Atlassian Corporation PLC (NASDAQ:TEAM) Shares Sold by TD Asset Management Inc

TD Asset Management Inc reduced its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 34.8% in the 1st quarter, Holdings Channel.com reports. The firm owned 206,836 shares of the technology company’s stock after selling 110,307 shares during the quarter. TD Asset Management Inc’s holdings in Atlassian were worth $43,893,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Farther Finance Advisors LLC increased its position in Atlassian by 37.7% during the first quarter. Farther Finance Advisors LLC now owns 369 shares of the technology company’s stock worth $80,000 after purchasing an additional 101 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in Atlassian by 42.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 4,240 shares of the technology company’s stock worth $900,000 after purchasing an additional 1,259 shares during the last quarter. Principal Financial Group Inc. increased its position in Atlassian by 350.1% during the first quarter. Principal Financial Group Inc. now owns 51,900 shares of the technology company’s stock worth $11,014,000 after purchasing an additional 40,369 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Atlassian by 47,387.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 3,799 shares of the technology company’s stock worth $822,000 after purchasing an additional 3,791 shares during the last quarter. Finally, Amalgamated Bank increased its position in Atlassian by 6.1% during the first quarter. Amalgamated Bank now owns 11,360 shares of the technology company’s stock worth $2,411,000 after purchasing an additional 650 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Stock Down 0.6%

Shares of NASDAQ:TEAM opened at $201.84 on Tuesday. The firm’s 50 day moving average price is $203.64 and its 200 day moving average price is $229.81. The stock has a market cap of $52.99 billion, a price-to-earnings ratio of -121.59 and a beta of 0.94. Atlassian Corporation PLC has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.04. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The firm’s revenue was up 14.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.89 earnings per share. As a group, equities research analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of the firm’s stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $202.55, for a total value of $1,552,545.75. Following the sale, the chief executive officer owned 352,590 shares of the company’s stock, valued at $71,417,104.50. This trade represents a 2.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the firm’s stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $202.55, for a total transaction of $1,552,545.75. Following the completion of the sale, the director directly owned 352,590 shares in the company, valued at approximately $71,417,104.50. This trade represents a 2.13% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 477,253 shares of company stock worth $98,475,378. 38.55% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Atlassian from a “hold” rating to a “buy” rating in a research report on Sunday, June 22nd. Macquarie lowered their target price on shares of Atlassian from $270.00 to $250.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Truist Financial lowered their target price on shares of Atlassian from $350.00 to $300.00 and set a “buy” rating for the company in a research note on Monday, March 31st. UBS Group reaffirmed a “hold” rating on shares of Atlassian in a research note on Monday, July 7th. Finally, Canaccord Genuity Group lowered their target price on shares of Atlassian from $300.00 to $255.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. Five investment 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’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $274.05.

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.