Glynn Capital Management LLC Trims Stock Holdings in Atlassian Co. (NASDAQ:TEAM)

Glynn Capital Management LLC cut its stake in Atlassian Co. (NASDAQ:TEAM) by 7.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 150,829 shares of the technology company’s stock after selling 12,070 shares during the quarter. Atlassian accounts for 8.7% of Glynn Capital Management LLC’s holdings, making the stock its 2nd biggest position. Glynn Capital Management LLC’s holdings in Atlassian were worth $36,709,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Principal Financial Group Inc. raised its holdings in Atlassian by 61.4% in the third quarter. Principal Financial Group Inc. now owns 10,770 shares of the technology company’s stock worth $1,710,000 after purchasing an additional 4,099 shares during the period. Oppenheimer & Co. Inc. raised its stake in Atlassian by 24.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 1,771 shares of the technology company’s stock worth $281,000 after buying an additional 347 shares during the period. Thrivent Financial for Lutherans lifted its holdings in Atlassian by 168.1% during the third quarter. Thrivent Financial for Lutherans now owns 10,270 shares of the technology company’s stock worth $1,631,000 after acquiring an additional 6,440 shares in the last quarter. Swiss National Bank grew its stake in Atlassian by 1.5% in the third quarter. Swiss National Bank now owns 472,867 shares of the technology company’s stock valued at $75,096,000 after acquiring an additional 6,900 shares during the period. Finally, Quest Partners LLC increased its holdings in shares of Atlassian by 18.3% in the third quarter. Quest Partners LLC now owns 2,135 shares of the technology company’s stock worth $339,000 after acquiring an additional 330 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Joseph Leo Binz sold 2,587 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $312.09, for a total transaction of $807,376.83. Following the completion of the sale, the chief financial officer now owns 169,342 shares in the company, valued at approximately $52,849,944.78. This trade represents a 1.50 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’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 approximately $87,098,475.92. This trade represents a 2.86 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 256,605 shares of company stock valued at $69,903,340. 38.55% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on TEAM. UBS Group lifted their price objective on Atlassian from $275.00 to $330.00 and gave the company a “neutral” rating in a report on Friday, January 31st. JMP Securities reaffirmed a “market perform” rating on shares of Atlassian in a research note on Friday, January 31st. KeyCorp increased their price objective on shares of Atlassian from $315.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Cantor Fitzgerald boosted their price objective on shares of Atlassian from $264.00 to $304.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. Finally, Piper Sandler increased their target price on Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Eight equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and a consensus price target of $319.71.

Atlassian Stock Performance

Shares of TEAM opened at $219.45 on Wednesday. The company has a market cap of $57.50 billion, a PE ratio of -163.77 and a beta of 0.91. The firm has a 50-day moving average of $272.20 and a 200-day moving average of $235.46. 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 current ratio of 1.24 and a quick ratio of 1.24.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS 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, equities analysts forecast that Atlassian Co. will post -0.34 earnings per share 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.