Clearbridge Investments LLC Sells 14,384 Shares of Atlassian Co. (NASDAQ:TEAM)

Clearbridge Investments LLC trimmed its stake in Atlassian Co. (NASDAQ:TEAM) by 0.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,056,544 shares of the technology company’s stock after selling 14,384 shares during the period. Clearbridge Investments LLC owned 0.79% of Atlassian worth $363,762,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in TEAM. Vanguard Group Inc. increased its position in Atlassian by 3.4% during the 4th quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company’s stock valued at $3,652,495,000 after buying an additional 504,181 shares in the last quarter. Diversified Trust Co increased its position in Atlassian by 27.6% during the 1st quarter. Diversified Trust Co now owns 14,036 shares of the technology company’s stock valued at $2,739,000 after buying an additional 3,035 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Atlassian by 7.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,087 shares of the technology company’s stock valued at $27,723,000 after buying an additional 10,434 shares in the last quarter. State Board of Administration of Florida Retirement System increased its position in Atlassian by 2.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 175,350 shares of the technology company’s stock valued at $34,213,000 after buying an additional 3,687 shares in the last quarter. Finally, Alta Park Capital LP increased its position in Atlassian by 66.7% during the 4th quarter. Alta Park Capital LP now owns 69,700 shares of the technology company’s stock valued at $16,579,000 after buying an additional 27,900 shares in the last quarter. 93.03% of the stock is owned by institutional investors.

Insider Transactions at Atlassian

In other news, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $175.00, for a total value of $133,000.00. Following the sale, the president now directly owns 152,534 shares of the company’s stock, valued at $26,693,450. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $186.48, for a total transaction of $1,482,143.04. Following the transaction, the chief executive officer now owns 476,880 shares in the company, valued at $88,928,582.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $175.00, for a total value of $133,000.00. Following the transaction, the president now owns 152,534 shares in the company, valued at approximately $26,693,450. The disclosure for this sale can be found here. Insiders have sold 232,211 shares of company stock valued at $38,706,904 over the last ninety days. Insiders own 40.48% of the company’s stock.

Atlassian Stock Performance

Shares of TEAM stock opened at $158.81 on Tuesday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. The business’s 50 day moving average is $160.31 and its two-hundred day moving average is $173.53. The company has a market capitalization of $41.30 billion, a P/E ratio of -252.08 and a beta of 0.73. Atlassian Co. has a 12-month low of $135.29 and a 12-month high of $258.69.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.13 billion. Atlassian had a negative return on equity of 17.69% and a negative net margin of 6.89%. The business’s revenue was up 20.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.21) earnings per share. Analysts expect that Atlassian Co. will post -0.58 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Scotiabank reduced their target price on Atlassian from $210.00 to $175.00 and set a “sector perform” rating on the stock in a research report on Friday, August 2nd. Robert W. Baird lowered Atlassian from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $230.00 to $175.00 in a report on Friday, August 2nd. BMO Capital Markets cut their price objective on Atlassian from $220.00 to $177.00 and set a “market perform” rating on the stock in a report on Friday, August 2nd. Piper Sandler raised Atlassian from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $200.00 to $225.00 in a report on Tuesday, July 2nd. Finally, Morgan Stanley cut their price objective on Atlassian from $245.00 to $225.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. Ten investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and a consensus price target of $216.65.

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.