Atlassian Corporation PLC (NASDAQ:TEAM) Holdings Decreased by Mediolanum International Funds Ltd

Key Points

• Mediolanum International Funds Ltd reduced its stake in Atlassian by 39.2%, selling 12,579 shares and leaving it with 19,503 shares valued at approximately $4.25 million.
• Atlassian received mixed ratings from analysts, with upgrades and downgrades affecting the stock price target, which ranges from $211.00 to $255.00.
• Insider activity shows significant sales, including 7,665 shares sold by both the Director and CEO on July 23rd, indicating a 2.04% decrease in their ownership.

Mediolanum International Funds Ltd lowered its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 39.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,503 shares of the technology company's stock after selling 12,579 shares during the quarter. Mediolanum International Funds Ltd's holdings in Atlassian were worth $4,251,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in TEAM. Massachusetts Financial Services Co. MA purchased a new position in shares of Atlassian in the fourth quarter valued at $687,486,000. Voya Investment Management LLC increased its position in Atlassian by 17,941.0% during the 4th quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock worth $528,693,000 after purchasing an additional 2,160,810 shares in the last quarter. Invesco Ltd. increased its position in Atlassian by 265.9% during the 4th 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. Durable Capital Partners LP increased its position in Atlassian by 499.7% during the 4th quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company's stock worth $383,456,000 after purchasing an additional 1,312,820 shares in the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in Atlassian during the 4th quarter worth about $298,327,000. Hedge funds and other institutional investors own 94.45% of the company's stock.

Insider Activity at Atlassian

In other Atlassian news, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction that occurred on 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 sale, the director directly owned 352,590 shares in the company, valued at $71,417,104.50. The trade was a 2.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $202.55, for a total value of $1,552,545.75. Following the sale, the chief executive officer owned 352,590 shares in the company, valued at $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. Insiders have sold a total of 477,253 shares of company stock worth $98,475,378 over the last 90 days. 38.55% of the stock is owned by company insiders.

Atlassian Trading Down 0.6%

Shares of NASDAQ TEAM traded down $1.16 during midday trading on Monday, hitting $201.84. The stock had a trading volume of 1,018,272 shares, compared to its average volume of 2,024,678. The company has a fifty day moving average price of $203.90 and a 200 day moving average price of $230.10. The company has a market capitalization of $52.99 billion, a price-to-earnings ratio of -121.59 and a beta of 0.94. 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 Corporation PLC has a 1-year low of $135.29 and a 1-year high of $326.00.

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

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Oppenheimer dropped their price objective on Atlassian from $300.00 to $275.00 and set an "outperform" rating for the company in a research report on Monday, July 21st. Piper Sandler reiterated an "overweight" rating and set a $300.00 price objective (down previously from $365.00) on shares of Atlassian in a research report on Friday, May 2nd. Capital One Financial lowered Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 price target on the stock. in a research note on Wednesday, July 16th. Canaccord Genuity Group decreased their price target on Atlassian from $300.00 to $255.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Finally, Morgan Stanley decreased their price target on Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Five equities research 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 stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $274.05.

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.