter worth $39,000. Finally, Avion Wealth grew its holdings in shares of Atlassian by 1,308.3% during the fourth quarter. Avion Wealth now owns 169 shares of the technology company's stock worth $41,000 after purchasing an additional 157 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on TEAM shares. UBS Group decreased their price target on Atlassian from $230.00 to $215.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. The Goldman Sachs Group boosted their target price on shares of Atlassian from $245.00 to $370.00 and gave the company a "buy" rating in a research report on Monday, February 3rd. Robert W. Baird upgraded shares of Atlassian from a "neutral" rating to an "outperform" rating and cut their price objective for the company from $320.00 to $255.00 in a research report on Monday, April 14th. Barclays reduced their price target on shares of Atlassian from $350.00 to $260.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. Finally, KeyCorp cut their target price on Atlassian from $365.00 to $275.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Five 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's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $285.29.

Insider Activity

In other news, President Anutthara Bharadwaj sold 1,723 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $305.84, for a total transaction of $526,962.32. Following the sale, the president now owns 199,934 shares in the company, valued at $61,147,814.56. This represents a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $283.26, for a total transaction of $2,251,350.48. Following the sale, the director now owns 198,700 shares in the company, valued at approximately $56,283,762. The trade was a 3.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 252,786 shares of company stock worth $59,536,362 over the last 90 days. 38.55% of the stock is currently owned by insiders.

Atlassian Price Performance

NASDAQ:TEAM traded up $16.23 during trading hours on Monday, hitting $223.75. The stock had a trading volume of 2,413,663 shares, compared to its average volume of 2,089,641. Atlassian Co. has a one year low of $135.29 and a one year high of $326.00. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The firm has a market capitalization of $58.62 billion, a price-to-earnings ratio of -166.98 and a beta of 1.06. The company has a 50 day simple moving average of $214.30 and a two-hundred day simple moving average of $246.65.

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, beating the consensus estimate of $0.93 by $0.04. The company had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Atlassian's quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.89 earnings per share. Research analysts forecast that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

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.