Connable Office Inc. Cuts Stock Holdings in Atlassian Co. (NASDAQ:TEAM)

Connable Office Inc. trimmed its holdings in shares of Atlassian Co. (NASDAQ:TEAM) by 40.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 4,307 shares of the technology company’s stock after selling 2,891 shares during the quarter. Connable Office Inc.’s holdings in Atlassian were worth $684,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of TEAM. Asset Dedication LLC lifted its position in shares of Atlassian by 229.8% during the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after buying an additional 108 shares during the last quarter. Trust Co. of Vermont lifted its position in Atlassian by 2,175.0% during the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after acquiring an additional 174 shares during the last quarter. Rothschild Investment LLC acquired a new stake in Atlassian in the second quarter valued at approximately $36,000. GAMMA Investing LLC grew its holdings in Atlassian by 68.6% in the third 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 last quarter. Finally, Crewe Advisors LLC acquired a new position in shares of Atlassian during the first quarter worth $43,000. Institutional investors own 93.03% of the company’s stock.

Insider Activity at Atlassian

In other news, President Anutthara Bharadwaj sold 760 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $163.11, for a total transaction of $123,963.60. Following the completion of the sale, the president now owns 143,966 shares in the company, valued at $23,482,294.26. This trade represents a 0.53 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Scott Farquhar sold 7,948 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $164.81, for a total value of $1,309,909.88. Following the completion of the transaction, the chief executive officer now owns 182,804 shares in the company, valued at $30,127,927.24. This represents a 4.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 246,248 shares of company stock valued at $45,553,294. 38.55% of the stock is currently owned by insiders.

Atlassian Stock Down 1.1 %

Atlassian stock opened at $249.99 on Friday. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $258.69. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. The business’s 50-day moving average price is $184.61 and its 200 day moving average price is $173.61.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the business posted ($0.07) earnings per share. Atlassian’s quarterly revenue was up 21.5% on a year-over-year basis. Sell-side analysts predict that Atlassian Co. will post -0.56 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on TEAM shares. Canaccord Genuity Group upped their target price on Atlassian from $225.00 to $255.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Wells Fargo & Company upped their price objective on shares of Atlassian from $250.00 to $300.00 and gave the company an “overweight” rating in a report on Friday, November 1st. Truist Financial lifted their target price on shares of Atlassian from $160.00 to $200.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. Robert W. Baird upped their price target on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Finally, KeyCorp upgraded shares of Atlassian from a “sector weight” rating to an “overweight” rating and set a $260.00 price objective for the company in a research note on Friday, November 1st. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Atlassian currently has a consensus rating of “Moderate Buy” and a consensus price target of $244.21.

Atlassian Company 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.