PNC Financial Services Group Inc. Decreases Position in Atlassian Co. (NASDAQ:TEAM)

PNC Financial Services Group Inc. cut its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 25.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,953 shares of the technology company’s stock after selling 8,723 shares during the period. PNC Financial Services Group Inc.’s holdings in Atlassian were worth $3,963,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Baillie Gifford & Co. raised its position in Atlassian by 0.9% during the third quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock valued at $1,352,115,000 after purchasing an additional 78,454 shares during the period. Dragoneer Investment Group LLC purchased a new stake in Atlassian during the second quarter valued at approximately $469,803,000. Bank of New York Mellon Corp raised its position in Atlassian by 3.5% during 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 purchasing an additional 26,555 shares during the period. Manning & Napier Advisors LLC purchased a new stake in Atlassian during the second quarter valued at approximately $91,072,000. Finally, Swiss National Bank raised its holdings in shares of Atlassian by 1.5% in the third quarter. Swiss National Bank now owns 472,867 shares of the technology company’s stock worth $75,096,000 after buying an additional 6,900 shares during the period. 93.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on TEAM shares. Canaccord Genuity Group increased their price target on Atlassian from $225.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Jefferies Financial Group increased their price target on Atlassian from $280.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. BMO Capital Markets increased their price target on Atlassian from $177.00 to $255.00 and gave the stock a “market perform” rating in a report on Friday, November 1st. Piper Sandler increased their price target on Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a report on Friday, November 1st. Finally, Scotiabank increased their price target on Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a 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. According to data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and an average target price of $244.21.

Atlassian Stock Up 2.6 %

Shares of NASDAQ TEAM opened at $260.58 on Monday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $67.86 billion, a PE ratio of -171.43 and a beta of 0.71. The stock’s fifty day simple moving average is $196.47 and its two-hundred day simple moving average is $176.98. Atlassian Co. has a 12-month low of $135.29 and a 12-month high of $262.00.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.13. The business had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The business’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.07) EPS. As a group, analysts expect that Atlassian Co. will post -0.56 EPS for the current fiscal year.

Insider Transactions at Atlassian

In other news, CTO Rajeev Bashyam Rajan sold 5,172 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $190.00, for a total value of $982,680.00. Following the completion of the sale, the chief technology officer now owns 204,109 shares of the company’s stock, valued at $38,780,710. This trade represents a 2.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $166.36, for a total value of $1,322,229.28. Following the completion of the transaction, the chief executive officer now owns 158,960 shares of the company’s stock, valued at $26,444,585.60. This trade represents a 4.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 257,694 shares of company stock valued at $49,012,774 in the last quarter. 38.55% of the stock is currently owned by corporate insiders.

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.