Hsbc Holdings PLC Cuts Holdings in Atlassian Co. (NASDAQ:TEAM)

Hsbc Holdings PLC trimmed its stake in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 4.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 140,896 shares of the technology company's stock after selling 5,930 shares during the period. Hsbc Holdings PLC owned 0.05% of Atlassian worth $34,306,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of TEAM. Virtu Financial LLC bought a new stake in Atlassian in the 3rd quarter worth approximately $606,000. SkyView Investment Advisors LLC raised its stake in Atlassian by 3.0% during the third quarter. SkyView Investment Advisors LLC now owns 4,128 shares of the technology company's stock valued at $656,000 after purchasing an additional 122 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its position in Atlassian by 59.4% during the third quarter. Wilmington Savings Fund Society FSB now owns 2,901 shares of the technology company's stock valued at $461,000 after purchasing an additional 1,081 shares during the last quarter. Tidal Investments LLC increased its stake in Atlassian by 143.2% during the third quarter. Tidal Investments LLC now owns 12,605 shares of the technology company's stock worth $2,002,000 after acquiring an additional 7,422 shares during the last quarter. Finally, Synovus Financial Corp raised its position in Atlassian by 26.4% during the third quarter. Synovus Financial Corp now owns 19,962 shares of the technology company's stock valued at $3,170,000 after purchasing an additional 4,173 shares during the period. Hedge funds and other institutional investors own 94.45% of the company's stock.

Atlassian Stock Performance

NASDAQ:TEAM traded down $2.79 during trading hours on Wednesday, reaching $225.70. The company had a trading volume of 879,994 shares, compared to its average volume of 2,287,652. The firm has a market cap of $59.13 billion, a PE ratio of -168.43 and a beta of 1.07. Atlassian Co. has a 1-year low of $135.29 and a 1-year high of $326.00. The business's 50 day moving average price is $226.37 and its 200-day moving average price is $244.81. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. Research analysts forecast that Atlassian Co. will post -0.34 EPS for the current year.

Insider Transactions at Atlassian

In other Atlassian news, President Anutthara Bharadwaj sold 1,723 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $305.84, for a total transaction of $526,962.32. Following the completion of the transaction, the president now owns 199,934 shares of the company's stock, valued at $61,147,814.56. This trade represents a 0.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm's stock in a transaction on Monday, April 28th. The stock was sold at an average price of $229.59, for a total value of $1,824,781.32. Following the transaction, the chief executive officer now owns 222,544 shares of the company's stock, valued at approximately $51,093,876.96. This represents a 3.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 261,513 shares of company stock valued at $65,540,320 over the last 90 days. Corporate insiders own 38.55% of the company's stock.

Wall Street Analysts Forecast Growth

TEAM has been the topic of a number of analyst reports. Piper Sandler boosted their price objective on shares of Atlassian from $310.00 to $365.00 and gave the company an "overweight" rating in a research report on Friday, January 31st. Cantor Fitzgerald upgraded Atlassian from a "neutral" rating to an "overweight" rating and reduced their target price for the stock from $304.00 to $272.00 in a research note on Wednesday, April 2nd. Truist Financial lowered their target price on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Barclays upped their price target on shares of Atlassian from $275.00 to $350.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Finally, Robert W. Baird upgraded shares of Atlassian from a "neutral" rating to an "outperform" rating and decreased their price objective 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 given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $301.90.

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.