Bank of New York Mellon Corp Decreases Stock Holdings in Atlassian Corporation PLC $TEAM

Bank of New York Mellon Corp trimmed its position in Atlassian Corporation PLC (NASDAQ:TEAM) by 8.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 817,434 shares of the technology company’s stock after selling 75,923 shares during the quarter. Bank of New York Mellon Corp’s holdings in Atlassian were worth $132,539,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Westpac Banking Corp increased its position in Atlassian by 242.9% during the 4th quarter. Westpac Banking Corp now owns 17,013 shares of the technology company’s stock valued at $2,758,000 after purchasing an additional 12,051 shares during the period. Rothschild Wealth LLC purchased a new position in Atlassian during the 4th quarter valued at $730,000. Waterloo Capital L.P. purchased a new position in Atlassian during the 4th quarter valued at $251,000. Nomura Asset Management Co. Ltd. increased its position in Atlassian by 6.0% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 67,124 shares of the technology company’s stock valued at $10,883,000 after purchasing an additional 3,810 shares during the period. Finally, Essex Financial Services Inc. increased its position in Atlassian by 129.0% during the 4th quarter. Essex Financial Services Inc. now owns 3,160 shares of the technology company’s stock valued at $512,000 after purchasing an additional 1,780 shares during the period. 94.45% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Atlassian news, CFO James Chuong sold 8,838 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the transaction, the chief financial officer owned 288,272 shares in the company, valued at approximately $25,295,868. This represents a 2.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 1,986 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $174,271.50. Following the transaction, the executive owned 236,841 shares in the company, valued at $20,782,797.75. This represents a 0.83% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 10,891 shares of company stock worth $955,683 in the last 90 days. Company insiders own 36.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TEAM. BTIG Research boosted their price objective on shares of Atlassian from $120.00 to $130.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Wall Street Zen cut shares of Atlassian from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 30th. BMO Capital Markets dropped their target price on shares of Atlassian from $130.00 to $105.00 and set an “outperform” rating on the stock in a report on Friday, May 1st. Barclays boosted their target price on shares of Atlassian from $106.00 to $112.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Finally, Raymond James Financial set a $130.00 target price on shares of Atlassian in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus price target of $145.63.

Atlassian Stock Performance

Shares of Atlassian stock opened at $99.47 on Friday. The stock has a market cap of $25.24 billion, a price-to-earnings ratio of -119.84, a PEG ratio of 5.64 and a beta of 1.07. The firm’s 50-day moving average is $78.95 and its 200 day moving average is $106.45. Atlassian Corporation PLC has a 1 year low of $56.01 and a 1 year high of $222.59. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70.

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

About Atlassian

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.