Atlassian Co. (NASDAQ:TEAM) Shares Sold by Stanley Laman Group Ltd.

Stanley Laman Group Ltd. reduced its holdings in shares of Atlassian Co. (NASDAQ:TEAM) by 1.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 34,790 shares of the technology company’s stock after selling 569 shares during the period. Atlassian accounts for approximately 1.1% of Stanley Laman Group Ltd.’s investment portfolio, making the stock its 13th largest holding. Stanley Laman Group Ltd.’s holdings in Atlassian were worth $7,383,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Corebridge Financial Inc. lifted its position in shares of Atlassian by 0.3% in the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company’s stock valued at $2,555,000 after acquiring an additional 35 shares in the last quarter. GeoWealth Management LLC lifted its holdings in Atlassian by 26.8% in the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company’s stock valued at $44,000 after purchasing an additional 38 shares in the last quarter. Assetmark Inc. lifted its holdings in Atlassian by 30.6% in the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock valued at $43,000 after purchasing an additional 41 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Atlassian by 3.1% during the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock worth $404,000 after purchasing an additional 47 shares during the last quarter. Finally, True Wealth Design LLC grew its holdings in shares of Atlassian by 21.6% during the fourth quarter. True Wealth Design LLC now owns 282 shares of the technology company’s stock worth $69,000 after buying an additional 50 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Insider Activity at Atlassian

In other news, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $234.38, for a total transaction of $1,862,852.24. Following the completion of the sale, the director now directly owns 39,740 shares in the company, valued at $9,314,261.20. This trade represents a 16.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Anutthara Bharadwaj sold 7,674 shares of Atlassian stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $225.51, for a total value of $1,730,563.74. Following the sale, the president now directly owns 192,260 shares in the company, valued at approximately $43,356,552.60. The trade was a 3.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 336,429 shares of company stock valued at $71,774,377. Corporate insiders own 38.55% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on TEAM. Cantor Fitzgerald upgraded shares of Atlassian from a “neutral” rating to an “overweight” rating and decreased their target price for the stock from $304.00 to $272.00 in a research report on Wednesday, April 2nd. Stephens decreased their price objective on Atlassian from $255.00 to $221.00 and set an “equal weight” rating on the stock in a report on Friday, May 2nd. Wall Street Zen upgraded Atlassian from a “hold” rating to a “buy” rating in a research note on Friday, May 30th. BMO Capital Markets decreased their price target on Atlassian from $295.00 to $245.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. Finally, Barclays lowered 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. Four equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $282.19.

Atlassian Price Performance

TEAM stock opened at $199.32 on Friday. The firm has a market cap of $52.32 billion, a P/E ratio of -148.75 and a beta of 0.96. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $326.00. The stock has a 50-day simple moving average of $210.19 and a 200-day simple moving average of $243.79.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.04. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Atlassian’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter last year, the company earned $0.89 earnings per share. On average, equities analysts predict that Atlassian Co. will post -0.34 earnings per share for the current fiscal 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.