Foxhaven Asset Management LP Sells 74,568 Shares of Atlassian Co. (NASDAQ:TEAM)

Foxhaven Asset Management LP lowered its position in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 6.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,074,934 shares of the technology company's stock after selling 74,568 shares during the quarter. Atlassian makes up about 7.0% of Foxhaven Asset Management LP's investment portfolio, making the stock its 4th largest position. Foxhaven Asset Management LP owned approximately 0.41% of Atlassian worth $261,617,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ensign Peak Advisors Inc raised its stake in shares of Atlassian by 167.7% during the fourth quarter. Ensign Peak Advisors Inc now owns 280,824 shares of the technology company's stock worth $68,347,000 after buying an additional 175,934 shares during the last quarter. Circle Wealth Management LLC lifted its stake in shares of Atlassian by 39.6% in the 4th quarter. Circle Wealth Management LLC now owns 6,565 shares of the technology company's stock valued at $1,598,000 after purchasing an additional 1,863 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in shares of Atlassian by 29,445.5% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 65,000 shares of the technology company's stock worth $15,820,000 after purchasing an additional 64,780 shares during the last quarter. Durable Capital Partners LP boosted its position in shares of Atlassian by 499.7% in the 4th quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company's stock worth $383,456,000 after purchasing an additional 1,312,820 shares during the last quarter. Finally, Colonial Trust Co SC grew its stake 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 period. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on TEAM shares. Stephens reduced their target price on Atlassian from $255.00 to $221.00 and set an "equal weight" rating on the stock in a report on Friday, May 2nd. StockNews.com lowered shares of Atlassian from a "buy" rating to a "hold" rating in a report on Monday, March 31st. Oppenheimer boosted their price objective on shares of Atlassian from $300.00 to $380.00 and gave the company an "outperform" rating in a research report on Friday, January 31st. Robert W. Baird raised Atlassian from a "neutral" rating to an "outperform" rating and dropped their price target for the company from $320.00 to $255.00 in a research note on Monday, April 14th. Finally, Canaccord Genuity Group reduced their price objective on Atlassian from $300.00 to $255.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Five analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $285.29.

Atlassian Stock Performance

Shares of TEAM traded down $3.28 during mid-day trading on Thursday, reaching $221.60. The company's stock had a trading volume of 1,015,328 shares, compared to its average volume of 2,090,637. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian Co. has a 1-year low of $135.29 and a 1-year high of $326.00. The business has a 50-day simple moving average of $213.87 and a two-hundred day simple moving average of $246.53. The stock has a market cap of $58.06 billion, a P/E ratio of -164.99 and a beta of 1.06.

Atlassian (NASDAQ:TEAM - Get Free Report) last released 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 7.22% and a negative return on equity of 17.37%. The firm had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. During the same period in the previous year, the business posted $0.89 earnings per share. The company's revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the business'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 owns 198,700 shares of the company's stock, valued at $56,283,762. The trade was a 3.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Gene Liu sold 568 shares of the firm's stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $312.08, for a total transaction of $177,261.44. Following the transaction, the chief accounting officer now directly owns 52,142 shares in the company, valued at $16,272,475.36. This represents a 1.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 252,786 shares of company stock valued at $58,795,052. Insiders own 38.55% of the company's stock.

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.