Atlassian Corporation PLC $TEAM Stake Decreased by Bank of Nova Scotia

Bank of Nova Scotia trimmed its holdings in Atlassian Corporation PLC (NASDAQ:TEAM) by 70.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 97,648 shares of the technology company’s stock after selling 228,829 shares during the quarter. Bank of Nova Scotia’s holdings in Atlassian were worth $6,664,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in TEAM. Vanguard Group Inc. raised its position in shares of Atlassian by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 18,541,267 shares of the technology company’s stock worth $3,006,281,000 after buying an additional 61,706 shares in the last quarter. Baillie Gifford & Co. boosted its stake in Atlassian by 3.9% during the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock valued at $1,367,132,000 after purchasing an additional 316,276 shares in the last quarter. AQR Capital Management LLC boosted its stake in Atlassian by 291.4% during the fourth quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock valued at $1,256,535,000 after buying an additional 5,769,788 shares in the last quarter. Pictet Asset Management Holding SA boosted its stake in Atlassian by 27.4% during the first quarter. Pictet Asset Management Holding SA now owns 5,031,413 shares of the technology company’s stock valued at $343,344,000 after buying an additional 1,080,561 shares in the last quarter. Finally, Morgan Stanley grew its holdings in Atlassian by 52.4% during the fourth quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock worth $781,841,000 after acquiring an additional 1,657,309 shares during the period. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Stock Up 10.3%

TEAM opened at $95.87 on Tuesday. The company has a market capitalization of $24.33 billion, a PE ratio of -115.51, a price-to-earnings-growth ratio of 6.08 and a beta of 1.11. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70. Atlassian Corporation PLC has a fifty-two week low of $56.01 and a fifty-two week high of $206.00. The business has a 50-day moving average of $89.23 and a 200-day moving average of $88.45.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.33 by $0.42. The business had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The firm’s quarterly revenue was up 31.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.97 EPS. Equities research analysts forecast that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

Insider Transactions at Atlassian

In related news, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $775,534.50. Following the transaction, the chief financial officer owned 288,272 shares in the company, valued at $25,295,868. This trade represents a 2.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of Atlassian stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the completion of the transaction, the executive owned 227,691 shares in the company, valued at $20,426,159.61. The trade was a 1.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 20,041 shares of company stock worth $1,801,069. 36.66% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have commented on TEAM shares. Morgan Stanley dropped their price target on shares of Atlassian from $290.00 to $120.00 and set an “overweight” rating on the stock in a research report on Thursday, April 16th. BTIG Research restated a “buy” rating and set a $130.00 target price on shares of Atlassian in a report on Friday, July 10th. KeyCorp dropped their price target on Atlassian from $130.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday, July 8th. Oppenheimer raised their price objective on Atlassian from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, May 11th. Finally, TD Cowen lifted their target price on shares of Atlassian from $85.00 to $105.00 and gave the stock a “hold” rating in a research report on Friday, May 1st. Twenty-one investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $138.50.

Atlassian Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.