Lyell Wealth Management LP Has $1.43 Million Stock Holdings in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Lyell Wealth Management LP has reduced its holdings in Atlassian Corporation PLC by 32.5%, selling 3,240 shares, bringing its total to 6,727 shares valued at $1,428,000.
• Atlassian reported a 14.1% year-over-year increase in revenue, with $1.36 billion for the quarter and earnings per share of $0.97, surpassing estimates.
• Institutional investors currently own 94.45% of Atlassian's stock, indicating a strong backing from large financial entities.

Lyell Wealth Management LP cut its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 32.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,727 shares of the technology company's stock after selling 3,240 shares during the period. Lyell Wealth Management LP's holdings in Atlassian were worth $1,428,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of TEAM. Clean Yield Group increased its stake in Atlassian by 372.0% in the 1st quarter. Clean Yield Group now owns 118 shares of the technology company's stock valued at $25,000 after buying an additional 93 shares during the last quarter. Colonial Trust Co SC increased its stake in Atlassian by 100.0% in the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock valued at $34,000 after buying an additional 69 shares during the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new stake in Atlassian in the 4th quarter valued at $39,000. GeoWealth Management LLC increased its stake in Atlassian by 26.8% in the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock valued at $44,000 after buying an additional 38 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its stake in Atlassian by 82.7% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 243 shares of the technology company's stock valued at $52,000 after buying an additional 110 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have issued reports on TEAM shares. Wells Fargo & Company lowered their price target on shares of Atlassian from $330.00 to $315.00 and set an "overweight" rating on the stock in a research note on Friday, May 2nd. BMO Capital Markets lowered their price target on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Barclays decreased their price objective on shares of Atlassian from $260.00 to $244.00 and set an "overweight" rating for the company in a research report on Monday, July 21st. Raymond James Financial reissued an "outperform" rating and issued a $300.00 price objective (down previously from $330.00) on shares of Atlassian in a research report on Friday, May 2nd. Finally, UBS Group reissued a "hold" rating on shares of Atlassian in a research report on Monday, July 7th. Five investment analysts have rated the stock with a hold rating, nineteen have issued 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 an average target price of $274.05.

Atlassian Stock Performance

Atlassian stock traded down $8.82 during midday trading on Friday, hitting $182.96. The company's stock had a trading volume of 1,944,063 shares, compared to its average volume of 1,926,517. Atlassian Corporation PLC has a 1-year low of $135.29 and a 1-year 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. The company has a 50-day moving average price of $202.78 and a two-hundred day moving average price of $229.08. The company has a market cap of $48.03 billion, a price-to-earnings ratio of -110.22 and a beta of 0.96.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, topping 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 quarter in the previous year, the company earned $0.89 EPS. The business's revenue was up 14.1% on a year-over-year basis. As a group, sell-side analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Insider Activity

In other news, Director Scott Farquhar sold 7,665 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $197.88, for a total value of $1,516,750.20. Following the completion of the transaction, the director directly owned 329,595 shares in the company, valued at approximately $65,220,258.60. The trade was a 2.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $197.88, for a total transaction of $1,516,750.20. Following the completion of the transaction, the chief executive officer owned 329,595 shares of the company's stock, valued at $65,220,258.60. The trade was a 2.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 492,017 shares of company stock valued at $101,133,506 in the last quarter. Corporate insiders own 38.55% of the company's stock.

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.