US Bancorp DE Has $5.30 Million Holdings in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• US Bancorp DE has reduced its stake in Atlassian Corporation PLC by 11.3% during the first quarter, selling 3,174 shares and now holds 24,957 shares worth approximately $5.3 million.
• Analysts have mixed sentiments on TEAM stock, with target prices being adjusted downwards by firms like Barclays and Canaccord Genuity Group, while the average rating remains a "Moderate Buy" with a consensus target of $274.05.
• A significant amount of insider selling has occurred recently, with insiders selling over 514,000 shares valued at more than $105 million in the past three months, indicating potential concerns about stock performance.

US Bancorp DE reduced its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 11.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,957 shares of the technology company's stock after selling 3,174 shares during the period. US Bancorp DE's holdings in Atlassian were worth $5,296,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. EFG Asset Management Americas Corp. acquired a new stake in Atlassian during the 1st quarter valued at approximately $741,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in shares of Atlassian by 10.0% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,352 shares of the technology company's stock valued at $287,000 after buying an additional 123 shares during the last quarter. Mesirow Financial Investment Management Inc. grew its position in shares of Atlassian by 15.3% during the first quarter. Mesirow Financial Investment Management Inc. now owns 1,086 shares of the technology company's stock worth $230,000 after buying an additional 144 shares in the last quarter. Vestcor Inc grew its position in shares of Atlassian by 323.7% during the first quarter. Vestcor Inc now owns 13,098 shares of the technology company's stock worth $2,780,000 after buying an additional 10,007 shares in the last quarter. Finally, XTX Topco Ltd increased its stake in shares of Atlassian by 94.3% in the first quarter. XTX Topco Ltd now owns 14,021 shares of the technology company's stock worth $2,975,000 after buying an additional 6,805 shares during the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Trading Up 0.0%

Shares of NASDAQ TEAM traded up $0.06 during mid-day trading on Wednesday, hitting $185.50. 2,987,393 shares of the company traded hands, compared to its average volume of 2,283,990. The business has a 50 day moving average of $201.37 and a two-hundred day moving average of $227.55. The stock has a market capitalization of $48.69 billion, a price-to-earnings ratio of -111.75 and a beta of 0.96. Atlassian Corporation PLC has a 1 year low of $136.84 and a 1 year high of $326.00. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72.

Insider Transactions at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $185.43, for a total value of $1,421,320.95. Following the completion of the sale, the chief executive officer owned 306,600 shares in the company, valued at $56,852,838. This represents a 2.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction on Monday, August 4th. The shares were sold at an average price of $185.43, for a total value of $1,421,320.95. Following the transaction, the director owned 306,600 shares in the company, valued at $56,852,838. This represents a 2.44% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 514,729 shares of company stock valued at $105,159,814 over the last ninety days. Insiders own 38.55% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on TEAM. Robert W. Baird raised shares of Atlassian from a "neutral" rating to an "outperform" rating and decreased their price objective for the stock from $320.00 to $255.00 in a report on Monday, April 14th. BMO Capital Markets lowered their price objective on Atlassian from $295.00 to $245.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Piper Sandler reaffirmed an "overweight" rating and set a $300.00 target price (down previously from $365.00) on shares of Atlassian in a report on Friday, May 2nd. Wall Street Zen upgraded Atlassian from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. Finally, UBS Group reiterated a "hold" rating on shares of Atlassian in a research note on Monday, July 7th. Five analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Atlassian has an average rating of "Moderate Buy" and a consensus target price of $274.05.

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.