EP Wealth Advisors LLC Sells 522 Shares of Atlassian Co. (NASDAQ:TEAM)

EP Wealth Advisors LLC lowered its position in shares of Atlassian Co. (NASDAQ:TEAM) by 16.9% in the 4th quarter, HoldingsChannel reports. The firm owned 2,570 shares of the technology company’s stock after selling 522 shares during the quarter. EP Wealth Advisors LLC’s holdings in Atlassian were worth $625,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its stake in Atlassian by 72.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock worth $1,042,737,000 after purchasing an additional 1,806,042 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new stake in Atlassian during the fourth quarter worth about $687,486,000. Invesco Ltd. lifted its stake in Atlassian by 265.9% during the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock worth $595,171,000 after purchasing an additional 1,777,179 shares during the last quarter. Geode Capital Management LLC lifted its stake in Atlassian by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company’s stock worth $528,851,000 after purchasing an additional 27,899 shares during the last quarter. Finally, Voya Investment Management LLC lifted its stake in Atlassian by 17,941.0% during the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company’s stock worth $528,693,000 after purchasing an additional 2,160,810 shares during the last quarter. Institutional investors own 94.45% of the company’s stock.

Atlassian Stock Down 0.5%

TEAM stock opened at $207.25 on Monday. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The business’s 50 day moving average price is $215.36 and its two-hundred day moving average price is $246.41. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. The company has a market capitalization of $54.30 billion, a price-to-earnings ratio of -154.66 and a beta of 1.06.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TEAM. Piper Sandler reissued an “overweight” rating and issued a $300.00 target price (down previously from $365.00) on shares of Atlassian in a research note on Friday, May 2nd. Wells Fargo & Company lowered their target price on Atlassian from $330.00 to $315.00 and set an “overweight” rating for the company in a research note on Friday, May 2nd. 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. Citigroup boosted their target price on Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Finally, Baird R W raised Atlassian from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 14th. Five investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $285.29.

Insiders Place Their Bets

In related news, CFO Joseph Leo Binz sold 2,587 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $312.09, for a total value of $807,376.83. Following the sale, the chief financial officer now owns 169,342 shares in the company, valued at $52,849,944.78. This represents a 1.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $315.74, for a total value of $2,509,501.52. Following the completion of the sale, the chief executive officer now owns 254,336 shares in the company, valued at $80,304,048.64. The trade was a 3.03% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 252,786 shares of company stock worth $59,536,362. Company 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.