Envestnet Portfolio Solutions Inc. Reduces Stock Holdings in Atlassian Corporation PLC (NASDAQ:TEAM)

Envestnet Portfolio Solutions Inc. lowered its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 36.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,408 shares of the technology company's stock after selling 3,614 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Atlassian were worth $1,360,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of TEAM. JPMorgan Chase & Co. boosted its stake 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 purchasing an additional 1,806,042 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in Atlassian during the fourth quarter worth approximately $687,486,000. Invesco Ltd. raised its holdings 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 purchasing an additional 1,777,179 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Atlassian by 1.3% during the fourth 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 grew its position in shares of Atlassian by 17,941.0% during the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock worth $528,693,000 after acquiring an additional 2,160,810 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

Insider Activity

In other news, President Anutthara Bharadwaj sold 7,674 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $225.51, for a total transaction of $1,730,563.74. Following the sale, the president now directly owns 192,260 shares in the company, valued at approximately $43,356,552.60. The trade was a 3.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CRO Brian Duffy sold 1,959 shares of the company's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $214.87, for a total value of $420,930.33. Following the completion of the sale, the executive now owns 75,612 shares in the company, valued at $16,246,750.44. This trade represents a 2.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 381,287 shares of company stock worth $79,609,626 in the last three months. 38.55% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Morgan Stanley lowered their price objective on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Barclays cut their target price on shares of Atlassian from $350.00 to $260.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. Robert W. Baird raised shares of Atlassian from a "neutral" rating to an "outperform" rating and dropped their price objective for the company from $320.00 to $255.00 in a research note on Monday, April 14th. Jefferies Financial Group dropped their price objective on shares of Atlassian from $330.00 to $262.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Finally, Wall Street Zen raised shares of Atlassian from a "hold" rating to a "buy" rating in a research note on Sunday. 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's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $282.19.

Atlassian Trading Up 4.1%

Shares of TEAM stock opened at $200.67 on Wednesday. The stock has a 50-day simple moving average of $210.03 and a 200 day simple moving average of $239.10. Atlassian Corporation PLC has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The stock has a market capitalization of $52.68 billion, a P/E ratio of -120.89 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.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same period last year, the company posted $0.89 EPS. The business's quarterly revenue was up 14.1% compared to the same quarter last year. On average, sell-side analysts expect that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

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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