Motley Fool Asset Management LLC Trims Holdings in Atlassian Co. (NASDAQ:TEAM)

Motley Fool Asset Management LLC lowered its position in shares of Atlassian Co. (NASDAQ:TEAM) by 3.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 39,471 shares of the technology company’s stock after selling 1,330 shares during the period. Motley Fool Asset Management LLC’s holdings in Atlassian were worth $6,371,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Financial Advocates Investment Management boosted its holdings in Atlassian by 1.7% in the 2nd quarter. Financial Advocates Investment Management now owns 3,745 shares of the technology company’s stock worth $662,000 after buying an additional 62 shares during the period. Legacy Wealth Asset Management LLC boosted its stake in shares of Atlassian by 2.1% in the third quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company’s stock worth $544,000 after acquiring an additional 70 shares during the period. Brown Brothers Harriman & Co. grew its position in shares of Atlassian by 23.2% during the third quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock worth $69,000 after purchasing an additional 82 shares in the last quarter. Commerce Bank lifted its holdings in Atlassian by 1.8% in the 3rd quarter. Commerce Bank now owns 4,966 shares of the technology company’s stock worth $789,000 after purchasing an additional 90 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after purchasing an additional 96 shares during the period. 93.03% of the stock is currently owned by institutional investors.

Atlassian Trading Up 0.9 %

Shares of TEAM opened at $268.36 on Wednesday. Atlassian Co. has a twelve month low of $135.29 and a twelve month high of $269.40. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. The company’s fifty day simple moving average is $210.75 and its 200-day simple moving average is $181.01. The company has a market cap of $69.89 billion, a P/E ratio of -176.55 and a beta of 0.80.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the firm earned ($0.07) earnings per share. The firm’s quarterly revenue was up 21.5% compared to the same quarter last year. As a group, analysts expect that Atlassian Co. will post -0.54 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on TEAM. Robert W. Baird lifted their price objective on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Morgan Stanley lifted their price target on shares of Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a report on Friday, October 11th. BMO Capital Markets increased their price objective on shares of Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a report on Friday, November 1st. Mizuho lifted their target price on Atlassian from $200.00 to $240.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Finally, Canaccord Genuity Group increased their price target on Atlassian from $225.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $244.21.

Insider Buying and Selling

In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were 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 directly owns 143,966 shares of the company’s stock, valued at $23,482,294.26. The trade was a 0.53 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $163.82, for a total transaction of $1,302,041.36. Following the transaction, the director now directly owns 119,220 shares in the company, valued at approximately $19,530,620.40. This trade represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 265,642 shares of company stock valued at $53,473,430. Insiders own 38.55% of the company’s stock.

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.