Cornercap Investment Counsel Inc. Sells 2,567 Shares of Atlassian Co. (NASDAQ:TEAM)

Cornercap Investment Counsel Inc. decreased its holdings in shares of Atlassian Co. (NASDAQ:TEAM) by 23.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,553 shares of the technology company’s stock after selling 2,567 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Atlassian were worth $1,358,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Concurrent Investment Advisors LLC purchased a new stake in shares of Atlassian during the 1st quarter valued at $216,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Atlassian by 25.1% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 96,296 shares of the technology company’s stock worth $18,788,000 after buying an additional 19,299 shares during the last quarter. M&G Plc purchased a new stake in Atlassian in the first quarter worth approximately $6,676,000. Intech Investment Management LLC grew its position in Atlassian by 2.7% during the first quarter. Intech Investment Management LLC now owns 8,626 shares of the technology company’s stock valued at $1,683,000 after acquiring an additional 230 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Atlassian by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 15,577,302 shares of the technology company’s stock valued at $3,039,287,000 after purchasing an additional 221,650 shares in the last quarter. 93.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TEAM has been the topic of a number of analyst reports. Morgan Stanley lifted their target price on shares of Atlassian from $216.00 to $224.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Mizuho boosted their target price on Atlassian from $200.00 to $240.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Jefferies Financial Group raised their price target on Atlassian from $280.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday. The Goldman Sachs Group upgraded Atlassian from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $200.00 to $230.00 in a research report on Friday, August 2nd. Finally, Robert W. Baird raised their target price on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and a consensus price target of $244.21.

Insider Activity

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $156.92, for a total transaction of $1,247,200.16. Following the completion of the transaction, the chief executive officer now directly owns 214,596 shares of the company’s stock, valued at approximately $33,674,404.32. The trade was a 3.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $163.11, for a total value of $123,963.60. Following the completion of the sale, the president now owns 143,966 shares in the company, valued at approximately $23,482,294.26. The trade was a 0.53 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 246,248 shares of company stock worth $45,553,294. 38.55% of the stock is currently owned by corporate insiders.

Atlassian Stock Performance

TEAM opened at $249.99 on Friday. The company’s 50-day simple moving average is $184.61 and its two-hundred day simple moving average is $173.61. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $258.69.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.13. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The company’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.07) earnings per share. On average, research analysts forecast that Atlassian Co. will post -0.56 EPS for the current year.

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.