Connable Office Inc. Has $1.03 Million Stock Holdings in Atlassian Co. (NASDAQ:TEAM)

Connable Office Inc. trimmed its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 2.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,220 shares of the technology company’s stock after selling 87 shares during the quarter. Connable Office Inc.’s holdings in Atlassian were worth $1,027,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Virtu Financial LLC acquired a new position in Atlassian during the 3rd quarter worth approximately $606,000. Fulton Bank N.A. acquired a new position in Atlassian during the 4th quarter worth approximately $447,000. Paloma Partners Management Co acquired a new position in Atlassian during the 3rd quarter worth approximately $1,588,000. Allworth Financial LP increased its position in Atlassian by 3.1% during the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock worth $404,000 after purchasing an additional 47 shares in the last quarter. Finally, Impax Asset Management Group plc increased its position in Atlassian by 590.6% in the 3rd quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock valued at $5,940,000 after acquiring an additional 31,986 shares during the period. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TEAM. The Goldman Sachs Group upped their price target on shares of Atlassian from $245.00 to $370.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Raymond James restated an “outperform” rating and issued a $330.00 price target (up from $250.00) on shares of Atlassian in a research report on Friday, January 31st. Mizuho upped their price target on shares of Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a research report on Friday, January 31st. UBS Group upped their price target on shares of Atlassian from $275.00 to $330.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. Finally, BMO Capital Markets upgraded shares of Atlassian from a “market perform” rating to an “outperform” rating and upped their price target for the company from $255.00 to $292.00 in a research report on Friday, January 10th. Eight research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $319.71.

Atlassian Stock Performance

TEAM opened at $284.26 on Friday. 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 company’s fifty day moving average price is $274.71 and its two-hundred day moving average price is $226.71. Atlassian Co. has a 1-year low of $135.29 and a 1-year high of $326.00. The company has a market cap of $74.48 billion, a price-to-earnings ratio of -212.13 and a beta of 0.87.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share 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%. On average, analysts expect that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Gene Liu sold 779 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $320.01, for a total value of $249,287.79. Following the completion of the sale, the chief accounting officer now owns 52,710 shares in the company, valued at $16,867,727.10. This represents a 1.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Anutthara Bharadwaj sold 1,520 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $254.76, for a total transaction of $387,235.20. Following the completion of the sale, the president now owns 211,991 shares of the company’s stock, valued at approximately $54,006,827.16. This represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 275,501 shares of company stock worth $75,853,687. Insiders own 38.55% of the company’s stock.

Atlassian 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.