Louisiana State Employees Retirement System Reduces Position in Atlassian Co. (NASDAQ:TEAM)

Louisiana State Employees Retirement System lessened its position in shares of Atlassian Co. (NASDAQ:TEAM) by 3.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,800 shares of the technology company’s stock after selling 400 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Atlassian were worth $2,872,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. True Wealth Design LLC grew its stake in shares of Atlassian by 23,100.0% in the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after purchasing an additional 231 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after purchasing an additional 96 shares during the last quarter. Reston Wealth Management LLC purchased a new position in shares of Atlassian in the 3rd quarter valued at approximately $48,000. Brown Brothers Harriman & Co. grew its stake in shares of Atlassian by 23.2% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock valued at $69,000 after purchasing an additional 82 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new position in shares of Atlassian in the 4th quarter valued at approximately $119,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on TEAM shares. Canaccord Genuity Group lifted their target price on Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Barclays raised their price target on Atlassian from $275.00 to $350.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Jefferies Financial Group raised their price target on Atlassian from $300.00 to $325.00 and gave the company a “buy” rating in a report on Friday, January 24th. Piper Sandler raised their price target on Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, BMO Capital Markets raised Atlassian from a “market perform” rating to an “outperform” rating and raised their price target for the company from $255.00 to $292.00 in a report on Friday, January 10th. Nine investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $319.71.

Atlassian Stock Performance

NASDAQ TEAM opened at $316.00 on Friday. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The stock has a market cap of $82.79 billion, a price-to-earnings ratio of -235.82 and a beta of 0.87. The business has a fifty day moving average of $268.61 and a 200-day moving average of $216.16. 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 released 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 return on equity of 17.37% and a negative net margin of 7.22%. As a group, analysts predict that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $315.74, for a total value of $2,509,501.52. Following the completion of the sale, the chief executive officer now owns 254,336 shares of the company’s stock, valued at $80,304,048.64. The trade was a 3.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Heather Mirjahangir Fernandez sold 3,000 shares of Atlassian stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $275.00, for a total value of $825,000.00. Following the completion of the sale, the director now directly owns 5,610 shares of the company’s stock, valued at approximately $1,542,750. This represents a 34.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 272,601 shares of company stock valued at $72,961,244 over the last three months. 38.55% of the stock is currently owned by insiders.

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.