Mediolanum International Funds Ltd Sells 12,579 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Mediolanum International Funds Ltd decreased its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 39.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 19,503 shares of the technology company’s stock after selling 12,579 shares during the period. Mediolanum International Funds Ltd’s holdings in Atlassian were worth $4,251,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TEAM. Clean Yield Group raised its position in shares of Atlassian by 372.0% during the 1st quarter. Clean Yield Group now owns 118 shares of the technology company’s stock valued at $25,000 after purchasing an additional 93 shares during the period. Colonial Trust Co SC increased its stake in Atlassian by 100.0% in the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock worth $34,000 after buying an additional 69 shares in the last quarter. Summit Securities Group LLC bought a new stake in Atlassian during the fourth quarter valued at about $38,000. Pilgrim Partners Asia Pte Ltd bought a new stake in Atlassian during the fourth quarter valued at about $39,000. Finally, GeoWealth Management LLC lifted its position in shares of Atlassian by 26.8% in the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company’s stock valued at $44,000 after acquiring an additional 38 shares in the last quarter. Institutional investors own 94.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on TEAM. Robert W. Baird upgraded Atlassian from a “neutral” rating to an “outperform” rating and cut their target price for the stock from $320.00 to $255.00 in a research report on Monday, April 14th. Stephens cut their price objective on shares of Atlassian from $255.00 to $221.00 and set an “equal weight” rating for the company in a report on Friday, May 2nd. Wall Street Zen raised shares of Atlassian from a “hold” rating to a “buy” rating in a report on Sunday, June 22nd. Capital One Financial cut shares of Atlassian from an “overweight” rating to an “equal weight” rating and set a $211.00 target price for the company. in a research note on Wednesday, July 16th. Finally, KeyCorp decreased their price target on shares of Atlassian from $275.00 to $250.00 and set an “overweight” rating on the stock in a research note on Thursday, July 17th. Five analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and a consensus target price of $274.05.

Insider Activity

In other news, Director Scott Farquhar sold 7,665 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $202.78, for a total value of $1,554,308.70. Following the sale, the director directly owned 367,920 shares in the company, valued at approximately $74,606,817.60. This represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the firm’s stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $202.78, for a total value of $1,554,308.70. Following the sale, the chief executive officer directly owned 367,920 shares of the company’s stock, valued at $74,606,817.60. This represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 461,923 shares of company stock valued at $95,370,287. 38.55% of the stock is owned by insiders.

Atlassian Stock Up 1.6%

Shares of TEAM opened at $203.00 on Monday. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. The business has a fifty day moving average of $203.90 and a 200 day moving average of $230.10. The company has a market cap of $53.29 billion, a PE ratio of -122.29 and a beta of 0.94. Atlassian Corporation PLC has a 52-week low of $135.29 and a 52-week high of $326.00.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.04. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The business’s revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the business earned $0.89 EPS. On average, sell-side analysts expect that Atlassian Corporation PLC will post -0.34 EPS for the current 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.