Headlands Technologies LLC Trims Stake in Atlassian Co. (NASDAQ:TEAM)

Headlands Technologies LLC decreased its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 38.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 28,969 shares of the technology company’s stock after selling 18,054 shares during the period. Atlassian accounts for 0.7% of Headlands Technologies LLC’s investment portfolio, making the stock its 21st biggest position. Headlands Technologies LLC’s holdings in Atlassian were worth $7,050,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in TEAM. Corebridge Financial Inc. boosted its position in Atlassian by 0.3% during the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company’s stock worth $2,555,000 after acquiring an additional 35 shares during the last quarter. Assetmark Inc. lifted its stake in shares of Atlassian by 30.6% during the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock worth $43,000 after purchasing an additional 41 shares during the period. Allworth Financial LP lifted its stake in shares of 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 during the period. GAMMA Investing LLC boosted its holdings in shares of Atlassian by 22.9% during the fourth quarter. GAMMA Investing LLC now owns 290 shares of the technology company’s stock worth $71,000 after purchasing an additional 54 shares during the last quarter. Finally, Venturi Wealth Management LLC increased its stake in Atlassian by 4.0% in the fourth quarter. Venturi Wealth Management LLC now owns 1,467 shares of the technology company’s stock valued at $357,000 after purchasing an additional 56 shares during the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Atlassian news, CAO Gene Liu sold 779 shares of the firm’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 transaction, the chief accounting officer now owns 52,710 shares of the company’s stock, valued at $16,867,727.10. This trade represents a 1.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $322.31, for a total value of $2,561,719.88. Following the transaction, the chief executive officer now directly owns 270,232 shares of the company’s stock, valued at $87,098,475.92. This trade represents a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 263,033 shares of company stock valued at $70,403,022 in the last quarter. Insiders own 38.55% of the company’s stock.

Atlassian Trading Down 2.7 %

TEAM opened at $212.21 on Tuesday. Atlassian Co. has a 12-month low of $135.29 and a 12-month high of $326.00. 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 stock has a market capitalization of $55.60 billion, a PE ratio of -158.36 and a beta of 0.91. The firm’s fifty day moving average price is $268.47 and its 200 day moving average price is $239.44.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. As a group, research analysts expect that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Stephens initiated coverage on Atlassian in a research note on Wednesday, March 19th. They issued an “equal weight” rating and a $255.00 price target on the stock. Raymond James restated an “outperform” rating and issued a $330.00 target price (up from $250.00) on shares of Atlassian in a report on Friday, January 31st. Morgan Stanley upped their price target on shares of Atlassian from $315.00 to $370.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. The Goldman Sachs Group lifted their price target on shares of Atlassian from $245.00 to $370.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Finally, BMO Capital Markets upgraded Atlassian from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $255.00 to $292.00 in a report on Friday, January 10th. Ten equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Atlassian currently has a consensus rating of “Moderate Buy” and an average price target of $314.73.

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.