Bank of New York Mellon Corp Sells 139,426 Shares of Atlassian Corporation PLC $TEAM

Key Points

• Bank of New York Mellon cut its Atlassian stake by 17.1% in the first quarter, selling 139,426 shares and leaving it with 678,008 shares worth about $46.3 million.
• Wall Street remains mostly positive on Atlassian: analysts currently rate the stock a consensus “Moderate Buy,” with a median price target of $138.50, though some firms have recently trimmed targets.
• Atlassian reported stronger-than-expected quarterly results, posting EPS of $1.75 versus estimates of $1.33 and revenue of $1.79 billion, up 31.7% year over year.

Bank of New York Mellon Corp trimmed its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 17.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 678,008 shares of the technology company's stock after selling 139,426 shares during the quarter. Bank of New York Mellon Corp owned 0.26% of Atlassian worth $46,274,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of TEAM. AQR Capital Management LLC grew its position in Atlassian by 291.4% during the fourth quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company's stock valued at $1,256,535,000 after buying an additional 5,769,788 shares during the period. Norges Bank purchased a new position in Atlassian in the fourth quarter valued at approximately $323,526,000. Morgan Stanley grew its stake in shares of Atlassian by 52.4% during the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company's stock worth $781,841,000 after acquiring an additional 1,657,309 shares during the period. Carmignac Gestion raised its stake in Atlassian by 6,602.0% in the 4th quarter. Carmignac Gestion now owns 1,206,368 shares of the technology company's stock valued at $195,601,000 after acquiring an additional 1,188,368 shares during the period. Finally, DNB Asset Management AS boosted its holdings in shares of Atlassian by 42.2% in the fourth quarter. DNB Asset Management AS now owns 3,990,216 shares of the technology company's stock worth $646,974,000 after acquiring an additional 1,183,328 shares during the period. 94.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TEAM has been the topic of several recent analyst reports. Bank of America lowered their target price on shares of Atlassian from $110.00 to $105.00 and set a "neutral" rating on the stock in a research note on Thursday, July 16th. Barclays upped their price objective on shares of Atlassian from $106.00 to $112.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Citizens Jmp restated a "market perform" rating on shares of Atlassian in a report on Wednesday, July 1st. BMO Capital Markets dropped their price objective on Atlassian from $105.00 to $95.00 and set an "outperform" rating for the company in a report on Thursday, June 25th. Finally, Truist Financial boosted their price target on shares of Atlassian from $90.00 to $100.00 and gave the company a "buy" rating in a research report on Friday, May 1st. Twenty-one equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Atlassian presently has a consensus rating of "Moderate Buy" and a consensus price target of $138.50.

Insider Buying and Selling

In related news, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction dated 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 owned 288,272 shares in the company, valued at $25,295,868. This trade represents a 2.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, 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 transaction of $269,130.00. Following the completion of the sale, the executive directly owned 227,691 shares of the company's stock, valued at $20,426,159.61. The trade was a 1.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 20,041 shares of company stock worth $1,801,069. Insiders own 36.66% of the company's stock.

Atlassian Stock Up 8.4%

TEAM opened at $86.88 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13. Atlassian Corporation PLC has a twelve month low of $56.01 and a twelve month high of $206.00. The stock has a market capitalization of $22.05 billion, a price-to-earnings ratio of -104.67, a PEG ratio of 5.61 and a beta of 1.11. The firm has a 50 day moving average price of $89.10 and a 200-day moving average price of $89.34.

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. The company had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The firm's quarterly revenue was up 31.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.97 earnings per share. Equities research analysts forecast that Atlassian Corporation PLC will post 0.81 earnings per share for the current 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.

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