Intech Investment Management LLC Sells 123,558 Shares of Atlassian Co. (NASDAQ:TEAM)

Intech Investment Management LLC trimmed its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 91.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,105 shares of the technology company’s stock after selling 123,558 shares during the quarter. Intech Investment Management LLC’s holdings in Atlassian were worth $2,703,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Avion Wealth raised its position in shares of Atlassian by 1,308.3% during the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after acquiring an additional 157 shares during the last quarter. Assetmark Inc. raised its position in shares of Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock worth $43,000 after acquiring an additional 41 shares during the last quarter. Mainstream Capital Management LLC bought a new position in shares of Atlassian during the fourth quarter worth about $49,000. True Wealth Design LLC raised its position in shares of Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after acquiring an additional 231 shares during the last quarter. Finally, Kestra Investment Management LLC bought a new position in shares of Atlassian during the fourth quarter worth about $56,000. 94.45% of the stock is currently owned by institutional investors.

Atlassian Stock Performance

Shares of Atlassian stock opened at $229.86 on Thursday. The business’s fifty day simple moving average is $271.91 and its 200 day simple moving average is $235.42. The firm has a market capitalization of $60.22 billion, a P/E ratio of -171.54 and a beta of 0.91. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $326.00. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. As a group, analysts anticipate that Atlassian Co. will post -0.34 EPS for the current year.

Insider Buying and Selling at Atlassian

In other Atlassian news, President Anutthara Bharadwaj sold 1,520 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $254.76, for a total value of $387,235.20. Following the sale, the president now directly owns 211,991 shares in the company, valued at $54,006,827.16. The trade was a 0.71 % 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, CAO Gene Liu sold 779 shares of the business’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $320.01, for a total value of $249,287.79. Following the completion of the sale, the chief accounting officer now owns 52,710 shares in the company, valued at approximately $16,867,727.10. The trade was a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 264,553 shares of company stock worth $71,627,261 over the last ninety days. 38.55% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on TEAM shares. Barclays raised their price objective on Atlassian from $275.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Canaccord Genuity Group raised their target price on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Stephens started coverage on Atlassian in a research note on Wednesday. They set an “equal weight” rating and a $255.00 target price for the company. Citigroup raised their target price on Atlassian from $255.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Finally, The Goldman Sachs Group raised their target price on Atlassian from $245.00 to $370.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Nine research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $316.77.

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.