M&T Bank Corp Sells 4,465 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

M&T Bank Corp cut its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 12.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,058 shares of the technology company's stock after selling 4,465 shares during the quarter. M&T Bank Corp's holdings in Atlassian were worth $6,591,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. increased its holdings in Atlassian by 72.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock worth $1,042,737,000 after buying an additional 1,806,042 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new position in Atlassian in the fourth quarter worth about $687,486,000. Invesco Ltd. boosted its position in Atlassian by 265.9% in 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 during the last quarter. Geode Capital Management LLC boosted its position in Atlassian by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company's stock worth $528,851,000 after purchasing an additional 27,899 shares during the last quarter. Finally, Voya Investment Management LLC boosted its position in Atlassian by 17,941.0% in the fourth 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 during the last quarter. 94.45% of the stock is currently owned by institutional investors.

Insider Activity at Atlassian

In related news, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $206.80, for a total transaction of $1,643,646.40. Following the completion of the transaction, the director owned 174,856 shares in the company, valued at $36,160,220.80. The trade was a 4.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $209.19, for a total value of $1,662,642.12. Following the completion of the sale, the chief executive officer owned 158,960 shares of the company's stock, valued at $33,252,842.40. This represents a 4.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 425,579 shares of company stock worth $89,163,758. Corporate insiders own 38.55% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on TEAM shares. KeyCorp dropped their target price on Atlassian from $365.00 to $275.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. Cantor Fitzgerald raised Atlassian from a "neutral" rating to an "overweight" rating and dropped their target price for the stock from $304.00 to $272.00 in a research report on Wednesday, April 2nd. UBS Group reissued a "hold" rating on shares of Atlassian in a research report on Monday. Piper Sandler reaffirmed an "overweight" rating and set a $300.00 price objective (down from $365.00) on shares of Atlassian in a research report on Friday, May 2nd. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $300.00 price objective (down from $330.00) on shares of Atlassian in a research report on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $282.19.

Atlassian Price Performance

NASDAQ:TEAM traded down $20.84 during trading hours on Thursday, reaching $200.05. The stock had a trading volume of 3,774,522 shares, compared to its average volume of 2,169,638. 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 52 week low of $135.29 and a 52 week high of $326.00. The company has a 50 day moving average price of $208.39 and a two-hundred day moving average price of $234.49. The stock has a market capitalization of $52.52 billion, a PE ratio of -120.51 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 earnings per share 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 return on equity of 23.41% and a negative net margin of 8.66%. The company's revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.89 EPS. As a group, sell-side analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

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.