Plato Investment Management Ltd Trims Stock Holdings in Atlassian Co. (NASDAQ:TEAM)

Plato Investment Management Ltd lowered its holdings in Atlassian Co. (NASDAQ:TEAM) by 29.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,491 shares of the technology company’s stock after selling 2,343 shares during the period. Plato Investment Management Ltd’s holdings in Atlassian were worth $1,341,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. SBI Securities Co. Ltd. purchased a new position in Atlassian in the fourth quarter valued at about $842,000. Jones Financial Companies Lllp boosted its holdings in Atlassian by 51.5% in the fourth quarter. Jones Financial Companies Lllp now owns 1,227 shares of the technology company’s stock valued at $299,000 after purchasing an additional 417 shares during the last quarter. Bailard Inc. boosted its holdings in Atlassian by 347.2% in the fourth quarter. Bailard Inc. now owns 16,269 shares of the technology company’s stock valued at $3,960,000 after purchasing an additional 12,631 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in Atlassian by 52.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 642 shares of the technology company’s stock valued at $159,000 after purchasing an additional 222 shares during the last quarter. Finally, SVB Wealth LLC bought a new position in Atlassian during the 4th quarter worth approximately $490,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Price Performance

TEAM opened at $274.22 on Tuesday. The stock has a market cap of $71.85 billion, a price-to-earnings ratio of -204.64 and a beta of 0.87. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $326.00. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The stock has a fifty day moving average price of $275.70 and a 200 day moving average price of $229.79.

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

Analysts Set New Price Targets

TEAM has been the topic of a number of research analyst reports. Wells Fargo & Company increased their target price on Atlassian from $350.00 to $375.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Canaccord Genuity Group increased their target price on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Piper Sandler increased their target price on Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Mizuho increased their target price on Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. Finally, Barclays increased their target price on Atlassian from $275.00 to $350.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Eight research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, Atlassian currently has a consensus rating of “Moderate Buy” and an average target price of $319.71.

Insider Buying and Selling at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Monday, February 10th. The stock was 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 in the company, valued at approximately $87,098,475.92. The trade was a 2.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Gene Liu sold 779 shares of Atlassian stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $320.01, for a total value of $249,287.79. Following the completion of the transaction, the chief accounting officer now owns 52,710 shares in the company, 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. Insiders have sold a total of 275,501 shares of company stock worth $75,954,229 over the last three months. Corporate insiders own 38.55% of the company’s stock.

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.