Atlassian Corporation PLC $TEAM Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. reduced its stake in Atlassian Corporation PLC (NASDAQ:TEAM) by 3.2% during the 3rd quarter, Holdings Channel reports. The fund owned 346,327 shares of the technology company’s stock after selling 11,311 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Atlassian were worth $62,093,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TEAM. Fortitude Family Office LLC grew its stake in Atlassian by 23.0% during the 3rd quarter. Fortitude Family Office LLC now owns 289 shares of the technology company’s stock worth $52,000 after purchasing an additional 54 shares in the last quarter. Activest Wealth Management increased its holdings in Atlassian by 372.4% during the 3rd quarter. Activest Wealth Management now owns 137 shares of the technology company’s stock worth $25,000 after purchasing an additional 108 shares during the period. Frank Rimerman Advisors LLC raised its position in Atlassian by 3.7% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 3,228 shares of the technology company’s stock valued at $579,000 after purchasing an additional 115 shares in the last quarter. Strengthening Families & Communities LLC raised its position in Atlassian by 2.2% in the 3rd quarter. Strengthening Families & Communities LLC now owns 5,759 shares of the technology company’s stock valued at $1,033,000 after purchasing an additional 124 shares in the last quarter. Finally, State of Wyoming raised its position in Atlassian by 65.7% in the 1st quarter. State of Wyoming now owns 449 shares of the technology company’s stock valued at $31,000 after purchasing an additional 178 shares in the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TEAM. Bank of America boosted their price objective on Atlassian from $175.00 to $210.00 and gave the stock a “buy” rating in a research report on Monday, August 31st. Wall Street Zen upgraded shares of Atlassian from a “hold” rating to a “buy” rating in a research note on Sunday, September 13th. Oppenheimer raised their target price on shares of Atlassian from $200.00 to $275.00 and gave the company an “outperform” rating in a report on Thursday, October 22nd. Robert W. Baird lifted their price target on shares of Atlassian from $200.00 to $245.00 and gave the stock an “outperform” rating in a research note on Monday, September 28th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $225.00 price target on shares of Atlassian in a research note on Friday. Twenty-three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $217.76.

Atlassian Stock Up 2.1%

Atlassian stock opened at $191.05 on Wednesday. Atlassian Corporation PLC has a 1-year low of $56.01 and a 1-year high of $229.96. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market cap of $48.36 billion, a PE ratio of -1,005.53, a P/E/G ratio of 19.95 and a beta of 1.16. The stock’s fifty day moving average is $195.93 and its two-hundred day moving average is $118.76.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.37. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.66 billion. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%. Atlassian’s revenue for the quarter was up 27.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.98 EPS. On average, sell-side analysts expect that Atlassian Corporation PLC will post 0.69 EPS for the current fiscal year.

Insider Transactions at Atlassian

In other news, CRO Brian Duffy sold 1,851 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $319,204.95. Following the sale, the executive owned 218,223 shares of the company’s stock, valued at approximately $37,632,556.35. This trade represents a 0.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Gene Liu sold 337 shares of the business’s stock in a transaction that occurred on Monday, October 12th. The stock was sold at an average price of $210.00, for a total value of $70,770.00. Following the sale, the chief accounting officer owned 55,531 shares of the company’s stock, valued at approximately $11,661,510. The trade was a 0.60% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 22,475 shares of company stock valued at $3,822,643. Corporate insiders own 37.63% of the company’s stock.

Atlassian Profile

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for team collaboration and knowledge management, Jira Service Management for IT and enterprise service workflows, Trello for organizing tasks and projects, Loom for video messaging and screen recording, and Bitbucket for source-code management and collaboration.