Headlands Technologies LLC Reduces Stock Holdings in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Headlands Technologies LLC significantly reduced its holdings in Atlassian by 82.7%, now owning 5,020 shares valued at approximately $1,065,000.
• Several other institutional investors, including Clean Yield Group and Colonial Trust Co SC, increased their positions in Atlassian by substantial percentages during the same quarter.
• CEO Michael Cannon-Brookes and Director Scott Farquhar sold 7,665 shares each at around $185.81, indicating a 2.56% decrease in their personal ownership following these transactions.

Headlands Technologies LLC cut its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 82.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,020 shares of the technology company's stock after selling 23,949 shares during the quarter. Headlands Technologies LLC's holdings in Atlassian were worth $1,065,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of TEAM. Wells Fargo & Company MN boosted its stake in shares of Atlassian by 12.1% in the fourth quarter. Wells Fargo & Company MN now owns 114,909 shares of the technology company's stock valued at $27,967,000 after buying an additional 12,426 shares in the last quarter. Federated Hermes Inc. boosted its stake in shares of Atlassian by 99.8% in the fourth quarter. Federated Hermes Inc. now owns 1,998 shares of the technology company's stock valued at $486,000 after buying an additional 998 shares in the last quarter. Cerity Partners LLC boosted its position in Atlassian by 17.4% during the fourth quarter. Cerity Partners LLC now owns 21,148 shares of the technology company's stock worth $5,147,000 after purchasing an additional 3,131 shares in the last quarter. Bank of Montreal Can boosted its position in Atlassian by 79.5% during the fourth quarter. Bank of Montreal Can now owns 151,222 shares of the technology company's stock worth $36,804,000 after purchasing an additional 66,960 shares in the last quarter. Finally, Bank of Nova Scotia boosted its position in Atlassian by 574.9% during the fourth quarter. Bank of Nova Scotia now owns 54,576 shares of the technology company's stock worth $13,283,000 after purchasing an additional 46,489 shares in the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TEAM has been the topic of a number of research analyst reports. Capital One Financial downgraded Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 target price on the stock. in a research report on Wednesday, July 16th. Stephens decreased their target price on Atlassian from $255.00 to $221.00 and set an "equal weight" rating on the stock in a research report on Friday, May 2nd. Mizuho decreased their target price on Atlassian from $265.00 to $235.00 and set an "outperform" rating on the stock in a research report on Friday. Robert W. Baird upgraded Atlassian from a "neutral" rating to an "outperform" rating and decreased their target price for the stock from $320.00 to $255.00 in a research report on Monday, April 14th. Finally, Barclays decreased their target price on Atlassian from $244.00 to $215.00 and set an "overweight" rating on the stock in a research report on Friday. Five analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $260.67.

Atlassian Trading Down 1.7%

NASDAQ:TEAM traded down $2.94 during mid-day trading on Friday, reaching $168.06. The company's stock had a trading volume of 7,902,491 shares, compared to its average volume of 2,193,492. The company's fifty day simple moving average is $199.40 and its two-hundred day simple moving average is $225.85. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. Atlassian Corporation PLC has a twelve month low of $137.27 and a twelve month high of $326.00. The stock has a market cap of $44.12 billion, a P/E ratio of -169.76 and a beta of 0.96.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The technology company reported $0.98 earnings per share (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 analyst estimates of $1.36 billion. Atlassian had a negative return on equity of 15.19% and a negative net margin of 4.92%. The firm's quarterly revenue was up 22.3% on a year-over-year basis. During the same period last year, the company earned $0.66 EPS. On average, equities analysts predict that Atlassian Corporation PLC will post -0.34 EPS for the current year.

Insider Activity

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $222.47, for a total value of $1,768,191.56. Following the transaction, the chief executive officer directly owned 143,064 shares of the company's stock, valued at $31,827,448.08. The trade was a 5.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated 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 completion of the transaction, the director directly owned 103,324 shares in the company, valued at $22,206,394.08. This represents a 7.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 522,111 shares of company stock worth $106,345,639 over the last ninety days. Corporate insiders own 38.55% of the company's stock.

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.