Howard Bailey Securities LLC Sells 443 Shares of Atlassian Co. (NASDAQ:TEAM)

Howard Bailey Securities LLC cut its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 26.6% in the fourth quarter, HoldingsChannel reports. The fund owned 1,224 shares of the technology company’s stock after selling 443 shares during the period. Howard Bailey Securities LLC’s holdings in Atlassian were worth $298,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in shares of Atlassian by 68.6% during the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after buying an additional 96 shares in the last quarter. CWM LLC grew its holdings in Atlassian by 270.6% during the 3rd quarter. CWM LLC now owns 7,875 shares of the technology company’s stock valued at $1,251,000 after buying an additional 5,750 shares in the last quarter. Creative Planning lifted its holdings in shares of Atlassian by 32.3% in the third quarter. Creative Planning now owns 7,947 shares of the technology company’s stock worth $1,262,000 after buying an additional 1,941 shares in the last quarter. Swedbank AB boosted its position in shares of Atlassian by 4.2% during the third quarter. Swedbank AB now owns 63,535 shares of the technology company’s stock worth $10,090,000 after acquiring an additional 2,539 shares during the last quarter. Finally, Slow Capital Inc. bought a new stake in Atlassian in the 3rd quarter valued at $5,228,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Gene Liu sold 779 shares of the business’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $320.01, for a total transaction of $249,287.79. Following the transaction, the chief accounting officer now directly owns 52,710 shares in the company, valued at approximately $16,867,727.10. The trade was a 1.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $322.31, for a total transaction of $2,561,719.88. Following the completion of the transaction, the chief executive officer now owns 270,232 shares in the company, valued at $87,098,475.92. The trade was a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 264,653 shares of company stock worth $70,451,743 in the last ninety days. Company insiders own 38.55% of the company’s stock.

Atlassian Stock Up 1.1 %

Atlassian stock opened at $318.45 on Thursday. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $326.00. The firm has a market cap of $83.43 billion, a price-to-earnings ratio of -237.65 and a beta of 0.87. The business’s 50-day moving average price is $267.99 and its 200 day moving average price is $215.44. The company has a quick ratio of 1.18, a current ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share 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%. As a group, sell-side analysts anticipate that Atlassian Co. will post -0.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

TEAM has been the topic of several analyst reports. Wells Fargo & Company upped their price target on shares of Atlassian from $350.00 to $375.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Robert W. Baird upped their target price on Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Truist Financial reissued a “buy” rating and set a $350.00 price target (up from $300.00) on shares of Atlassian in a research note on Friday, January 31st. Oppenheimer boosted their price objective on Atlassian from $300.00 to $380.00 and gave the company an “outperform” rating in a report on Friday, January 31st. Finally, BMO Capital Markets raised shares of Atlassian from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $255.00 to $292.00 in a research report on Friday, January 10th. Eight research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus 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.