DAVENPORT & Co LLC Has $1.35 Million Position in Atlassian Corporation PLC (NASDAQ:TEAM)

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

Several other institutional investors and hedge funds also recently modified their holdings of the business. Massachusetts Financial Services Co. MA acquired a new position in shares of Atlassian in the fourth quarter valued at approximately $687,486,000. Voya Investment Management LLC raised its position in shares of Atlassian by 17,941.0% in the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock valued at $528,693,000 after buying an additional 2,160,810 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Atlassian by 72.9% in 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 buying an additional 1,806,042 shares during the last quarter. Invesco Ltd. lifted its position in 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 buying an additional 1,777,179 shares during the period. Finally, Durable Capital Partners LP boosted its stake in Atlassian by 499.7% in the 4th quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company's stock worth $383,456,000 after buying an additional 1,312,820 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

Atlassian Trading Up 1.2%

Shares of TEAM stock traded up $2.52 during trading hours on Monday, reaching $216.05. The stock had a trading volume of 2,102,705 shares, compared to its average volume of 2,158,810. Atlassian Corporation PLC has a twelve month low of $135.29 and a twelve month high of $326.00. The firm has a 50-day simple moving average of $209.30 and a 200-day simple moving average of $235.05. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings data 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. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The business had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. During the same period last year, the firm posted $0.89 earnings per share. The business's revenue was up 14.1% on a year-over-year basis. Sell-side analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $225.64, for a total value of $1,793,386.72. Following the transaction, the chief executive officer directly owned 206,648 shares of the company's stock, valued at $46,628,054.72. This trade represents a 3.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $206.80, for a total transaction of $1,643,646.40. Following the sale, the director directly owned 174,856 shares in the company, valued at approximately $36,160,220.80. This trade represents 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 in the last ninety days. Company insiders own 38.55% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on TEAM shares. BMO Capital Markets cut their price objective on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Morgan Stanley lowered their price objective on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Wall Street Zen upgraded Atlassian from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. UBS Group restated a "hold" rating on shares of Atlassian in a report on Monday. Finally, Cantor Fitzgerald upgraded Atlassian from a "neutral" rating to an "overweight" rating and dropped their price objective for the stock from $304.00 to $272.00 in a report on Wednesday, April 2nd. Four equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $282.19.

Atlassian 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.