Royal Bank of Canada Sells 364,672 Shares of Atlassian Corporation PLC $TEAM

Royal Bank of Canada decreased its stake in Atlassian Corporation PLC (NASDAQ:TEAM) by 35.0% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 678,357 shares of the technology company’s stock after selling 364,672 shares during the period. Royal Bank of Canada’s holdings in Atlassian were worth $46,298,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Quantinno Capital Management LP boosted its holdings in Atlassian by 947.7% in the first quarter. Quantinno Capital Management LP now owns 283,427 shares of the technology company’s stock valued at $19,344,000 after acquiring an additional 256,374 shares during the last quarter. Weiss Asset Management LP bought a new position in Atlassian during the 1st quarter worth approximately $4,047,000. OMERS ADMINISTRATION Corp raised its holdings in Atlassian by 26.1% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 24,119 shares of the technology company’s stock worth $1,646,000 after purchasing an additional 4,997 shares during the last quarter. Entropy Technologies LP lifted its position in shares of Atlassian by 366.9% in the 1st quarter. Entropy Technologies LP now owns 48,081 shares of the technology company’s stock worth $3,282,000 after purchasing an additional 37,782 shares during the period. Finally, Inceptionr LLC bought a new stake in shares of Atlassian in the 1st quarter valued at $1,262,000. 94.45% of the stock is currently owned by institutional investors.

Insider Transactions at Atlassian

In other news, CRO Brian Duffy sold 3,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the completion of the sale, the executive directly owned 227,691 shares in the company, valued at $20,426,159.61. This trade represents a 1.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO James Chuong sold 8,838 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $775,534.50. Following the completion of the sale, 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 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 20,041 shares of company stock worth $1,801,069 in the last three months. Insiders own 36.66% of the company’s stock.

Atlassian Stock Down 0.0%

Shares of NASDAQ TEAM opened at $101.01 on Monday. The firm has a market cap of $25.63 billion, a PE ratio of -121.70, a P/E/G ratio of 7.17 and a beta of 1.05. Atlassian Corporation PLC has a 12-month low of $56.01 and a 12-month high of $199.09. The company’s fifty day simple moving average is $90.49 and its 200 day simple moving average is $87.04. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13.

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

Wall Street Analysts Forecast Growth

TEAM has been the subject of several recent analyst reports. Truist Financial increased their price objective 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. TD Cowen upped their price target on shares of Atlassian from $85.00 to $105.00 and gave the company a “hold” rating in a research report on Friday, May 1st. Raymond James Financial reiterated an “outperform” rating on shares of Atlassian in a report on Tuesday, July 21st. Canaccord Genuity Group lowered their price objective on Atlassian from $185.00 to $150.00 and set a “buy” rating for the company in a research report on Wednesday, April 15th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Atlassian in a research note on Friday, July 17th. Twenty-one equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $138.50.

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.