Atlassian Corporation PLC (NASDAQ:TEAM) Position Reduced by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp has reduced its position in Atlassian Corporation PLC by 36.8%, now holding 51,813 shares worth approximately $10.99 million.
• Other institutional investors have increased their stakes in Atlassian, with LPL Financial LLC growing its holdings by 93.4% in the last quarter.
• Atlassian's stock currently has a consensus rating of "Moderate Buy" and a price target of $274.05, despite some analysts adjusting their ratings and target prices recently.

Mackenzie Financial Corp trimmed its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 36.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 51,813 shares of the technology company's stock after selling 30,188 shares during the period. Mackenzie Financial Corp's holdings in Atlassian were worth $10,995,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. LPL Financial LLC grew its holdings in shares of Atlassian by 93.4% during the 4th quarter. LPL Financial LLC now owns 51,534 shares of the technology company's stock valued at $12,542,000 after acquiring an additional 24,891 shares in the last quarter. Orion Portfolio Solutions LLC bought a new stake in Atlassian in the fourth quarter worth $615,000. O Shaughnessy Asset Management LLC boosted its holdings in Atlassian by 38.5% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 9,169 shares of the technology company's stock worth $2,232,000 after purchasing an additional 2,547 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in Atlassian by 128.7% in the fourth quarter. Alliancebernstein L.P. now owns 143,260 shares of the technology company's stock worth $34,867,000 after purchasing an additional 80,622 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. AG boosted its holdings in Atlassian by 14.1% in the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 7,056 shares of the technology company's stock worth $1,719,000 after purchasing an additional 870 shares in the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $214.92, for a total value of $1,708,184.16. Following the transaction, the director directly owned 103,324 shares of the company's stock, valued at approximately $22,206,394.08. This trade represents a 7.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $221.41, for a total transaction of $1,759,766.68. Following the completion of the transaction, the chief executive officer directly owned 111,272 shares in the company, valued at approximately $24,636,733.52. The trade was a 6.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 492,017 shares of company stock worth $101,133,506. Insiders own 38.55% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on TEAM shares. Capital One Financial lowered 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 report on Wednesday, July 16th. Morgan Stanley cut their target price on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Baird R W raised shares of Atlassian from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Robert W. Baird raised shares of 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. Finally, Oppenheimer cut their target price on shares of Atlassian from $300.00 to $275.00 and set an "outperform" rating for the company in a research report on Monday, July 21st. Five equities research 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 MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $274.05.

Atlassian Price Performance

TEAM opened at $191.78 on Friday. Atlassian Corporation PLC has a one year low of $135.29 and a one year high of $326.00. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The company's 50 day simple moving average is $202.78 and its 200-day simple moving average is $229.08. The stock has a market capitalization of $50.34 billion, a P/E ratio of -115.53 and a beta of 0.94.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.93 by $0.04. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The business had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. During the same period in the prior year, the firm earned $0.89 earnings per share. Atlassian's revenue was up 14.1% compared to the same quarter last year. Sell-side analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal 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.

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