Shell Asset Management Co. Decreases Stake in Atlassian Co. (NASDAQ:TEAM)

Shell Asset Management Co. decreased its holdings in Atlassian Co. (NASDAQ:TEAM) by 6.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 849 shares of the technology company’s stock after selling 63 shares during the quarter. Shell Asset Management Co.’s holdings in Atlassian were worth $207,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Murphy & Mullick Capital Management Corp acquired a new position in Atlassian during the fourth quarter worth $27,000. Colonial Trust Co SC raised its stake in shares of Atlassian by 100.0% during the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock worth $34,000 after buying an additional 69 shares during the last quarter. Summit Securities Group LLC acquired a new position in shares of Atlassian during the 4th quarter worth $38,000. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Atlassian in the 4th quarter worth about $39,000. Finally, Avion Wealth grew its stake in Atlassian by 1,308.3% in the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after acquiring an additional 157 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Atlassian Stock Down 2.9%

Shares of TEAM opened at $214.47 on Tuesday. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The company’s fifty day moving average is $213.39 and its two-hundred day moving average is $247.54. The firm has a market cap of $56.30 billion, a PE ratio of -160.05 and a beta of 1.06. 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) last issued its earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.04. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter last year, the firm earned $0.89 earnings per share. The firm’s revenue for the quarter was up 14.1% compared to the same quarter last year. Analysts forecast that Atlassian Co. will post -0.34 earnings per share for the current year.

Insider Activity

In related news, CAO Gene Liu sold 541 shares of the stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $225.51, for a total value of $122,000.91. Following the completion of the sale, the chief accounting officer now directly owns 51,481 shares in the company, valued at approximately $11,609,480.31. This represents a 1.04% decrease in their position. The sale 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 firm’s stock in a transaction dated 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 275,249 shares of company stock valued at $61,999,348 in the last three months. Corporate insiders own 38.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TEAM. Stephens cut their target price on shares of Atlassian from $255.00 to $221.00 and set an “equal weight” rating for the company in a research report on Friday, May 2nd. Scotiabank lifted their price objective on Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a research report on Friday, January 31st. Wells Fargo & Company reduced their target price on Atlassian from $330.00 to $315.00 and set an “overweight” rating on the stock in a research note on Friday, May 2nd. Morgan Stanley dropped their price target on Atlassian from $370.00 to $320.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Finally, Barclays cut their price target on Atlassian from $350.00 to $260.00 and set an “overweight” rating for the company in a report on Monday, May 5th. Five investment 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $285.29.

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.