Goldman Sachs Group Inc. Trims Holdings in Atlassian Co. (NASDAQ:TEAM)

Goldman Sachs Group Inc. cut its holdings in Atlassian Co. (NASDAQ:TEAM) by 16.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 513,904 shares of the technology company’s stock after selling 100,326 shares during the quarter. Goldman Sachs Group Inc.’s holdings in Atlassian were worth $122,237,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Arkadios Wealth Advisors bought a new position in Atlassian in the 4th quarter worth about $202,000. American Century Companies Inc. boosted its stake in Atlassian by 58.7% in the 3rd quarter. American Century Companies Inc. now owns 430,112 shares of the technology company’s stock worth $86,672,000 after purchasing an additional 159,102 shares in the last quarter. International Assets Investment Management LLC bought a new position in Atlassian in the 4th quarter worth about $13,805,000. Royal Bank of Canada boosted its stake in Atlassian by 17.3% in the 3rd quarter. Royal Bank of Canada now owns 381,430 shares of the technology company’s stock worth $76,862,000 after purchasing an additional 56,149 shares in the last quarter. Finally, Alberta Investment Management Corp boosted its stake in Atlassian by 16.1% in the 4th quarter. Alberta Investment Management Corp now owns 96,211 shares of the technology company’s stock worth $22,885,000 after purchasing an additional 13,328 shares in the last quarter. 93.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Atlassian

In related news, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction on Friday, April 12th. The shares were sold at an average price of $207.36, for a total value of $1,708,853.76. Following the completion of the transaction, the chief executive officer now directly owns 432,378 shares of the company’s stock, valued at $89,657,902.08. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $163.54, for a total transaction of $1,299,815.92. Following the transaction, the chief executive officer now owns 87,428 shares in the company, valued at $14,297,975.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction on Friday, April 12th. The shares were sold at an average price of $207.36, for a total value of $1,708,853.76. Following the transaction, the chief executive officer now owns 432,378 shares in the company, valued at approximately $89,657,902.08. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 281,145 shares of company stock valued at $51,858,231. 40.48% of the stock is owned by corporate insiders.

Atlassian Price Performance

TEAM traded up $4.07 during trading on Friday, reaching $160.09. 1,444,094 shares of the company traded hands, compared to its average volume of 1,837,244. The firm has a fifty day simple moving average of $179.40 and a 200 day simple moving average of $203.52. Atlassian Co. has a 12-month low of $154.02 and a 12-month high of $258.69. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.18 and a current ratio of 1.18. The company has a market cap of $41.67 billion, a P/E ratio of -254.11 and a beta of 0.73.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, April 25th. The technology company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.27. Atlassian had a negative net margin of 3.90% and a negative return on equity of 13.95%. The firm had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same period last year, the firm posted ($0.40) earnings per share. Atlassian’s revenue for the quarter was up 29.9% compared to the same quarter last year. On average, equities analysts forecast that Atlassian Co. will post -0.23 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on TEAM shares. Mizuho dropped their price target on shares of Atlassian from $240.00 to $225.00 and set a “buy” rating on the stock in a research note on Friday, April 26th. Truist Financial lowered their target price on shares of Atlassian from $220.00 to $200.00 and set a “hold” rating on the stock in a research note on Friday, April 26th. TD Cowen lowered their target price on shares of Atlassian from $220.00 to $210.00 and set a “hold” rating on the stock in a research note on Friday, April 26th. Canaccord Genuity Group lowered their target price on shares of Atlassian from $260.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, April 26th. Finally, Robert W. Baird lowered their price objective on shares of Atlassian from $270.00 to $230.00 and set an “outperform” rating on the stock in a research note on Friday, April 26th. Ten investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $223.22.

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.