Shell Asset Management Co. Lowers Stock Holdings in Atlassian Co. (NASDAQ:TEAM)

Shell Asset Management Co. cut its holdings in shares of Atlassian Co. (NASDAQ:TEAM) by 6.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 849 shares of the technology company’s stock after selling 63 shares during the period. Shell Asset Management Co.’s holdings in Atlassian were worth $207,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Royal Bank of Canada increased its stake in Atlassian by 1.0% during the 4th quarter. Royal Bank of Canada now owns 462,871 shares of the technology company’s stock worth $112,653,000 after buying an additional 4,380 shares during the period. Raiffeisen Bank International AG acquired a new position in shares of Atlassian in the fourth quarter worth $570,000. Polar Asset Management Partners Inc. acquired a new position in shares of Atlassian in the fourth quarter worth $1,606,000. Polar Capital Holdings Plc purchased a new stake in shares of Atlassian during the fourth quarter worth $5,565,000. Finally, ProShare Advisors LLC raised its stake in shares of Atlassian by 22.0% in the fourth quarter. ProShare Advisors LLC now owns 183,288 shares of the technology company’s stock valued at $44,609,000 after acquiring an additional 33,006 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $214.47 on Tuesday. The stock has a market cap of $56.30 billion, a P/E ratio of -160.05 and a beta of 1.06. Atlassian Co. has a twelve month low of $135.29 and a twelve month high of $326.00. The stock has a 50 day moving average of $213.39 and a two-hundred day moving average of $247.54. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.93 by $0.04. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Atlassian’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.89 EPS. On average, research analysts forecast that Atlassian Co. will post -0.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. KeyCorp lowered their target price on Atlassian from $365.00 to $275.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Morgan Stanley lowered their price objective on Atlassian from $370.00 to $320.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Macquarie cut their target price on shares of Atlassian from $270.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. William Blair reiterated an “outperform” rating on shares of Atlassian in a research note on Friday, January 31st. Finally, Raymond James reiterated an “outperform” rating and set a $300.00 price target (down previously from $330.00) on shares of Atlassian in a report on Friday, May 2nd. Five equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $285.29.

Insider Activity

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the company’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $221.41, for a total transaction of $1,759,766.68. Following the completion of the transaction, the director now owns 111,272 shares in the company, valued at approximately $24,636,733.52. This represents a 6.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Anutthara Bharadwaj sold 1,723 shares of Atlassian stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $305.84, for a total transaction of $526,962.32. Following the completion of the sale, the president now directly owns 199,934 shares in the company, valued at approximately $61,147,814.56. The trade was a 0.85% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 275,249 shares of company stock valued at $61,999,348. 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.