Bank of Nova Scotia Cuts Stock Holdings in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Bank of Nova Scotia has reduced its stake in Atlassian Corporation PLC by 23.8%, holding 41,611 shares valued at $8.83 million after selling nearly 13,000 shares in the first quarter.
• Investment firms such as Clean Yield Group and MassMutual Private Wealth significantly increased their positions in Atlassian, indicating varying confidence among institutional investors.
• Analysts have mixed ratings on Atlassian, with price targets ranging from $211 to $274, reflecting differing views on the company's valuation and growth outlook.

Bank of Nova Scotia trimmed its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 23.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,611 shares of the technology company's stock after selling 12,965 shares during the period. Bank of Nova Scotia's holdings in Atlassian were worth $8,830,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in TEAM. Clean Yield Group boosted its position in Atlassian by 372.0% during the first quarter. Clean Yield Group now owns 118 shares of the technology company's stock valued at $25,000 after buying an additional 93 shares during the period. Colonial Trust Co SC boosted its position in Atlassian by 100.0% during the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock valued at $34,000 after buying an additional 69 shares during the period. GeoWealth Management LLC grew its holdings in Atlassian by 26.8% in the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock worth $44,000 after acquiring an additional 38 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its holdings in Atlassian by 82.7% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 243 shares of the technology company's stock worth $52,000 after acquiring an additional 110 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in Atlassian by 25.9% in the 1st quarter. First Horizon Advisors Inc. now owns 267 shares of the technology company's stock worth $57,000 after acquiring an additional 55 shares during the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on TEAM shares. Capital One Financial lowered shares of Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 price target on the stock. in a report on Wednesday, July 16th. Macquarie cut their price target on shares of Atlassian from $270.00 to $250.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. UBS Group reissued a "hold" rating on shares of Atlassian in a report on Monday, July 7th. Baird R W raised shares of Atlassian from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. Finally, Barclays cut their price target on shares of Atlassian from $260.00 to $244.00 and set an "overweight" rating on the stock in a report on Monday, July 21st. Five analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $274.05.

Atlassian Price Performance

NASDAQ TEAM opened at $185.69 on Tuesday. Atlassian Corporation PLC has a 52 week low of $135.29 and a 52 week high of $326.00. The firm has a market capitalization of $48.75 billion, a P/E ratio of -111.86 and a beta of 0.96. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. The company has a 50-day moving average price of $202.31 and a 200-day moving average price of $228.31.

Insider Activity

In other news, Director Scott Farquhar sold 7,665 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $184.43, for a total transaction of $1,413,655.95. Following the completion of the sale, the director owned 314,265 shares of the company's stock, valued at $57,959,893.95. This represents a 2.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the company's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $184.43, for a total value of $1,413,655.95. Following the completion of the sale, the chief executive officer owned 314,265 shares of the company's stock, valued at approximately $57,959,893.95. The trade was a 2.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 499,399 shares of company stock valued at $102,317,172 in the last ninety days. Insiders own 38.55% of the company's stock.

Atlassian Company 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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