Envestnet Asset Management Inc. Sells 20,235 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Envestnet Asset Management Inc. lessened its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 5.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 324,361 shares of the technology company's stock after selling 20,235 shares during the period. Envestnet Asset Management Inc. owned 0.12% of Atlassian worth $68,833,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in TEAM. Clean Yield Group raised its position in shares of Atlassian by 372.0% in the first quarter. Clean Yield Group now owns 118 shares of the technology company's stock valued at $25,000 after purchasing an additional 93 shares during the period. Murphy & Mullick Capital Management Corp bought a new position in Atlassian in the 4th quarter valued at about $27,000. Colonial Trust Co SC lifted 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 worth $34,000 after acquiring an additional 69 shares during the last quarter. Summit Securities Group LLC acquired a new stake in Atlassian during the fourth quarter worth approximately $38,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Atlassian during the fourth quarter worth approximately $39,000. Institutional investors own 94.45% of the company's stock.

Atlassian Stock Performance

Shares of Atlassian stock opened at $187.01 on Friday. The company's 50 day moving average price is $207.96 and its two-hundred day moving average price is $234.00. The firm has a market capitalization of $49.09 billion, a P/E ratio of -112.66 and a beta of 0.94. Atlassian Corporation PLC has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26.

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

Insider Activity at Atlassian

In related news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on Tuesday, May 6th. The stock was 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 $36,160,220.80. The trade was a 4.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $222.47, for a total value of $1,768,191.56. Following the completion of the sale, the chief executive officer owned 143,064 shares in the company, valued at $31,827,448.08. The trade was a 5.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 417,631 shares of company stock valued at $87,606,665 in the last ninety days. 38.55% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on TEAM shares. Truist Financial dropped their price target on Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a report on Monday, March 31st. Wells Fargo & Company dropped their target price on Atlassian from $330.00 to $315.00 and set an "overweight" rating for the company in a report on Friday, May 2nd. Baird R W upgraded shares of Atlassian from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Robert W. Baird raised shares of Atlassian from a "neutral" rating to an "outperform" rating and lowered their price target for the stock from $320.00 to $255.00 in a research report on Monday, April 14th. Finally, Morgan Stanley cut their price objective on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Four investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $285.75.

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.

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