First Bank & Trust Lowers Holdings in Atlassian Co. (NASDAQ:TEAM)

First Bank & Trust decreased its stake in Atlassian Co. (NASDAQ:TEAM) by 10.0% during the third quarter, Holdings Channel reports. The institutional investor owned 7,546 shares of the technology company’s stock after selling 834 shares during the quarter. First Bank & Trust’s holdings in Atlassian were worth $1,198,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Diversified Trust Co boosted its stake in shares of Atlassian by 27.6% in the first quarter. Diversified Trust Co now owns 14,036 shares of the technology company’s stock worth $2,739,000 after buying an additional 3,035 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Atlassian by 7.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,087 shares of the technology company’s stock worth $27,723,000 after buying an additional 10,434 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of Atlassian by 2.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 175,350 shares of the technology company’s stock worth $34,213,000 after buying an additional 3,687 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Atlassian in the 2nd quarter worth about $12,846,000. Finally, Burney Co. acquired a new position in Atlassian in the 1st quarter worth about $1,095,000. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Insider Buying and Selling

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $177.07, for a total value of $1,407,352.36. Following the completion of the transaction, the chief executive officer now directly owns 333,816 shares in the company, valued at approximately $59,108,799.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $177.07, for a total transaction of $1,407,352.36. Following the completion of the transaction, the chief executive officer now directly owns 333,816 shares in the company, valued at $59,108,799.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Rajeev Bashyam Rajan sold 199 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $146.08, for a total value of $29,069.92. Following the transaction, the chief technology officer now owns 128,957 shares of the company’s stock, valued at approximately $18,838,038.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 230,185 shares of company stock worth $38,597,791. Company insiders own 40.48% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on TEAM. Raymond James raised Atlassian from a “market perform” rating to an “outperform” rating and set a $200.00 price target for the company in a report on Tuesday, October 1st. Canaccord Genuity Group upped their price target on Atlassian from $200.00 to $225.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Barclays reduced their price target on Atlassian from $275.00 to $250.00 and set an “overweight” rating for the company in a report on Monday, August 5th. BMO Capital Markets reduced their price target on Atlassian from $220.00 to $177.00 and set a “market perform” rating for the company in a report on Friday, August 2nd. Finally, Robert W. Baird cut Atlassian from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $230.00 to $175.00 in a report on Friday, August 2nd. Ten research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $212.47.

Atlassian Price Performance

Shares of NASDAQ:TEAM traded down $0.62 during midday trading on Friday, hitting $188.73. The company had a trading volume of 1,585,653 shares, compared to its average volume of 1,779,422. Atlassian Co. has a twelve month low of $135.29 and a twelve month high of $258.69. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 1.18. The stock has a market cap of $49.13 billion, a price-to-earnings ratio of -299.57 and a beta of 0.73. The business’s 50-day simple moving average is $169.41 and its 200-day simple moving average is $171.72.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.07. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.13 billion. Atlassian had a negative return on equity of 17.69% and a negative net margin of 6.89%. The firm’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.21) earnings per share. On average, research analysts predict that Atlassian Co. will post -0.58 earnings per share 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.