Bank of New York Mellon Corp Decreases Holdings in Atlassian Corporation PLC $TEAM

Key Points

• Bank of New York Mellon cut its Atlassian stake by 8.5% in the fourth quarter, selling 75,923 shares and leaving it with 817,434 shares worth about $132.5 million.
• Atlassian reported strong quarterly results, posting $1.75 EPS versus the $1.33 estimate and revenue of $1.79 billion, up 31.7% year over year.
• Analysts remain generally positive on TEAM, with a consensus rating of “Moderate Buy” and an average price target of $145.63, even as several firms recently lowered their targets.

Bank of New York Mellon Corp lessened its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 8.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 817,434 shares of the technology company's stock after selling 75,923 shares during the period. Bank of New York Mellon Corp owned about 0.31% of Atlassian worth $132,539,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Geneos Wealth Management Inc. increased its holdings in Atlassian by 447.2% during the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock worth $42,000 after buying an additional 161 shares during the last quarter. Atlantic Union Bankshares Corp increased its holdings in Atlassian by 19,900.0% during the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company's stock worth $32,000 after buying an additional 199 shares during the last quarter. Board of the Pension Protection Fund purchased a new stake in Atlassian during the fourth quarter worth about $32,000. Basepoint Wealth LLC purchased a new position in shares of Atlassian in the fourth quarter worth about $32,000. Finally, Bogart Wealth LLC increased its stake in shares of Atlassian by 76.4% in the fourth quarter. Bogart Wealth LLC now owns 217 shares of the technology company's stock worth $35,000 after purchasing an additional 94 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on TEAM. Guggenheim set a $115.00 target price on shares of Atlassian in a research note on Thursday, April 9th. BMO Capital Markets reduced their target price on shares of Atlassian from $130.00 to $105.00 and set an "outperform" rating for the company in a research note on Friday, May 1st. Raymond James Financial set a $130.00 target price on shares of Atlassian in a research note on Friday, May 1st. Wells Fargo & Company reduced their target price on shares of Atlassian from $155.00 to $120.00 and set an "overweight" rating for the company in a research note on Tuesday, March 17th. Finally, KeyCorp cut their price objective on shares of Atlassian from $170.00 to $130.00 and set an "overweight" rating for the company in a research report on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Atlassian presently has a consensus rating of "Moderate Buy" and a consensus price target of $145.63.

Insider Activity at Atlassian

In other Atlassian news, CRO Brian Duffy sold 1,986 shares of Atlassian 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 $174,271.50. Following the transaction, the executive directly owned 236,841 shares of the company's stock, valued at approximately $20,782,797.75. This trade represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the transaction, the chief financial officer directly owned 288,272 shares in the company, valued at $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 10,891 shares of company stock worth $955,683 over the last three months. Insiders own 36.66% of the company's stock.

Atlassian Trading Down 2.0%

Shares of Atlassian stock opened at $99.47 on Friday. Atlassian Corporation PLC has a 1 year low of $56.01 and a 1 year high of $222.59. The firm has a market cap of $25.24 billion, a PE ratio of -119.84, a PEG ratio of 5.64 and a beta of 1.07. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70. The company has a 50 day simple moving average of $78.95 and a two-hundred day simple moving average of $106.45.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.42. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same period in the previous year, the business posted $0.97 earnings per share. Atlassian's revenue for the quarter was up 31.7% on a year-over-year basis. Analysts expect that Atlassian Corporation PLC will post 0.81 earnings per share for the current fiscal year.

Atlassian Company 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.

Want to see what other hedge funds are holding TEAM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Atlassian Corporation PLC (NASDAQ:TEAM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.