Covenant Partners LLC Sells 3,167 Shares of Atlassian Co. (NASDAQ:TEAM)

Covenant Partners LLC reduced its position in shares of Atlassian Co. (NASDAQ:TEAM) by 71.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,275 shares of the technology company’s stock after selling 3,167 shares during the period. Covenant Partners LLC’s holdings in Atlassian were worth $202,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TEAM. Founders Financial Securities LLC grew its holdings in shares of Atlassian by 14.3% in the first quarter. Founders Financial Securities LLC now owns 2,099 shares of the technology company’s stock valued at $410,000 after acquiring an additional 263 shares in the last quarter. Diversified Trust Co increased its position in shares of Atlassian by 27.6% during the 1st quarter. Diversified Trust Co now owns 14,036 shares of the technology company’s stock valued at $2,739,000 after purchasing an additional 3,035 shares during the last quarter. Oak Thistle LLC bought a new stake in shares of Atlassian during the 1st quarter worth $254,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Atlassian by 123.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 61,856 shares of the technology company’s stock worth $12,069,000 after buying an additional 34,204 shares during the last quarter. Finally, Valley National Advisers Inc. raised its position in Atlassian by 54.7% in the first quarter. Valley National Advisers Inc. now owns 896 shares of the technology company’s stock worth $174,000 after acquiring an additional 317 shares during the period. 93.03% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Price Performance

Shares of TEAM stock traded down $0.62 during trading on Friday, hitting $188.73. The company had a trading volume of 1,585,653 shares, compared to its average volume of 1,779,422. The stock’s 50-day moving average is $169.41 and its two-hundred day moving average is $171.72. The stock has a market capitalization of $49.13 billion, a price-to-earnings ratio of -299.57 and a beta of 0.73. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $258.69.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. The business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The business’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.21) EPS. As a group, analysts predict that Atlassian Co. will post -0.58 EPS for the current fiscal year.

Insider Activity at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $193.70, for a total transaction of $1,539,527.60. Following the completion of the sale, the chief executive officer now owns 429,192 shares of the company’s stock, valued at $83,134,490.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CTO Rajeev Bashyam Rajan sold 5,172 shares of the company’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $190.00, for a total value of $982,680.00. Following the completion of the sale, the chief technology officer now owns 204,109 shares of the company’s stock, valued at approximately $38,780,710. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Monday, October 14th. The shares were sold at an average price of $193.70, for a total transaction of $1,539,527.60. Following the transaction, the chief executive officer now directly owns 429,192 shares in the company, valued at approximately $83,134,490.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 230,185 shares of company stock valued at $38,597,791 over the last 90 days. 40.48% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Barclays decreased their price target on shares of Atlassian from $275.00 to $250.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. Piper Sandler raised Atlassian from a “neutral” rating to an “overweight” rating and upped their price target for the company from $200.00 to $225.00 in a research report on Tuesday, July 2nd. Capital One Financial raised Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 price objective for the company in a report on Thursday, July 11th. Morgan Stanley upped their price objective on shares of Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $230.00 target price on shares of Atlassian in a research note on Monday, September 23rd. Ten analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and a consensus target price of $212.47.

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.