Bank of Nova Scotia Has $6.66 Million Stake in Atlassian Corporation PLC $TEAM

Bank of Nova Scotia reduced its position in Atlassian Corporation PLC (NASDAQ:TEAM) by 70.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 97,648 shares of the technology company’s stock after selling 228,829 shares during the quarter. Bank of Nova Scotia’s holdings in Atlassian were worth $6,664,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. MV Capital Management Inc. bought a new stake in Atlassian in the 4th quarter valued at $25,000. State of Wyoming lifted its holdings in shares of Atlassian by 65.7% during the 1st quarter. State of Wyoming now owns 449 shares of the technology company’s stock worth $31,000 after acquiring an additional 178 shares during the period. Basepoint Wealth LLC bought a new position in shares of Atlassian during the 4th quarter worth about $32,000. Garton & Associates Financial Advisors LLC acquired a new stake in shares of Atlassian during the 4th quarter valued at about $32,000. Finally, Bogart Wealth LLC boosted its position in shares of Atlassian by 76.4% during the 4th quarter. Bogart Wealth LLC now owns 217 shares of the technology company’s stock valued at $35,000 after acquiring an additional 94 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Atlassian Stock Performance

NASDAQ:TEAM opened at $95.87 on Tuesday. The stock has a market capitalization of $24.33 billion, a P/E ratio of -115.51, a price-to-earnings-growth ratio of 6.08 and a beta of 1.11. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. Atlassian Corporation PLC has a 1 year low of $56.01 and a 1 year high of $206.00. The firm has a 50 day moving average of $89.23 and a 200-day moving average of $88.45.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The business had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period in the prior year, the company earned $0.97 EPS. Atlassian’s revenue for the quarter was up 31.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently issued reports on TEAM shares. Truist Financial increased their price target on shares of Atlassian from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Piper Sandler decreased their price objective on Atlassian from $200.00 to $175.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Robert W. Baird set a $120.00 price objective on Atlassian in a research note on Friday, May 1st. Wall Street Zen cut Atlassian from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 30th. Finally, Raymond James Financial restated an “outperform” rating on shares of Atlassian in a research report on Tuesday, July 21st. Twenty-one research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $138.50.

Insiders Place Their Bets

In related news, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $775,534.50. Following the completion of the transaction, the chief financial officer directly owned 288,272 shares of the company’s stock, valued at $25,295,868. The trade was a 2.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of Atlassian stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $89.71, for a total value of $269,130.00. Following the completion of the transaction, the executive directly owned 227,691 shares of the company’s stock, valued at $20,426,159.61. This represents a 1.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 20,041 shares of company stock worth $1,801,069. Insiders own 36.66% of the company’s stock.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.