Gateway Investment Advisers LLC Decreases Stock Holdings in Atlassian Co. (NASDAQ:TEAM)

Gateway Investment Advisers LLC reduced its position in shares of Atlassian Co. (NASDAQ:TEAM) by 54.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,647 shares of the technology company’s stock after selling 5,608 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Atlassian were worth $738,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Asset Dedication LLC raised its holdings in shares of Atlassian by 229.8% during the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after acquiring an additional 108 shares in the last quarter. Hollencrest Capital Management grew its position in Atlassian by 383.9% in the 1st quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock valued at $29,000 after acquiring an additional 119 shares during the last quarter. Trust Co. of Vermont grew its position in Atlassian by 2,175.0% in the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after acquiring an additional 174 shares during the last quarter. Rothschild Investment LLC bought a new position in shares of Atlassian during the 2nd quarter worth $36,000. Finally, GAMMA Investing LLC boosted its position in Atlassian by 68.6% during the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after purchasing an additional 96 shares in the last quarter. 93.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on TEAM shares. Wells Fargo & Company decreased their price target on Atlassian from $285.00 to $250.00 and set an “overweight” rating for the company in a research note on Friday, June 21st. Capital One Financial upgraded Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 price objective on the stock in a research report on Thursday, July 11th. StockNews.com downgraded Atlassian from a “buy” rating to a “hold” rating in a report on Friday, July 12th. Baird R W cut Atlassian from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 2nd. Finally, Canaccord Genuity Group upped their price objective on Atlassian from $200.00 to $225.00 and gave the stock a “buy” rating in a research report on Thursday. Ten analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $216.29.

Atlassian Stock Performance

Shares of TEAM stock opened at $187.06 on Monday. The company has a market cap of $48.64 billion, a price-to-earnings ratio of -161.26 and a beta of 0.73. The stock has a 50 day simple moving average of $159.83 and a 200-day simple moving average of $171.85. Atlassian Co. has a 12-month low of $135.29 and a 12-month high of $258.69. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Atlassian had a negative return on equity of 17.69% and a negative net margin of 6.89%. The company’s revenue was up 20.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.21) EPS. On average, equities analysts forecast that Atlassian Co. will post -0.58 EPS for the current year.

Insider Buying and Selling

In related news, CEO Scott Farquhar sold 7,948 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $175.91, for a total value of $1,398,132.68. Following the sale, the chief executive officer now owns 397,400 shares in the company, valued at $69,906,634. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $175.91, for a total transaction of $1,398,132.68. Following the completion of the transaction, the chief executive officer now owns 397,400 shares of the company’s stock, valued at approximately $69,906,634. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Rajeev Bashyam Rajan sold 5,172 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $190.00, for a total value of $982,680.00. Following the transaction, the chief technology officer now directly owns 204,109 shares of the company’s stock, valued at $38,780,710. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 230,185 shares of company stock worth $37,974,043 in the last quarter. Company insiders own 40.48% of the company’s stock.

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.