Citigroup Inc. Sells 57,507 Shares of Atlassian Co. (NASDAQ:TEAM)

Citigroup Inc. lowered its holdings in Atlassian Co. (NASDAQ:TEAM) by 20.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 217,508 shares of the technology company’s stock after selling 57,507 shares during the quarter. Citigroup Inc. owned 0.08% of Atlassian worth $34,542,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Asset Dedication LLC lifted its holdings in shares of Atlassian by 229.8% during the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after acquiring an additional 108 shares during the period. Trust Co. of Vermont boosted its position in Atlassian by 2,175.0% in the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after buying an additional 174 shares in the last quarter. Rothschild Investment LLC bought a new stake in Atlassian during the second quarter worth about $36,000. GAMMA Investing LLC increased its holdings in shares of Atlassian by 68.6% during the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after buying an additional 96 shares in the last quarter. Finally, Reston Wealth Management LLC bought a new position in shares of Atlassian in the third quarter valued at approximately $48,000. Institutional investors and hedge funds own 93.03% of the company’s stock.

Atlassian Stock Performance

Shares of NASDAQ:TEAM opened at $261.00 on Tuesday. The firm’s 50 day simple moving average is $196.47 and its 200 day simple moving average is $176.97. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $269.40. The company has a market capitalization of $67.97 billion, a price-to-earnings ratio of -171.71 and a beta of 0.71. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period last year, the business posted ($0.07) earnings per share. The business’s revenue for the quarter was up 21.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Atlassian Co. will post -0.56 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on TEAM shares. Morgan Stanley raised their price target on Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Scotiabank raised their target price on Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a research note on Friday, November 1st. JMP Securities upgraded shares of Atlassian to a “hold” rating in a research report on Friday, August 2nd. Piper Sandler raised their price objective on shares of Atlassian from $225.00 to $265.00 and gave the company an “overweight” rating in a research report on Friday, November 1st. Finally, UBS Group upped their target price on shares of Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $244.21.

Insider Buying and Selling at Atlassian

In other Atlassian news, CAO Gene Liu sold 165 shares of Atlassian stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $245.84, for a total value of $40,563.60. Following the transaction, the chief accounting officer now owns 56,423 shares of the company’s stock, valued at approximately $13,871,030.32. The trade was a 0.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Scott Farquhar sold 7,948 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $244.81, for a total transaction of $1,945,749.88. Following the sale, the director now directly owns 214,596 shares of the company’s stock, valued at $52,535,246.76. This represents a 3.57 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 249,746 shares of company stock valued at $47,702,864. Company insiders own 38.55% of the company’s stock.

Atlassian 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.