New York State Common Retirement Fund Decreases Position in Atlassian Co. (NASDAQ:TEAM)

New York State Common Retirement Fund cut its position in Atlassian Co. (NASDAQ:TEAM) by 1.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 266,657 shares of the technology company’s stock after selling 2,953 shares during the period. New York State Common Retirement Fund’s holdings in Atlassian were worth $64,899,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Virtu Financial LLC purchased a new position in shares of Atlassian during the third quarter valued at approximately $606,000. Sequoia Financial Advisors LLC raised its holdings in shares of Atlassian by 37.0% during the third quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock valued at $306,000 after purchasing an additional 520 shares during the last quarter. Fulton Bank N.A. purchased a new position in shares of Atlassian during the fourth quarter valued at approximately $447,000. Paloma Partners Management Co purchased a new position in shares of Atlassian during the third quarter valued at approximately $1,588,000. Finally, Impax Asset Management Group plc raised its holdings in shares of Atlassian by 590.6% during the third quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock valued at $5,940,000 after purchasing an additional 31,986 shares during the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Atlassian news, Director Heather Mirjahangir Fernandez sold 3,000 shares of Atlassian stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $275.00, for a total value of $825,000.00. Following the completion of the transaction, the director now directly owns 5,610 shares of the company’s stock, valued at $1,542,750. This trade represents a 34.84 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Monday, January 13th. The stock was sold at an average price of $236.89, for a total transaction of $1,882,801.72. Following the completion of the transaction, the chief executive officer now directly owns 421,244 shares of the company’s stock, valued at $99,788,491.16. The trade was a 1.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 273,778 shares of company stock worth $74,688,580. 38.55% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on TEAM. Scotiabank boosted their price objective on shares of Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a report on Friday, January 31st. Piper Sandler upped their target price on shares of Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Mizuho upped their target price on shares of Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a report on Friday, January 31st. Cantor Fitzgerald upped their target price on shares of Atlassian from $264.00 to $304.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Finally, StockNews.com cut shares of Atlassian from a “buy” rating to a “hold” rating in a report on Thursday, February 13th. Nine equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $319.71.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $303.72 on Thursday. 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 fifty day moving average price of $272.45 and a 200 day moving average price of $221.16. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The firm has a market cap of $79.57 billion, a price-to-earnings ratio of -226.66 and a beta of 0.87.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates 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 expect that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Atlassian 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.