Sciencast Management LP Decreases Stock Position in Atlassian Co. (NASDAQ:TEAM)

Sciencast Management LP lessened its position in Atlassian Co. (NASDAQ:TEAM) by 87.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,154 shares of the technology company’s stock after selling 15,329 shares during the quarter. Sciencast Management LP’s holdings in Atlassian were worth $524,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Avion Wealth lifted its position in shares of Atlassian by 1,308.3% in the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after acquiring an additional 157 shares in the last quarter. Assetmark Inc. lifted its position in Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock worth $43,000 after buying an additional 41 shares in the last quarter. Mainstream Capital Management LLC purchased a new position in Atlassian during the fourth quarter worth approximately $49,000. True Wealth Design LLC lifted its position in Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after buying an additional 231 shares in the last quarter. Finally, Kestra Investment Management LLC purchased a new position in Atlassian during the fourth quarter worth approximately $56,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Insider Transactions at Atlassian

In other news, President Anutthara Bharadwaj sold 1,520 shares of the company’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $259.85, for a total transaction of $394,972.00. Following the completion of the transaction, the president now directly owns 210,471 shares of the company’s stock, valued at approximately $54,690,889.35. This represents a 0.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Gene Liu sold 779 shares of the business’s 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 directly owns 52,710 shares of the company’s stock, valued at $16,867,727.10. The trade was a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 263,033 shares of company stock valued at $71,015,177. 38.55% of the stock is currently owned by corporate insiders.

Atlassian Trading Up 0.5 %

TEAM opened at $227.34 on Friday. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $326.00. The stock has a market capitalization of $59.56 billion, a price-to-earnings ratio of -169.66 and a beta of 0.91. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The business has a fifty day moving average price of $271.24 and a 200 day moving average price of $236.29.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data 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%. Sell-side analysts expect that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Stephens assumed coverage on Atlassian in a research report on Wednesday. They issued an “equal weight” rating and a $255.00 target price on the stock. Raymond James restated an “outperform” rating and issued a $330.00 target price (up previously from $250.00) on shares of Atlassian in a research report on Friday, January 31st. Canaccord Genuity Group lifted their target price on Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Piper Sandler lifted their target price on Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Finally, Cantor Fitzgerald lifted their target price on Atlassian from $264.00 to $304.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. Nine 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 a consensus rating of “Moderate Buy” and an average price target of $316.77.

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.