abrdn plc Sells 9,241 Shares of Atlassian Co. (NASDAQ:TEAM)

abrdn plc reduced its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 16.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 45,748 shares of the technology company’s stock after selling 9,241 shares during the quarter. abrdn plc’s holdings in Atlassian were worth $11,134,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of TEAM. Osborne Partners Capital Management LLC acquired a new stake in Atlassian in the fourth quarter worth $292,000. SYM FINANCIAL Corp bought a new stake in shares of Atlassian in the 4th quarter valued at $230,000. Q3 Asset Management acquired a new stake in Atlassian during the 4th quarter worth $536,000. Tokio Marine Asset Management Co. Ltd. lifted its holdings in Atlassian by 5.9% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,123 shares of the technology company’s stock worth $1,247,000 after acquiring an additional 287 shares in the last quarter. Finally, Western Financial Corp CA acquired a new position in Atlassian in the fourth quarter valued at about $537,000. 94.45% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on TEAM shares. JMP Securities reaffirmed a “market perform” rating on shares of Atlassian in a research report on Friday, January 31st. Oppenheimer raised their target price on shares of Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. KeyCorp upped their price target on shares of Atlassian from $315.00 to $365.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Canaccord Genuity Group raised their price objective on shares of Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, Citigroup upped their target price 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. Eight investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $319.71.

Insider Transactions at Atlassian

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $315.69, for a total transaction of $2,509,104.12. Following the completion of the sale, the director now directly owns 278,180 shares in the company, valued at $87,818,644.20. This trade represents a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 15,896 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $243.55, for a total value of $3,871,470.80. Following the completion of the transaction, the chief executive officer now directly owns 429,192 shares in the company, valued at $104,529,711.60. The trade was a 3.57 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 265,438 shares of company stock worth $70,024,411. 38.55% of the stock is owned by insiders.

Atlassian Price Performance

NASDAQ:TEAM opened at $314.28 on Friday. Atlassian Co. has a 12-month low of $135.29 and a 12-month high of $324.37. The firm has a market capitalization of $81.85 billion, a price-to-earnings ratio of -234.54 and a beta of 0.87. The stock’s 50 day moving average price is $264.90 and its two-hundred day moving average price is $211.90. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96.

Atlassian (NASDAQ:TEAM) last posted its quarterly 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 net margin of 7.22% and a negative return on equity of 18.00%. On average, analysts anticipate that Atlassian Co. will post -0.55 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.