DAVENPORT & Co LLC Reduces Holdings in Atlassian Corporation PLC (NASDAQ:TEAM)

DAVENPORT & Co LLC trimmed its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 24.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,337 shares of the technology company's stock after selling 2,064 shares during the quarter. DAVENPORT & Co LLC's holdings in Atlassian were worth $1,345,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. raised its position in Atlassian by 72.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock valued at $1,042,737,000 after purchasing an additional 1,806,042 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in Atlassian in the fourth quarter worth approximately $687,486,000. Invesco Ltd. raised its stake in shares of Atlassian by 265.9% during the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock worth $595,171,000 after acquiring an additional 1,777,179 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Atlassian by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company's stock worth $528,851,000 after acquiring an additional 27,899 shares during the last quarter. Finally, Voya Investment Management LLC boosted its stake in shares of Atlassian by 17,941.0% in the 4th quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock valued at $528,693,000 after purchasing an additional 2,160,810 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Truist Financial decreased their target price on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Jefferies Financial Group lowered their target price on Atlassian from $330.00 to $262.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Morgan Stanley cut their target price on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Canaccord Genuity Group lowered their price target on shares of Atlassian from $300.00 to $255.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Finally, Raymond James Financial restated an "outperform" rating and issued a $300.00 price objective (down previously from $330.00) on shares of Atlassian in a research report on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Atlassian presently has a consensus rating of "Moderate Buy" and an average target price of $282.19.

Atlassian Stock Performance

NASDAQ:TEAM traded up $0.57 during trading hours on Monday, reaching $214.10. The company had a trading volume of 269,845 shares, compared to its average volume of 2,309,936. The firm has a market cap of $56.20 billion, a price-to-earnings ratio of -128.94 and a beta of 0.94. Atlassian Corporation PLC has a 52 week low of $135.29 and a 52 week high of $326.00. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72. The firm's 50 day moving average price is $209.58 and its 200-day moving average price is $235.45.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.04. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The firm's quarterly revenue was up 14.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.89 earnings per share. On average, analysts forecast that Atlassian Corporation PLC will post -0.34 EPS for the current year.

Insider Buying and Selling at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the business's stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $225.64, for a total value of $1,793,386.72. Following the sale, the chief executive officer directly owned 206,648 shares in the company, valued at approximately $46,628,054.72. The trade was a 3.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $206.80, for a total value of $1,643,646.40. Following the transaction, the director directly owned 174,856 shares of the company's stock, valued at approximately $36,160,220.80. The trade was a 4.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 402,867 shares of company stock valued at $84,057,644 over the last ninety days. 38.55% of the stock is currently owned by corporate insiders.

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.