Harel Insurance Investments & Financial Services Ltd. Decreases Stock Position in Atlassian Co. (NASDAQ:TEAM)

Harel Insurance Investments & Financial Services Ltd. decreased its position in shares of Atlassian Co. (NASDAQ:TEAM) by 56.5% in the fourth quarter, HoldingsChannel reports. The firm owned 7,875 shares of the technology company’s stock after selling 10,228 shares during the quarter. Harel Insurance Investments & Financial Services Ltd.’s holdings in Atlassian were worth $1,917,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. True Wealth Design LLC lifted its stake in shares of Atlassian by 23,100.0% in 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. GAMMA Investing LLC lifted its holdings in shares of Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after acquiring an additional 96 shares during the last quarter. Reston Wealth Management LLC acquired a new stake in shares of Atlassian in the third quarter valued at $48,000. Quarry LP raised its holdings in shares of Atlassian by 143.8% in the 2nd quarter. Quarry LP now owns 373 shares of the technology company’s stock valued at $66,000 after buying an additional 220 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its stake in Atlassian by 23.2% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock worth $69,000 after acquiring an additional 82 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Stock Performance

Shares of Atlassian stock opened at $264.81 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. The business’s fifty day moving average price is $257.68 and its 200 day moving average price is $204.62. Atlassian Co. has a twelve month low of $135.29 and a twelve month high of $287.97.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the prior year, the company earned ($0.07) earnings per share. The firm’s revenue was up 21.5% compared to the same quarter last year. As a group, equities analysts expect that Atlassian Co. will post -0.55 EPS for the current fiscal year.

Insider Transactions at Atlassian

In other news, CEO Michael Cannon-Brookes sold 15,896 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $243.55, for a total value of $3,871,470.80. Following the completion of the sale, the chief executive officer now directly owns 429,192 shares of the company’s stock, valued at $104,529,711.60. This represents a 3.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Anutthara Bharadwaj sold 4,560 shares of Atlassian stock in a transaction on Friday, November 1st. The shares were sold at an average price of $225.45, for a total transaction of $1,028,052.00. Following the sale, the president now directly owns 224,436 shares of the company’s stock, valued at $50,599,096.20. This trade represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 272,188 shares of company stock valued at $67,421,558. Company insiders own 38.55% of the company’s stock.

Wall Street Analyst Weigh In

TEAM has been the topic of several recent research reports. Scotiabank upped their target price on shares of Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a research note on Friday, November 1st. Robert W. Baird upped their target price on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Jefferies Financial Group raised their price target on Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a research note on Friday. Canaccord Genuity Group increased their price objective on Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a report on Friday, December 20th. Finally, Piper Sandler lifted their target price on shares of Atlassian from $265.00 to $310.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Nine equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $273.19.

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.