Connable Office Inc. Cuts Position in Atlassian Co. (NASDAQ:TEAM)

Connable Office Inc. reduced its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 5.3% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,198 shares of the technology company’s stock after selling 401 shares during the period. Connable Office Inc.’s holdings in Atlassian were worth $1,273,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Norges Bank purchased a new position in Atlassian in the fourth quarter valued at about $247,740,000. Price T Rowe Associates Inc. MD raised its holdings in Atlassian by 8.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock worth $2,173,847,000 after purchasing an additional 904,138 shares during the last quarter. Manning & Napier Advisors LLC purchased a new stake in Atlassian during the second quarter worth $91,072,000. Vanguard Group Inc. grew its holdings in Atlassian by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company’s stock valued at $3,652,495,000 after purchasing an additional 504,181 shares during the last quarter. Finally, Quadrature Capital Ltd purchased a new position in shares of Atlassian in the first quarter valued at $55,307,000. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on TEAM. Baird R W cut shares of Atlassian from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 2nd. The Goldman Sachs Group raised shares of Atlassian from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $200.00 to $230.00 in a research note on Friday, August 2nd. Morgan Stanley reduced their target price on Atlassian from $245.00 to $225.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th. BMO Capital Markets dropped their price target on Atlassian from $220.00 to $177.00 and set a “market perform” rating for the company in a research report on Friday, August 2nd. Finally, Wells Fargo & Company reduced their price objective on Atlassian from $285.00 to $250.00 and set an “overweight” rating on the stock in a research report on Friday, June 21st. Ten research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $217.69.

Insider Buying and Selling

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $160.97, for a total transaction of $1,279,389.56. Following the completion of the sale, the chief executive officer now directly owns 135,116 shares in the company, valued at $21,749,622.52. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $160.97, for a total transaction of $1,279,389.56. Following the transaction, the chief executive officer now owns 135,116 shares in the company, valued at $21,749,622.52. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CTO Rajeev Bashyam Rajan sold 199 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $146.08, for a total value of $29,069.92. Following the completion of the sale, the chief technology officer now directly owns 128,957 shares of the company’s stock, valued at approximately $18,838,038.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 248,107 shares of company stock valued at $41,431,817. 40.48% of the stock is currently owned by corporate insiders.

Atlassian Trading Down 0.0 %

Shares of TEAM opened at $161.30 on Monday. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $258.69. The company’s fifty day moving average is $165.55 and its two-hundred day moving average is $178.36. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95.

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