Atlassian Corporation PLC (NASDAQ:TEAM) Stake Lessened by Natixis Advisors LLC

Key Points

• Natixis Advisors LLC reduced its stake in Atlassian Corporation PLC by 16.2%, now holding 122,896 shares valued at approximately $26 million.
• CEO Michael Cannon-Brookes and Director Scott Farquhar each sold 7,665 shares of Atlassian stock for a total of around $1.5 million, representing a 2.27% decrease in their ownership.
• Atlassian reported a 14.1% increase in quarterly revenue, amounting to $1.36 billion, and earnings per share of $0.97, exceeding analysts' expectations.

Natixis Advisors LLC cut its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 16.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 122,896 shares of the technology company's stock after selling 23,827 shares during the period. Natixis Advisors LLC's holdings in Atlassian were worth $26,080,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Mesirow Financial Investment Management Inc. increased its position in shares of Atlassian by 15.3% in the 1st quarter. Mesirow Financial Investment Management Inc. now owns 1,086 shares of the technology company's stock worth $230,000 after purchasing an additional 144 shares during the last quarter. Vestcor Inc grew its stake in Atlassian by 323.7% in the first quarter. Vestcor Inc now owns 13,098 shares of the technology company's stock worth $2,780,000 after purchasing an additional 10,007 shares in the last quarter. XTX Topco Ltd increased its holdings in Atlassian by 94.3% in the first quarter. XTX Topco Ltd now owns 14,021 shares of the technology company's stock valued at $2,975,000 after buying an additional 6,805 shares during the last quarter. Banque Cantonale Vaudoise bought a new stake in Atlassian in the first quarter valued at about $2,018,000. Finally, Federated Hermes Inc. raised its stake in Atlassian by 3,965.5% during the first quarter. Federated Hermes Inc. now owns 81,229 shares of the technology company's stock valued at $17,238,000 after buying an additional 79,231 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors.

Insider Transactions at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $197.88, for a total value of $1,516,750.20. Following the completion of the transaction, the chief executive officer directly owned 329,595 shares in the company, valued at $65,220,258.60. This trade represents a 2.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Scott Farquhar sold 7,665 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $197.88, for a total value of $1,516,750.20. Following the sale, the director directly owned 329,595 shares in the company, valued at approximately $65,220,258.60. The trade was a 2.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 492,017 shares of company stock worth $101,133,506 over the last 90 days. 38.55% of the stock is owned by insiders.

Atlassian Trading Down 4.6%

NASDAQ:TEAM opened at $182.96 on Friday. The stock has a market cap of $48.03 billion, a price-to-earnings ratio of -110.22 and a beta of 0.96. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. Atlassian Corporation PLC has a 1 year low of $135.29 and a 1 year high of $326.00. The business has a fifty day moving average of $202.31 and a 200-day moving average of $228.64.

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

Analyst Upgrades and Downgrades

Several brokerages have recently commented on TEAM. Macquarie decreased their target price on Atlassian from $270.00 to $250.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. KeyCorp decreased their price objective on shares of Atlassian from $275.00 to $250.00 and set an "overweight" rating for the company in a report on Thursday, July 17th. Oppenheimer dropped their target price on shares of Atlassian from $300.00 to $275.00 and set an "outperform" rating on the stock in a report on Monday, July 21st. Baird R W raised shares of Atlassian from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. Finally, Wells Fargo & Company lowered their price objective on shares of Atlassian from $330.00 to $315.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. Five 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 has an average rating of "Moderate Buy" and a consensus target price of $274.05.

Atlassian 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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