New York State Common Retirement Fund Lowers Stake in Atlassian Co. (NASDAQ:TEAM)

New York State Common Retirement Fund lowered its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 1.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 266,657 shares of the technology company’s stock after selling 2,953 shares during the quarter. New York State Common Retirement Fund owned 0.10% of Atlassian worth $64,899,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in TEAM. Creative Planning raised its position in shares of Atlassian by 32.3% during the 3rd quarter. Creative Planning now owns 7,947 shares of the technology company’s stock valued at $1,262,000 after buying an additional 1,941 shares in the last quarter. Sequoia Financial Advisors LLC raised its position in Atlassian by 37.0% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock worth $306,000 after purchasing an additional 520 shares during the period. Signaturefd LLC raised its position in Atlassian by 4.8% in the 3rd quarter. Signaturefd LLC now owns 2,411 shares of the technology company’s stock worth $383,000 after purchasing an additional 111 shares during the period. Eastern Bank purchased a new position in Atlassian in the 3rd quarter worth $217,000. Finally, Stanley Laman Group Ltd. purchased a new position in Atlassian in the 3rd quarter worth $6,046,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Trading Down 3.7 %

Shares of TEAM opened at $303.72 on Thursday. Atlassian Co. has a 1-year low of $135.29 and a 1-year 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. The firm’s 50-day moving average price is $272.45 and its 200-day moving average price is $221.16. The firm has a market capitalization of $79.57 billion, a price-to-earnings ratio of -226.66 and a beta of 0.87.

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

Wall Street Analyst Weigh In

A number of equities analysts recently commented on TEAM shares. StockNews.com cut shares of Atlassian from a “buy” rating to a “hold” rating in a research report on Thursday, February 13th. Piper Sandler lifted their target price on shares of Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Morgan Stanley lifted their target price on shares of Atlassian from $315.00 to $370.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. KeyCorp lifted their target price on shares of Atlassian from $315.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Finally, Oppenheimer boosted their price objective on shares of Atlassian from $300.00 to $380.00 and gave the company an “outperform” rating in a research report on Friday, January 31st. Nine investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus target price of $319.71.

Insider Buying and Selling

In related news, CEO Michael Cannon-Brookes sold 15,896 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $243.55, for a total transaction of $3,871,470.80. Following the sale, the chief executive officer now owns 429,192 shares of the company’s stock, valued at $104,529,711.60. The trade was a 3.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $253.01, for a total transaction of $2,010,923.48. Following the completion of the transaction, the director now directly owns 389,452 shares of the company’s stock, valued at $98,535,250.52. This trade represents a 2.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 273,778 shares of company stock valued at $74,688,580 over the last quarter. Corporate insiders own 38.55% of the company’s stock.

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.