Bank of Montreal Can Trims Holdings in Atlassian Co. (NASDAQ:TEAM)

Bank of Montreal Can lowered its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 68.8% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 84,262 shares of the technology company’s stock after selling 185,755 shares during the period. Bank of Montreal Can’s holdings in Atlassian were worth $13,585,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in TEAM. Asset Dedication LLC grew its stake in shares of Atlassian by 229.8% in the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after buying an additional 108 shares in the last quarter. Trust Co. of Vermont boosted its holdings in Atlassian by 2,175.0% during the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after acquiring an additional 174 shares during the period. Rothschild Investment LLC purchased a new position in Atlassian during the 2nd quarter valued at about $36,000. GAMMA Investing LLC grew its position in Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after acquiring an additional 96 shares in the last quarter. Finally, Reston Wealth Management LLC purchased a new stake in Atlassian during the third quarter worth about $48,000. Institutional investors and hedge funds own 93.03% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on TEAM shares. Morgan Stanley raised their price target on shares of Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Truist Financial lifted their target price on Atlassian from $160.00 to $200.00 and gave the company a “hold” rating in a report on Friday, November 1st. Barclays cut their price target on Atlassian from $275.00 to $250.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. KeyCorp upgraded Atlassian from a “sector weight” rating to an “overweight” rating and set a $260.00 price objective for the company in a research note on Friday, November 1st. Finally, BMO Capital Markets boosted their price objective on Atlassian from $177.00 to $255.00 and gave the stock a “market perform” rating in a research report on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $244.21.

Insider Buying and Selling at Atlassian

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $163.81, for a total value of $1,301,961.88. Following the completion of the transaction, the director now owns 151,012 shares in the company, valued at approximately $24,737,275.72. This represents a 5.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Gene Liu sold 1,024 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $225.45, for a total transaction of $230,860.80. Following the transaction, the chief accounting officer now directly owns 59,168 shares in the company, valued at approximately $13,339,425.60. This trade represents a 1.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 257,694 shares of company stock valued at $50,560,726. 38.55% of the stock is owned by company insiders.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $263.58 on Friday. Atlassian Co. has a one year low of $135.29 and a one year high of $269.40. The stock has a market capitalization of $68.64 billion, a price-to-earnings ratio of -173.41 and a beta of 0.71. The company has a 50-day simple moving average of $206.56 and a 200-day simple moving average of $179.82. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.64 by $0.13. The firm had revenue of $1.19 billion during 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 revenue was up 21.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.07) EPS. On average, analysts predict that Atlassian Co. will post -0.54 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.