Atlassian Co. (NASDAQ:TEAM) Shares Sold by Cullinan Associates Inc.

Cullinan Associates Inc. lowered its stake in Atlassian Co. (NASDAQ:TEAM) by 0.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 18,017 shares of the technology company’s stock after selling 100 shares during the period. Cullinan Associates Inc.’s holdings in Atlassian were worth $4,385,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of TEAM. Thrivent Financial for Lutherans purchased a new stake in shares of Atlassian in the 2nd quarter valued at approximately $677,000. Sanctuary Advisors LLC acquired a new stake in Atlassian during the 2nd quarter valued at $1,022,000. Handelsbanken Fonder AB lifted its holdings in shares of Atlassian by 2.6% in the third quarter. Handelsbanken Fonder AB now owns 69,552 shares of the technology company’s stock valued at $11,046,000 after purchasing an additional 1,760 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Atlassian by 68.6% in 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. Finally, Azzad Asset Management Inc. ADV grew its holdings in shares of Atlassian by 100.5% during the third quarter. Azzad Asset Management Inc. ADV now owns 3,451 shares of the technology company’s stock valued at $548,000 after buying an additional 1,730 shares in the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on TEAM shares. Canaccord Genuity Group increased their price objective on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Wells Fargo & Company raised their price target on shares of Atlassian from $350.00 to $375.00 and gave the stock an “overweight” rating in a report on Friday. Oppenheimer increased their target price on shares of Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a research report on Friday. Piper Sandler boosted their price target on shares of Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a report on Friday. Finally, Truist Financial reissued a “buy” rating and set a $350.00 price objective (up previously from $300.00) on shares of Atlassian in a research report on Friday. Eight research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $318.43.

Insider Activity at Atlassian

In related news, CAO Gene Liu sold 445 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $230.00, for a total transaction of $102,350.00. Following the sale, the chief accounting officer now owns 58,723 shares in the company, valued at approximately $13,506,290. This represents a 0.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Anutthara Bharadwaj sold 1,659 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $245.81, for a total transaction of $407,798.79. Following the completion of the transaction, the president now directly owns 213,511 shares of the company’s stock, valued at $52,483,138.91. This represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 257,935 shares of company stock worth $66,276,511. 38.55% of the stock is owned by company insiders.

Atlassian Trading Up 1.5 %

Shares of NASDAQ:TEAM opened at $311.40 on Tuesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $324.37. The company’s fifty day moving average is $260.51 and its 200-day moving average is $208.44.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 18.00% and a negative net margin of 7.22%. On average, equities analysts forecast that Atlassian Co. will post -0.55 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.