T. Rowe Price Investment Management Inc. Reduces Holdings in Atlassian Co. (NASDAQ:TEAM)

T. Rowe Price Investment Management Inc. cut its holdings in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 0.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,847,698 shares of the technology company's stock after selling 17,258 shares during the period. T. Rowe Price Investment Management Inc. owned about 0.71% of Atlassian worth $449,693,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Corebridge Financial Inc. grew its holdings in 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 acquiring an additional 35 shares during the period. GeoWealth Management LLC boosted its position in Atlassian by 26.8% in the 4th 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. grew its stake in shares of Atlassian by 30.6% during the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company's stock worth $43,000 after purchasing an additional 41 shares during the period. Allworth Financial LP lifted its stake in shares of Atlassian by 3.1% in the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company's stock valued at $404,000 after purchasing an additional 47 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of Atlassian by 22.9% in the 4th quarter. GAMMA Investing LLC now owns 290 shares of the technology company's stock valued at $71,000 after purchasing an additional 54 shares during the period. 94.45% of the stock is owned by institutional investors and hedge funds.

Atlassian Trading Up 0.1 %

NASDAQ TEAM traded up $0.13 on Monday, reaching $228.81. The stock had a trading volume of 688,822 shares, compared to its average volume of 2,043,911. Atlassian Co. has a 12-month low of $135.29 and a 12-month high of $326.00. The stock has a fifty day moving average price of $229.25 and a two-hundred day moving average price of $244.62. The firm has a market capitalization of $59.95 billion, a price-to-earnings ratio of -170.50 and a beta of 1.07. 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) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. As a group, sell-side analysts forecast that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Wells Fargo & Company cut their price objective on shares of Atlassian from $375.00 to $330.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Truist Financial reduced their price target on Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a report on Monday, March 31st. Baird R W raised Atlassian from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. UBS Group decreased their target price on Atlassian from $330.00 to $230.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 1st. Finally, Scotiabank upped their price objective on shares of Atlassian from $250.00 to $330.00 and gave the stock a "sector perform" rating in a research report on Friday, January 31st. Five analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $301.90.

Insider Buying and Selling

In other news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $270.63, for a total transaction of $2,150,967.24. Following the completion of the sale, the director now directly owns 333,816 shares of the company's stock, valued at approximately $90,340,624.08. The trade was a 2.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Anutthara Bharadwaj sold 1,723 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $305.84, for a total value of $526,962.32. Following the completion of the transaction, the president now directly owns 199,934 shares in the company, valued at $61,147,814.56. This trade represents a 0.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 253,565 shares of company stock worth $64,045,540 over the last 90 days. 38.55% of the stock is owned by insiders.

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.