Atlassian Corporation PLC (NASDAQ:TEAM) Shares Sold by National Bank of Canada FI

National Bank of Canada FI trimmed its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 89.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,631 shares of the technology company's stock after selling 176,360 shares during the quarter. National Bank of Canada FI's holdings in Atlassian were worth $4,590,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of TEAM. Clean Yield Group raised its stake in Atlassian by 372.0% during the 1st quarter. Clean Yield Group now owns 118 shares of the technology company's stock worth $25,000 after acquiring an additional 93 shares in the last quarter. Colonial Trust Co SC raised its stake in Atlassian by 100.0% during the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock worth $34,000 after acquiring an additional 69 shares in the last quarter. Smithfield Trust Co raised its stake in Atlassian by 90.7% during the 1st quarter. Smithfield Trust Co now owns 164 shares of the technology company's stock worth $34,000 after acquiring an additional 78 shares in the last quarter. GeoWealth Management LLC raised its stake in Atlassian by 26.8% during the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock worth $44,000 after acquiring an additional 38 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its stake in Atlassian by 82.7% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 243 shares of the technology company's stock worth $52,000 after acquiring an additional 110 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of the business's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $163.51, for a total transaction of $1,253,304.15. Following the sale, the chief executive officer owned 268,275 shares of the company's stock, valued at approximately $43,865,645.25. The trade was a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Scott Farquhar sold 7,665 shares of the company's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $163.51, for a total transaction of $1,253,304.15. Following the completion of the sale, the director directly owned 268,275 shares in the company, valued at $43,865,645.25. This trade represents a 2.78% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 517,685 shares of company stock worth $103,587,091. 38.55% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Barclays cut their price target on shares of Atlassian from $244.00 to $215.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Capital One Financial lowered shares of Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 price target on the stock. in a research note on Wednesday, July 16th. Truist Financial set a $230.00 price objective on shares of Atlassian in a research note on Friday, August 8th. KeyCorp dropped their price objective on shares of Atlassian from $275.00 to $250.00 and set an "overweight" rating on the stock in a research note on Thursday, July 17th. Finally, Wall Street Zen upgraded shares of Atlassian from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. Five analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Atlassian has a consensus rating of "Moderate Buy" and an average target price of $259.76.

Atlassian Stock Up 3.8%

TEAM stock opened at $163.99 on Thursday. The company has a market cap of $43.05 billion, a P/E ratio of -165.64 and a beta of 0.96. Atlassian Corporation PLC has a 52 week low of $142.32 and a 52 week high of $326.00. The company's 50-day moving average price is $196.47 and its 200 day moving average price is $223.95. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The technology company reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.15. The firm had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.36 billion. Atlassian had a negative net margin of 4.92% and a negative return on equity of 15.19%. The firm's revenue was up 22.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.66 earnings per share. On average, research analysts expect that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

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.

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