Hardman Johnston Global Advisors LLC Trims Position in Atlassian Co. (NASDAQ:TEAM)

Hardman Johnston Global Advisors LLC lowered its position in Atlassian Co. (NASDAQ:TEAM) by 3.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 523,928 shares of the technology company’s stock after selling 20,923 shares during the period. Atlassian comprises 3.3% of Hardman Johnston Global Advisors LLC’s holdings, making the stock its 7th largest position. Hardman Johnston Global Advisors LLC owned 0.20% of Atlassian worth $83,205,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in TEAM. Asset Dedication LLC boosted its stake in Atlassian by 229.8% in the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after purchasing an additional 108 shares during the period. Trust Co. of Vermont raised its holdings in shares of Atlassian by 2,175.0% in the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after purchasing an additional 174 shares during the last quarter. Rothschild Investment LLC bought a new stake in shares of Atlassian in the second quarter worth $36,000. Edmond DE Rothschild Holding S.A. acquired a new stake in Atlassian in the 1st quarter valued at $40,000. Finally, Crewe Advisors LLC acquired a new position in shares of Atlassian during the 1st quarter worth about $43,000. Institutional investors and hedge funds own 93.03% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the company. JMP Securities raised Atlassian to a “hold” rating in a research report on Friday, August 2nd. Morgan Stanley lifted their price objective on shares of Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. KeyCorp upgraded Atlassian from a “sector weight” rating to an “overweight” rating and set a $260.00 price target for the company in a report on Friday, November 1st. Truist Financial upped their price objective on Atlassian from $160.00 to $200.00 and gave the company a “hold” rating in a research note on Friday, November 1st. Finally, Wells Fargo & Company increased their price target on Atlassian from $250.00 to $300.00 and gave the company an “overweight” rating in a research note on Friday, November 1st. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $243.16.

Atlassian Price Performance

NASDAQ:TEAM opened at $221.58 on Wednesday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $258.69. The stock has a fifty day moving average price of $175.52 and a 200-day moving average price of $171.52.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the business posted ($0.07) EPS. The firm’s revenue for the quarter was up 21.5% on a year-over-year basis. As a group, research analysts forecast that Atlassian Co. will post -0.58 earnings per share for the current year.

Insider Activity

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $141.23, for a total value of $1,122,496.04. Following the completion of the transaction, the chief executive officer now owns 278,180 shares of the company’s stock, valued at approximately $39,287,361.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $141.23, for a total value of $1,122,496.04. Following the completion of the transaction, the chief executive officer now directly owns 278,180 shares in the company, valued at approximately $39,287,361.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $163.11, for a total value of $123,963.60. Following the sale, the president now owns 143,966 shares in the company, valued at approximately $23,482,294.26. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 237,269 shares of company stock worth $42,006,228. Insiders own 38.55% of the company’s stock.

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.