WCM Investment Management LLC Decreases Stock Holdings in Atlassian Co. (NASDAQ:TEAM)

WCM Investment Management LLC trimmed its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 3.3% in the 4th quarter, Holdings Channel reports. The firm owned 4,319,405 shares of the technology company’s stock after selling 146,835 shares during the period. Atlassian accounts for approximately 2.5% of WCM Investment Management LLC’s holdings, making the stock its 14th biggest position. WCM Investment Management LLC’s holdings in Atlassian were worth $1,067,325,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC increased its holdings in Atlassian by 68.6% during the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after buying an additional 96 shares during the last quarter. True Wealth Design LLC increased its holdings in Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after buying an additional 231 shares during the last quarter. Reston Wealth Management LLC purchased a new stake in Atlassian during the third quarter valued at approximately $48,000. Brown Brothers Harriman & Co. increased its holdings in Atlassian by 23.2% during the third quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock valued at $69,000 after buying an additional 82 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in Atlassian during the third quarter valued at approximately $103,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Atlassian

In other news, CAO Gene Liu sold 165 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $245.84, for a total transaction of $40,563.60. Following the completion of the sale, the chief accounting officer now owns 56,423 shares in the company, valued at approximately $13,871,030.32. The trade was a 0.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $236.89, for a total value of $1,882,801.72. Following the completion of the transaction, the chief executive officer now owns 421,244 shares of the company’s stock, valued at approximately $99,788,491.16. This represents a 1.85 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 265,438 shares of company stock valued at $70,024,411. 38.55% of the stock is owned by insiders.

Wall Street Analyst Weigh In

TEAM has been the subject of a number of recent analyst reports. Truist Financial reiterated a “buy” rating and issued a $350.00 price target (up from $300.00) 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 stock an “outperform” rating in a research report on Friday, January 31st. Piper Sandler upped their price target on shares of Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. KeyCorp upped their target price on shares of Atlassian from $315.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Finally, JMP Securities restated a “market perform” rating on shares of Atlassian in a research report on Friday, January 31st. Eight research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and an average target price of $319.71.

Atlassian Trading Down 1.5 %

Atlassian stock opened at $314.28 on Friday. Atlassian Co. has a one year low of $135.29 and a one year high of $324.37. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.18. The business has a fifty day moving average of $265.92 and a two-hundred day moving average of $212.87.

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

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.