Sumitomo Mitsui Trust Holdings Inc. Sells 44,154 Shares of Atlassian Co. (NASDAQ:TEAM)

Sumitomo Mitsui Trust Holdings Inc. cut its holdings in Atlassian Co. (NASDAQ:TEAM - Free Report) by 10.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 359,784 shares of the technology company's stock after selling 44,154 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.14% of Atlassian worth $63,639,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. First Trust Direct Indexing L.P. raised its holdings in Atlassian by 1.5% in the first quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company's stock worth $721,000 after buying an additional 55 shares during the last quarter. Park National Corp OH increased its stake in shares of Atlassian by 4.0% in the first quarter. Park National Corp OH now owns 1,497 shares of the technology company's stock worth $292,000 after purchasing an additional 58 shares in the last quarter. Atria Wealth Solutions Inc. raised its holdings in Atlassian by 3.2% during the fourth quarter. Atria Wealth Solutions Inc. now owns 1,885 shares of the technology company's stock valued at $448,000 after acquiring an additional 59 shares during the period. STF Management LP boosted its stake in Atlassian by 2.6% in the 4th quarter. STF Management LP now owns 2,551 shares of the technology company's stock worth $607,000 after purchasing an additional 65 shares during the period. Finally, Ameritas Investment Partners Inc. grew its stake in Atlassian by 1.4% during the first quarter. Ameritas Investment Partners Inc. now owns 4,561 shares of the technology company's stock valued at $890,000 after acquiring an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 93.03% of the company's stock.

Atlassian Stock Up 5.0 %

Atlassian stock traded up $7.38 during midday trading on Friday, hitting $154.21. The stock had a trading volume of 2,503,515 shares, compared to its average volume of 2,282,891. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $258.69. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.82. The stock has a market cap of $40.14 billion, a P/E ratio of -244.78 and a beta of 0.74. The business has a fifty day moving average price of $165.79 and a 200 day moving average price of $184.21.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.07. The business had revenue of $1.13 billion for the quarter, compared to analysts' expectations of $1.13 billion. Atlassian had a negative return on equity of 18.13% and a negative net margin of 6.89%. The business's quarterly revenue was up 20.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.21) EPS. Research analysts predict that Atlassian Co. will post -0.57 EPS for the current year.

Insider Buying and Selling

In related news, CEO Scott Farquhar sold 8,241 shares of Atlassian stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $170.05, for a total transaction of $1,401,382.05. Following the transaction, the chief executive officer now directly owns 185,148 shares of the company's stock, valued at $31,484,417.40. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $163.54, for a total transaction of $1,299,815.92. Following the completion of the sale, the chief executive officer now directly owns 87,428 shares of the company's stock, valued at $14,297,975.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Scott Farquhar sold 8,241 shares of the business's stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $170.05, for a total transaction of $1,401,382.05. Following the sale, the chief executive officer now owns 185,148 shares in the company, valued at approximately $31,484,417.40. The disclosure for this sale can be found here. Insiders have sold a total of 257,766 shares of company stock valued at $43,257,726 in the last quarter. Company insiders own 40.48% of the company's stock.

Analysts Set New Price Targets

TEAM has been the subject of a number of analyst reports. Capital One Financial upgraded Atlassian from an "equal weight" rating to an "overweight" rating and set a $211.00 price target for the company in a research report on Thursday, July 11th. Morgan Stanley decreased their price objective on Atlassian from $245.00 to $225.00 and set an "overweight" rating for the company in a report on Wednesday, July 17th. Barclays dropped their target price on shares of Atlassian from $275.00 to $250.00 and set an "overweight" rating on the stock in a research report on Monday, August 5th. JMP Securities upgraded Atlassian to a "hold" rating in a research report on Friday, August 2nd. Finally, TD Cowen lowered their target price on Atlassian from $220.00 to $210.00 and set a "hold" rating on the stock in a research note on Friday, April 26th. Ten investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $217.69.

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.