Westpac Banking Corp trimmed its stake in Atlassian Co. (NASDAQ:TEAM – Free Report) by 87.0% during the second quarter, HoldingsChannel.com reports. The fund owned 4,491 shares of the technology company’s stock after selling 29,938 shares during the quarter. Westpac Banking Corp’s holdings in Atlassian were worth $754,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of TEAM. Andesa Financial Management Inc. acquired a new stake in shares of Atlassian during the 1st quarter worth about $233,000. Hall Laurie J Trustee bought a new position in shares of Atlassian in the second quarter valued at approximately $28,000. Financial Gravity Asset Management Inc. acquired a new position in shares of Atlassian in the 2nd quarter worth approximately $41,000. Meeder Asset Management Inc. grew its position in Atlassian by 151.5% during the 4th quarter. Meeder Asset Management Inc. now owns 244 shares of the technology company’s stock worth $31,000 after acquiring an additional 147 shares during the last quarter. Finally, WealthPLAN Partners LLC bought a new position in Atlassian in the 1st quarter valued at $43,000. 53.36% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on the company. Mizuho restated a “buy” rating and issued a $240.00 target price on shares of Atlassian in a research note on Tuesday, September 19th. Oppenheimer increased their price target on shares of Atlassian from $200.00 to $235.00 and gave the company an “outperform” rating in a research note on Friday, August 4th. Citigroup boosted their price objective on shares of Atlassian from $195.00 to $230.00 and gave the stock a “buy” rating in a research report on Tuesday, August 29th. UBS Group initiated coverage on Atlassian in a research report on Monday, October 2nd. They set a “neutral” rating and a $225.00 target price for the company. Finally, Robert W. Baird raised their price target on Atlassian from $205.00 to $240.00 and gave the company an “outperform” rating in a report on Friday, August 4th. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and an average price target of $202.19.
Atlassian Trading Down 0.8 %
NASDAQ TEAM opened at $184.99 on Friday. Atlassian Co. has a one year low of $113.86 and a one year high of $215.77. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.43 and a quick ratio of 1.43. The firm has a market cap of $47.74 billion, a P/E ratio of -94.38 and a beta of 0.64. The stock’s 50-day moving average is $191.21 and its 200-day moving average is $179.95.
Insiders Place Their Bets
In other news, CRO Cameron Deatsch sold 4,441 shares of the stock in a transaction on Monday, August 21st. The shares were sold at an average price of $184.35, for a total transaction of $818,698.35. Following the completion of the sale, the executive now owns 113,940 shares of the company’s stock, valued at $21,004,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CRO Cameron Deatsch sold 4,441 shares of Atlassian stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $184.35, for a total value of $818,698.35. Following the sale, the executive now owns 113,940 shares of the company’s stock, valued at approximately $21,004,839. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 8,241 shares of the company’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $171.91, for a total value of $1,416,710.31. Following the transaction, the chief executive officer now directly owns 280,194 shares of the company’s stock, valued at approximately $48,168,150.54. The disclosure for this sale can be found here. In the last three months, insiders have sold 348,649 shares of company stock worth $67,062,512. Company insiders own 40.48% of the company’s stock.
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.
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