SRS Investment Management LLC Reduces Stake in Atlassian Co. (NASDAQ:TEAM)

SRS Investment Management LLC lowered its position in Atlassian Co. (NASDAQ:TEAM - Free Report) by 26.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,305,595 shares of the technology company's stock after selling 465,384 shares during the quarter. Atlassian accounts for 4.5% of SRS Investment Management LLC's investment portfolio, making the stock its 8th biggest position. SRS Investment Management LLC owned 0.50% of Atlassian worth $317,756,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Corebridge Financial Inc. lifted its stake in shares of 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 purchasing an additional 35 shares in the last quarter. GeoWealth Management LLC lifted its stake in shares of Atlassian by 26.8% during the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock worth $44,000 after purchasing an additional 38 shares in the last quarter. Assetmark Inc. lifted its stake in shares of Atlassian by 30.6% in the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company's stock worth $43,000 after acquiring an additional 41 shares in the last quarter. Allworth Financial LP lifted its stake 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 acquiring an additional 47 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Atlassian by 22.9% in the fourth quarter. GAMMA Investing LLC now owns 290 shares of the technology company's stock worth $71,000 after acquiring an additional 54 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company's stock.

Atlassian Stock Performance

Shares of NASDAQ:TEAM traded up $3.60 during trading on Friday, hitting $228.68. 2,545,073 shares of the company traded hands, compared to its average volume of 2,049,232. The stock has a market capitalization of $59.91 billion, a price-to-earnings ratio of -170.66 and a beta of 1.07. The business's fifty day moving average is $229.25 and its 200-day moving average is $244.62. Atlassian Co. has a one year low of $135.29 and a one year high of $326.00. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. As a group, equities analysts predict that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Gene Liu sold 779 shares of Atlassian stock in a transaction on Friday, January 31st. The stock was sold at an average price of $320.01, for a total transaction of $249,287.79. Following the transaction, the chief accounting officer now directly owns 52,710 shares in the company, valued at approximately $16,867,727.10. This trade represents a 1.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $210.23, for a total value of $1,670,908.04. Following the completion of the sale, the chief executive officer now owns 246,388 shares of the company's stock, valued at approximately $51,798,149.24. This trade represents a 3.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 261,513 shares of company stock valued at $66,183,631 in the last three months. 38.55% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

TEAM has been the topic of several recent analyst reports. Raymond James reiterated an "outperform" rating and issued a $330.00 price target (up previously from $250.00) on shares of Atlassian in a research note on Friday, January 31st. Macquarie upgraded Atlassian from a "neutral" rating to an "outperform" rating and cut their price target for the stock from $317.00 to $270.00 in a research note on Thursday, April 10th. KeyCorp cut their price target on Atlassian from $365.00 to $275.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Citigroup boosted their price target on Atlassian from $255.00 to $300.00 and gave the stock a "buy" rating in a research note on Friday, January 17th. Finally, William Blair reiterated an "outperform" rating on shares of Atlassian in a research note on Friday, January 31st. Five equities research 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $301.90.

Atlassian Company 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.