Sciencast Management LP Trims Stock Position in Atlassian Co. (NASDAQ:TEAM)

Sciencast Management LP cut its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 87.7% in the 4th quarter, Holdings Channel reports. The fund owned 2,154 shares of the technology company’s stock after selling 15,329 shares during the quarter. Sciencast Management LP’s holdings in Atlassian were worth $524,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Virtu Financial LLC purchased a new stake in Atlassian during the 3rd quarter valued at approximately $606,000. Fulton Bank N.A. purchased a new stake in Atlassian during the 4th quarter valued at approximately $447,000. Paloma Partners Management Co purchased a new stake in Atlassian during the 3rd quarter valued at approximately $1,588,000. Allworth Financial LP raised its stake in Atlassian by 3.1% during the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after acquiring an additional 47 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Atlassian by 2.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 583,579 shares of the technology company’s stock worth $92,678,000 after purchasing an additional 12,422 shares during the period. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $227.34 on Friday. The business’s fifty day moving average price is $271.24 and its two-hundred day moving average price is $236.29. The stock has a market cap of $59.56 billion, a PE ratio of -169.66 and a beta of 0.91. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. Atlassian Co. has a one year low of $135.29 and a one year high of $326.00.

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

Wall Street Analyst Weigh In

Several equities analysts have issued reports on TEAM shares. Jefferies Financial Group boosted their target price on Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a research report on Friday, January 24th. Piper Sandler boosted their target price on Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. JMP Securities reiterated a “market perform” rating on shares of Atlassian in a research report on Friday, January 31st. StockNews.com upgraded Atlassian from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Finally, UBS Group boosted their target price on Atlassian from $275.00 to $330.00 and gave the stock a “neutral” rating in a research report on Friday, January 31st. Nine research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and a consensus target price of $316.77.

Insiders Place Their Bets

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $255.25, for a total transaction of $2,028,727.00. Following the transaction, the chief executive officer now owns 31,792 shares of the company’s stock, valued at $8,114,908. This represents a 20.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Joseph Leo Binz sold 2,587 shares of the stock in a transaction 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 transaction, the chief financial officer now directly owns 169,342 shares in the company, valued at approximately $52,849,944.78. This represents a 1.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 263,033 shares of company stock valued at $71,015,177 in the last quarter. 38.55% of the stock is currently owned by company insiders.

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.