California Public Employees Retirement System Increases Stock Position in Atlassian Co. (NASDAQ:TEAM)

California Public Employees Retirement System increased its stake in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 3.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 273,583 shares of the technology company's stock after buying an additional 9,808 shares during the quarter. California Public Employees Retirement System owned about 0.11% of Atlassian worth $65,074,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Graypoint LLC lifted its stake in Atlassian by 2.4% during the fourth quarter. Graypoint LLC now owns 1,784 shares of the technology company's stock worth $424,000 after purchasing an additional 42 shares during the last quarter. Legacy Wealth Asset Management LLC lifted its stake in Atlassian by 1.4% during the fourth quarter. Legacy Wealth Asset Management LLC now owns 3,095 shares of the technology company's stock worth $736,000 after purchasing an additional 43 shares during the last quarter. Park National Corp OH lifted its stake in Atlassian by 3.5% during the fourth quarter. Park National Corp OH now owns 1,439 shares of the technology company's stock worth $342,000 after purchasing an additional 48 shares during the last quarter. UMB Bank n.a. lifted its stake in Atlassian by 5.7% during the fourth quarter. UMB Bank n.a. now owns 1,041 shares of the technology company's stock worth $248,000 after purchasing an additional 56 shares during the last quarter. Finally, Carmel Capital Partners LLC lifted its stake in Atlassian by 28.5% during the third quarter. Carmel Capital Partners LLC now owns 257 shares of the technology company's stock worth $52,000 after purchasing an additional 57 shares during the last quarter. Institutional investors and hedge funds own 93.03% of the company's stock.

Insider Activity

In other news, CEO Scott Farquhar sold 8,241 shares of the firm's stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $253.53, for a total value of $2,089,340.73. Following the completion of the sale, the chief executive officer now directly owns 346,122 shares in the company, valued at approximately $87,752,310.66. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CAO Gene Liu sold 227 shares of the firm's stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total value of $48,321.49. Following the completion of the sale, the chief accounting officer now directly owns 47,066 shares in the company, valued at approximately $10,018,939.42. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Scott Farquhar sold 8,241 shares of Atlassian stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $253.53, for a total value of $2,089,340.73. Following the transaction, the chief executive officer now owns 346,122 shares of the company's stock, valued at approximately $87,752,310.66. The disclosure for this sale can be found here. Insiders sold a total of 300,450 shares of company stock worth $61,721,553 in the last three months. Company insiders own 40.48% of the company's stock.

Wall Street Analyst Weigh In

TEAM has been the subject of several recent analyst reports. UBS Group cut their target price on Atlassian from $260.00 to $250.00 and set a "neutral" rating for the company in a research note on Friday, February 2nd. KeyCorp initiated coverage on Atlassian in a research note on Tuesday, March 19th. They issued a "sector weight" rating for the company. StockNews.com cut Atlassian from a "buy" rating to a "hold" rating in a research note on Tuesday, March 19th. Piper Sandler dropped their price target on Atlassian from $225.00 to $200.00 and set a "neutral" rating for the company in a research note on Friday. Finally, Truist Financial dropped their price target on Atlassian from $220.00 to $200.00 and set a "hold" rating for the company in a research note on Friday. Eleven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $223.22.

Atlassian Trading Down 9.6 %

Atlassian stock traded down $18.96 during trading hours on Friday, reaching $179.45. 5,866,245 shares of the company's stock were exchanged, compared to its average volume of 1,741,965. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.04. The firm's 50 day simple moving average is $200.55 and its 200 day simple moving average is $206.69. Atlassian Co. has a twelve month low of $128.02 and a twelve month high of $258.69. The firm has a market capitalization of $46.55 billion, a PE ratio of -120.13 and a beta of 0.63.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings results on Thursday, February 1st. The technology company reported ($0.30) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.24). Atlassian had a negative return on equity of 34.56% and a negative net margin of 9.87%. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.02 billion. Research analysts predict that Atlassian Co. will post -0.4 earnings per share for the current 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.