Atlassian Corporation PLC $TEAM Shares Sold by Bank of America Corp DE

Key Points

• Bank of America cut its Atlassian position by 53.7% in the first quarter, selling 475,956 shares and retaining 410,345 shares valued at approximately $28 million.
• Analysts maintain a generally positive outlook, with 24 Buy ratings, four Holds and one Sell; Atlassian has a consensus “Moderate Buy” rating and an average price target of $176.27.
• Atlassian exceeded quarterly expectations, reporting $1.87 in EPS and $1.77 billion in revenue, with revenue up 27.6% year over year.

Bank of America Corp DE reduced its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 53.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 410,345 shares of the technology company's stock after selling 475,956 shares during the quarter. Bank of America Corp DE owned about 0.16% of Atlassian worth $28,006,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of TEAM. Exane Asset Management lifted its position in shares of Atlassian by 419.9% in the fourth quarter. Exane Asset Management now owns 31,363 shares of the technology company's stock valued at $5,085,000 after acquiring an additional 25,330 shares in the last quarter. Nicholas Company Inc. increased its position in Atlassian by 8.7% during the 4th quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company's stock worth $49,748,000 after purchasing an additional 24,490 shares in the last quarter. Merit Financial Group LLC increased its position in Atlassian by 339.8% during the 4th quarter. Merit Financial Group LLC now owns 31,565 shares of the technology company's stock worth $5,118,000 after purchasing an additional 24,388 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Atlassian by 25.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 139,400 shares of the technology company's stock valued at $22,602,000 after purchasing an additional 28,001 shares during the last quarter. Finally, Tensor Edge Capital LLC acquired a new position in Atlassian in the 4th quarter valued at about $5,028,000. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on TEAM shares. Oppenheimer upped their price objective on shares of Atlassian from $110.00 to $200.00 and gave the company an "outperform" rating in a research note on Friday, August 7th. Zacks Research cut shares of Atlassian from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 29th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $126.00 price target on shares of Atlassian in a report on Monday, August 3rd. UBS Group increased their price target on Atlassian from $95.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, August 7th. Finally, Truist Financial raised their price objective on Atlassian from $100.00 to $160.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Twenty-four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Atlassian has a consensus rating of "Moderate Buy" and an average target price of $176.27.

Atlassian Stock Performance

NASDAQ TEAM opened at $162.22 on Monday. The firm has a market capitalization of $41.17 billion, a price-to-earnings ratio of -853.79, a PEG ratio of 18.33 and a beta of 1.05. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. Atlassian Corporation PLC has a one year low of $56.01 and a one year high of $184.00. The company's 50 day moving average price is $98.25 and its 200 day moving average price is $87.76.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.37. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.07%. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the previous year, the firm earned $0.98 earnings per share. Atlassian's revenue for the quarter was up 27.6% on a year-over-year basis. On average, sell-side analysts predict that Atlassian Corporation PLC will post 0.65 EPS for the current year.

Insider Activity at Atlassian

In other Atlassian news, CRO Brian Duffy sold 3,000 shares of the company's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the completion of the transaction, the executive owned 227,691 shares in the company, valued at $20,426,159.61. This represents a 1.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James Chuong sold 8,838 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the sale, the chief financial officer directly owned 288,272 shares of the company's stock, valued at $25,295,868. This trade represents a 2.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 20,041 shares of company stock worth $1,801,069 over the last three months. 36.66% of the stock is currently owned by corporate insiders.

Atlassian Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian's product portfolio centers on tools designed to help teams plan, build and support software and business processes.

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