WCM Investment Management LLC Cuts Stake in Atlassian Co. (NASDAQ:TEAM)

WCM Investment Management LLC trimmed its position in shares of Atlassian Co. (NASDAQ:TEAM) by 3.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 4,319,405 shares of the technology company’s stock after selling 146,835 shares during the quarter. Atlassian comprises about 2.5% of WCM Investment Management LLC’s holdings, making the stock its 14th biggest holding. WCM Investment Management LLC owned 1.66% of Atlassian worth $1,067,325,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Sanctuary Advisors LLC bought a new stake in shares of Atlassian during the second quarter valued at approximately $1,022,000. GAMMA Investing LLC boosted its stake in Atlassian by 68.6% during the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after buying an additional 96 shares during the period. CWM LLC lifted its position in shares of Atlassian by 270.6% during the third quarter. CWM LLC now owns 7,875 shares of the technology company’s stock worth $1,251,000 after purchasing an additional 5,750 shares during the last quarter. Perpetual Ltd bought a new stake in shares of Atlassian during the third quarter worth $882,000. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its holdings in shares of Atlassian by 227.2% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,214 shares of the technology company’s stock valued at $193,000 after acquiring an additional 843 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Price Performance

Shares of TEAM opened at $314.28 on Friday. Atlassian Co. has a 12-month low of $135.29 and a 12-month high of $324.37. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.18 and a current ratio of 1.24. The stock’s 50-day moving average price is $265.92 and its 200 day moving average price is $212.87.

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

Insider Activity at Atlassian

In related news, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $315.69, for a total value of $2,509,104.12. Following the completion of the sale, the director now directly owns 278,180 shares in the company, valued at approximately $87,818,644.20. The trade was a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 15,896 shares of the business’s 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 owns 429,192 shares of the company’s stock, valued at approximately $104,529,711.60. This trade represents a 3.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 265,438 shares of company stock valued at $70,024,411. 38.55% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Mizuho boosted their target price on shares of Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. BMO Capital Markets upgraded shares of Atlassian from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $255.00 to $292.00 in a report on Friday, January 10th. Piper Sandler raised their price objective on shares of Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Morgan Stanley increased their target price on Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Finally, Citigroup increased their target price on Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Eight investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $319.71.

Atlassian 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.