Glynn Capital Management LLC Trims Position in Atlassian Corporation PLC (NASDAQ:TEAM)

Glynn Capital Management LLC reduced its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 30.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,438 shares of the technology company's stock after selling 45,391 shares during the period. Atlassian accounts for 5.9% of Glynn Capital Management LLC's portfolio, making the stock its 4th largest position. Glynn Capital Management LLC's holdings in Atlassian were worth $22,375,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. Farther Finance Advisors LLC increased its stake in shares of Atlassian by 37.7% during the first quarter. Farther Finance Advisors LLC now owns 369 shares of the technology company's stock valued at $80,000 after purchasing an additional 101 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in shares of Atlassian by 42.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 4,240 shares of the technology company's stock valued at $900,000 after purchasing an additional 1,259 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Atlassian by 350.1% during the first quarter. Principal Financial Group Inc. now owns 51,900 shares of the technology company's stock valued at $11,014,000 after purchasing an additional 40,369 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Atlassian by 47,387.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 3,799 shares of the technology company's stock valued at $822,000 after buying an additional 3,791 shares during the last quarter. Finally, Amalgamated Bank grew its holdings in shares of Atlassian by 6.1% during the first quarter. Amalgamated Bank now owns 11,360 shares of the technology company's stock valued at $2,411,000 after buying an additional 650 shares during the last quarter. 94.45% of the stock is owned by institutional investors.

Atlassian Price Performance

Shares of TEAM stock traded up $3.17 on Friday, hitting $203.00. 1,122,031 shares of the stock traded hands, compared to its average volume of 2,091,735. The firm has a market cap of $53.29 billion, a price-to-earnings ratio of -122.29 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 firm has a 50 day simple moving average of $203.90 and a two-hundred day simple moving average of $230.30. 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 announced its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.93 by $0.04. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The company's revenue was up 14.1% on a year-over-year basis. During the same period last year, the firm earned $0.89 EPS. As a group, equities research analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Cantor Fitzgerald upgraded shares of Atlassian from a "neutral" rating to an "overweight" rating and cut their price target for the company from $304.00 to $272.00 in a report on Wednesday, April 2nd. Canaccord Genuity Group cut their price target on shares of Atlassian from $300.00 to $255.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Mizuho cut their price target on shares of Atlassian from $290.00 to $265.00 and set an "outperform" rating on the stock in a report on Wednesday, July 16th. BMO Capital Markets cut their price target 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. Finally, Robert W. Baird upgraded shares of Atlassian from a "neutral" rating to an "outperform" rating and cut their price target for the company from $320.00 to $255.00 in a report on Monday, April 14th. Five analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $274.05.

Insider Buying and Selling at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,665 shares of the firm's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $202.78, for a total transaction of $1,554,308.70. Following the sale, the chief executive officer directly owned 367,920 shares in the company, valued at $74,606,817.60. This trade represents a 2.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the firm's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $202.78, for a total transaction of $1,554,308.70. Following the sale, the director owned 367,920 shares in the company, valued at $74,606,817.60. The trade was a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 469,871 shares of company stock worth $97,195,068 over the last 90 days. Insiders own 38.55% of the company's stock.

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.