Equitable Trust Co. Decreases Position in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Equitable Trust Co. reduced its holdings in Atlassian Corporation PLC by 29.7%, selling 3,389 shares and owning 8,017 shares worth approximately $1.7 million as of the latest SEC filing.
• Several institutional investors made significant changes to their positions in Atlassian, including Baillie Gifford & Co., which increased its position by 7.1% and now holds over 8.6 million shares valued at over $1.8 billion.
• Atlassian recently reported earnings of $0.97 per share, surpassing analysts’ expectations, with a revenue of $1.36 billion, marking a 14.1% year-over-year increase.

Equitable Trust Co. decreased its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 29.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,017 shares of the technology company's stock after selling 3,389 shares during the period. Equitable Trust Co.'s holdings in Atlassian were worth $1,701,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Corebridge Financial Inc. increased its stake in Atlassian by 0.3% in the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company's stock valued at $2,555,000 after purchasing an additional 35 shares in the last quarter. GeoWealth Management LLC increased its stake in Atlassian by 26.8% in the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock valued at $44,000 after purchasing an additional 38 shares in the last quarter. True Wealth Design LLC increased its stake in Atlassian by 21.6% in the fourth quarter. True Wealth Design LLC now owns 282 shares of the technology company's stock valued at $69,000 after purchasing an additional 50 shares in the last quarter. Covenant Partners LLC increased its stake in Atlassian by 4.2% in the fourth quarter. Covenant Partners LLC now owns 1,328 shares of the technology company's stock valued at $323,000 after purchasing an additional 53 shares in the last quarter. Finally, First Citizens Bank & Trust Co. increased its stake in Atlassian by 4.7% in the first quarter. First Citizens Bank & Trust Co. now owns 1,192 shares of the technology company's stock valued at $253,000 after purchasing an additional 54 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company's stock.

Insiders Place Their Bets

In other news, Director Scott Farquhar sold 7,665 shares of the firm's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $202.55, for a total value of $1,552,545.75. Following the completion of the sale, the director directly owned 352,590 shares of the company's stock, valued at approximately $71,417,104.50. This trade represents a 2.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the firm's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $202.55, for a total transaction of $1,552,545.75. Following the completion of the sale, the chief executive officer directly owned 352,590 shares of the company's stock, valued at approximately $71,417,104.50. This represents a 2.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 477,253 shares of company stock worth $98,475,378. Insiders own 38.55% of the company's stock.

Analysts Set New Price Targets

TEAM has been the subject of several recent research reports. Mizuho decreased their target price on shares of Atlassian from $290.00 to $265.00 and set an "outperform" rating for the company in a research report on Wednesday, July 16th. Jefferies Financial Group decreased their target price on shares of Atlassian from $330.00 to $262.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Baird R W raised shares of Atlassian from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Oppenheimer decreased their target price on shares of Atlassian from $300.00 to $275.00 and set an "outperform" rating for the company in a research report on Monday, July 21st. Finally, Capital One Financial downgraded shares of Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 target price for the company. in a research report on Wednesday, July 16th. Five investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Atlassian currently has an average rating of "Moderate Buy" and an average price target of $274.05.

Atlassian Trading Down 0.9%

Shares of TEAM stock traded down $1.82 on Tuesday, hitting $200.02. 749,934 shares of the company's stock traded hands, compared to its average volume of 2,294,143. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. Atlassian Corporation PLC has a one year low of $135.29 and a one year high of $326.00. The company's fifty day simple moving average is $203.64 and its 200 day simple moving average is $229.81. The stock has a market capitalization of $52.51 billion, a price-to-earnings ratio of -120.59 and a beta of 0.94.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its earnings results on Thursday, May 1st. The technology company reported $0.97 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 company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter last year, the firm earned $0.89 EPS. The firm's quarterly revenue was up 14.1% compared to the same quarter last year. Equities analysts forecast that Atlassian Corporation PLC will post -0.34 EPS for the current year.

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.