Atlassian Co. (NASDAQ:TEAM) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 25.9% during the 3rd quarter, HoldingsChannel reports. The firm owned 24,953 shares of the technology company’s stock after selling 8,723 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Atlassian were worth $3,963,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Baillie Gifford & Co. boosted its holdings in shares of Atlassian by 0.9% during the 3rd quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock worth $1,352,115,000 after purchasing an additional 78,454 shares during the last quarter. Dragoneer Investment Group LLC acquired a new position in Atlassian in the second quarter valued at approximately $469,803,000. Bank of New York Mellon Corp lifted its holdings in Atlassian by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 783,688 shares of the technology company’s stock valued at $138,619,000 after acquiring an additional 26,555 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in Atlassian in the second quarter valued at approximately $91,072,000. Finally, Swiss National Bank lifted its holdings in Atlassian by 1.5% in the third quarter. Swiss National Bank now owns 472,867 shares of the technology company’s stock valued at $75,096,000 after acquiring an additional 6,900 shares during the last quarter. 93.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Atlassian news, President Anutthara Bharadwaj sold 1,659 shares of Atlassian stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $245.81, for a total value of $407,798.79. Following the transaction, the president now directly owns 213,511 shares in the company, valued at approximately $52,483,138.91. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $244.81, for a total value of $1,945,749.88. Following the completion of the transaction, the director now owns 214,596 shares in the company, valued at $52,535,246.76. This trade represents a 3.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 257,694 shares of company stock worth $49,012,774 in the last quarter. 38.55% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms recently commented on TEAM. Robert W. Baird upped their price objective on Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, November 1st. UBS Group upped their price objective on Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. Canaccord Genuity Group upped their price objective on Atlassian from $225.00 to $255.00 and gave the company a “buy” rating in a report on Friday, November 1st. Barclays cut their target price on Atlassian from $275.00 to $250.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Finally, Raymond James boosted their target price on Atlassian from $200.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and a consensus target price of $244.21.

Atlassian Trading Up 2.6 %

NASDAQ:TEAM opened at $260.58 on Monday. The stock’s 50 day moving average price is $196.47 and its 200 day moving average price is $176.98. The company has a market capitalization of $67.86 billion, a PE ratio of -171.43 and a beta of 0.71. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $262.00.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The firm’s quarterly revenue was up 21.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.07) EPS. On average, research analysts anticipate that Atlassian Co. will post -0.56 EPS for the current year.

Atlassian Company Profile

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.