Atlassian Co. (NASDAQ:TEAM) Stock Position Lowered by UMB Bank n.a.

UMB Bank n.a. lowered its position in shares of Atlassian Co. (NASDAQ:TEAM) by 11.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 448 shares of the technology company’s stock after selling 58 shares during the quarter. UMB Bank n.a.’s holdings in Atlassian were worth $95,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of TEAM. Massachusetts Financial Services Co. MA acquired a new position in shares of Atlassian in the 4th quarter worth approximately $687,486,000. Voya Investment Management LLC boosted its holdings in Atlassian by 17,941.0% during the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company’s stock worth $528,693,000 after buying an additional 2,160,810 shares in the last quarter. JPMorgan Chase & Co. grew its position in Atlassian by 72.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock worth $1,042,737,000 after buying an additional 1,806,042 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Atlassian by 265.9% in the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock valued at $595,171,000 after buying an additional 1,777,179 shares in the last quarter. Finally, Durable Capital Partners LP increased its holdings in shares of Atlassian by 499.7% in the fourth quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company’s stock valued at $383,456,000 after buying an additional 1,312,820 shares in the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. BMO Capital Markets reduced their price objective on Atlassian from $295.00 to $245.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Morgan Stanley decreased their price target on Atlassian from $370.00 to $320.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Jefferies Financial Group dropped their price target on Atlassian from $330.00 to $262.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Wells Fargo & Company reduced their price objective on shares of Atlassian from $330.00 to $315.00 and set an “overweight” rating for the company in a research note on Friday, May 2nd. Finally, Wall Street Zen raised shares of Atlassian from a “hold” rating to a “buy” rating in a research report on Friday, May 30th. Four investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $282.19.

Atlassian Trading Down 1.1%

Shares of NASDAQ TEAM opened at $199.32 on Friday. The business has a 50 day simple moving average of $210.19 and a 200 day simple moving average of $243.79. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $326.00. The stock has a market cap of $52.32 billion, a price-to-earnings ratio of -148.75 and a beta of 0.96. 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 (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.04. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The business’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.89 earnings per share. On average, research analysts predict that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $234.38, for a total transaction of $1,862,852.24. Following the transaction, the director now owns 39,740 shares in the company, valued at approximately $9,314,261.20. The trade was a 16.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Anutthara Bharadwaj sold 7,674 shares of Atlassian stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $225.51, for a total value of $1,730,563.74. Following the sale, the president now directly owns 192,260 shares in the company, valued at approximately $43,356,552.60. This trade represents a 3.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 336,429 shares of company stock valued at $71,774,377 in the last quarter. Insiders own 38.55% of the company’s stock.

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.