Gulf International Bank UK Ltd Cuts Stock Holdings in Atlassian Co. (NASDAQ:TEAM)

Gulf International Bank UK Ltd trimmed its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 0.9% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,904 shares of the technology company’s stock after selling 112 shares during the period. Gulf International Bank UK Ltd’s holdings in Atlassian were worth $2,897,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of TEAM. Wealth Enhancement Advisory Services LLC grew its stake in Atlassian by 96.5% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 7,730 shares of the technology company’s stock valued at $1,228,000 after acquiring an additional 3,797 shares in the last quarter. Pallas Capital Advisors LLC purchased a new position in shares of Atlassian in the 3rd quarter worth $236,000. abrdn plc grew its stake in shares of Atlassian by 19.9% in the 3rd quarter. abrdn plc now owns 54,989 shares of the technology company’s stock worth $8,733,000 after buying an additional 9,137 shares in the last quarter. AustralianSuper Pty Ltd grew its stake in shares of Atlassian by 34.4% in the 3rd quarter. AustralianSuper Pty Ltd now owns 7,874 shares of the technology company’s stock worth $1,250,000 after buying an additional 2,016 shares in the last quarter. Finally, Reston Wealth Management LLC purchased a new position in shares of Atlassian in the 3rd quarter worth $48,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Trading Up 2.1 %

NASDAQ:TEAM opened at $284.26 on Friday. Atlassian Co. has a one year low of $135.29 and a one year high of $326.00. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. The firm has a market cap of $74.48 billion, a P/E ratio of -212.13 and a beta of 0.87. The firm has a 50-day simple moving average of $274.71 and a 200-day simple moving average of $226.71.

Atlassian (NASDAQ:TEAM) last posted its quarterly 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%. Equities analysts anticipate that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Insider Activity

In other news, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $265.96, for a total value of $2,113,850.08. Following the completion of the sale, the director now owns 158,960 shares in the company, valued at approximately $42,277,001.60. The trade was a 4.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Heather Mirjahangir Fernandez sold 3,000 shares of Atlassian stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $275.00, for a total transaction of $825,000.00. Following the completion of the transaction, the director now directly owns 5,610 shares in the company, valued at approximately $1,542,750. The trade was a 34.84 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 275,501 shares of company stock worth $75,853,687. 38.55% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on TEAM. Mizuho lifted their price objective on shares of Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a research note on Friday, January 31st. StockNews.com raised shares of Atlassian from a “hold” rating to a “buy” rating in a research note on Friday, February 21st. Robert W. Baird lifted their price objective on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Scotiabank lifted their price objective on shares of Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a research note on Friday, January 31st. Finally, UBS Group raised their target price on shares of Atlassian from $275.00 to $330.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Eight analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $319.71.

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.