M&T Bank Corp Decreases Position in Atlassian Corporation PLC $TEAM

M&T Bank Corp decreased its holdings in Atlassian Corporation PLC (NASDAQ:TEAM) by 32.4% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 20,998 shares of the technology company’s stock after selling 10,060 shares during the quarter. M&T Bank Corp’s holdings in Atlassian were worth $4,265,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. LPL Financial LLC increased its holdings in Atlassian by 28.8% during the 1st quarter. LPL Financial LLC now owns 66,397 shares of the technology company’s stock worth $14,090,000 after purchasing an additional 14,863 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Atlassian by 1.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 25,091 shares of the technology company’s stock valued at $5,325,000 after buying an additional 406 shares during the period. Thoroughbred Financial Services LLC grew its position in shares of Atlassian by 26.7% during the first quarter. Thoroughbred Financial Services LLC now owns 3,071 shares of the technology company’s stock worth $651,000 after buying an additional 648 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Atlassian by 3.5% during the first quarter. Vanguard Group Inc. now owns 16,993,537 shares of the technology company’s stock worth $3,606,198,000 after buying an additional 580,583 shares during the period. Finally, ASR Vermogensbeheer N.V. acquired a new stake in Atlassian in the first quarter valued at approximately $3,451,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Stock Down 0.1%

TEAM opened at $156.54 on Friday. Atlassian Corporation PLC has a one year low of $139.70 and a one year high of $326.00. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. The stock has a market capitalization of $41.19 billion, a P/E ratio of -220.48, a price-to-earnings-growth ratio of 29.57 and a beta of 0.89. The business’s 50-day simple moving average is $155.35 and its 200-day simple moving average is $177.80.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, October 30th. The technology company reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.21. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Atlassian had a negative return on equity of 7.11% and a negative net margin of 3.38%.The firm’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.77 EPS. Analysts anticipate that Atlassian Corporation PLC will post -0.34 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Barclays lowered their price target on shares of Atlassian from $244.00 to $215.00 and set an “overweight” rating for the company in a report on Friday, August 8th. Truist Financial set a $210.00 target price on Atlassian in a report on Friday, October 31st. Canaccord Genuity Group restated a “buy” rating and issued a $230.00 price target on shares of Atlassian in a research note on Wednesday, October 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $240.00 price objective on shares of Atlassian in a research report on Friday, October 31st. Finally, BMO Capital Markets raised their target price on Atlassian from $190.00 to $195.00 and gave the stock an “outperform” rating in a research report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $240.00.

Insider Activity

In related news, Director Scott Farquhar sold 7,665 shares of the company’s stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $173.56, for a total value of $1,330,337.40. Following the completion of the sale, the director owned 61,320 shares in the company, valued at $10,642,699.20. This represents a 11.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Anutthara Bharadwaj sold 9,847 shares of the stock in a transaction on Friday, November 14th. The stock was sold at an average price of $152.46, for a total transaction of $1,501,273.62. Following the sale, the president owned 242,092 shares of the company’s stock, valued at approximately $36,909,346.32. This represents a 3.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 581,181 shares of company stock valued at $92,344,535 in the last ninety days. 36.66% of the stock is currently owned by company insiders.

About Atlassian

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.