Flagship Harbor Advisors LLC Trims Holdings in Atlassian Co. (NASDAQ:TEAM)

Flagship Harbor Advisors LLC cut its stake in Atlassian Co. (NASDAQ:TEAM) by 5.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,716 shares of the technology company’s stock after selling 93 shares during the period. Flagship Harbor Advisors LLC’s holdings in Atlassian were worth $418,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in TEAM. Dimensional Fund Advisors LP grew its stake in Atlassian by 4.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 150,393 shares of the technology company’s stock worth $26,597,000 after acquiring an additional 5,878 shares in the last quarter. Thrivent Financial for Lutherans bought a new position in Atlassian in the second quarter worth approximately $677,000. AXA S.A. increased its holdings in Atlassian by 6.5% during the 2nd quarter. AXA S.A. now owns 13,702 shares of the technology company’s stock worth $2,424,000 after purchasing an additional 841 shares during the period. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Atlassian in the 2nd quarter worth $407,000. Finally, Quarry LP grew its position in shares of Atlassian by 143.8% during the 2nd quarter. Quarry LP now owns 373 shares of the technology company’s stock worth $66,000 after buying an additional 220 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors.

Insider Transactions at Atlassian

In related news, CEO Michael Cannon-Brookes sold 15,896 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $243.55, for a total transaction of $3,871,470.80. Following the sale, the chief executive officer now directly owns 429,192 shares of the company’s stock, valued at $104,529,711.60. This trade represents a 3.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $219.07, for a total value of $1,741,168.36. Following the transaction, the director now owns 309,972 shares of the company’s stock, valued at approximately $67,905,566.04. This represents a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 264,240 shares of company stock worth $66,529,872 over the last 90 days. 38.55% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Scotiabank upped their price objective on shares of Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a research note on Friday, November 1st. Piper Sandler increased their price objective on shares of Atlassian from $265.00 to $310.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Citigroup boosted their price objective on shares of Atlassian from $255.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Robert W. Baird increased their target price on Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Finally, Canaccord Genuity Group boosted their price target on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Nine analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, Atlassian currently has a consensus rating of “Moderate Buy” and an average target price of $273.19.

Atlassian Stock Performance

Shares of TEAM opened at $274.71 on Wednesday. The stock has a 50-day moving average of $258.81 and a two-hundred day moving average of $206.31. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. The stock has a market cap of $71.54 billion, a P/E ratio of -180.73 and a beta of 0.83. Atlassian Co. has a one year low of $135.29 and a one year high of $287.97.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the firm earned ($0.07) earnings per share. Atlassian’s revenue for the quarter was up 21.5% on a year-over-year basis. As a group, research analysts predict that Atlassian Co. will post -0.55 EPS for the current year.

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.