PNC Financial Services Group Inc. Sells 661 Shares of Atlassian Co. (NASDAQ:TEAM)

PNC Financial Services Group Inc. lowered its stake in shares of Atlassian Co. (NASDAQ:TEAM – Get Rating) by 2.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 32,967 shares of the technology company’s stock after selling 661 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Atlassian were worth $4,242,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in TEAM. Dimensional Fund Advisors LP grew its position in Atlassian by 29.9% during the first quarter. Dimensional Fund Advisors LP now owns 201,552 shares of the technology company’s stock valued at $59,233,000 after buying an additional 46,418 shares during the period. Cetera Investment Advisers boosted its position in Atlassian by 6.0% during the first quarter. Cetera Investment Advisers now owns 1,755 shares of the technology company’s stock worth $516,000 after purchasing an additional 100 shares during the period. Baird Financial Group Inc. boosted its position in Atlassian by 7.9% during the first quarter. Baird Financial Group Inc. now owns 115,967 shares of the technology company’s stock worth $34,075,000 after purchasing an additional 8,491 shares during the period. Pearl River Capital LLC bought a new position in Atlassian during the first quarter worth about $1,163,000. Finally, USS Investment Management Ltd bought a new position in Atlassian during the first quarter worth about $6,015,000. Institutional investors own 45.50% of the company’s stock.

Atlassian Trading Down 1.1 %

TEAM stock opened at $158.88 on Friday. The company has a market capitalization of $40.83 billion, a PE ratio of -76.75 and a beta of 0.82. Atlassian Co. has a one year low of $113.86 and a one year high of $300.29. The company’s 50 day moving average price is $153.05 and its two-hundred day moving average price is $149.42. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.31 and a current ratio of 1.31.

Atlassian (NASDAQ:TEAM – Get Rating) last issued its earnings results on Thursday, May 4th. The technology company reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.15). Atlassian had a negative return on equity of 79.71% and a negative net margin of 15.89%. The firm had revenue of $915.45 million during the quarter, compared to analysts’ expectations of $898.71 million. As a group, analysts predict that Atlassian Co. will post -0.83 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on TEAM. Oppenheimer reiterated an “outperform” rating and set a $200.00 target price on shares of Atlassian in a research report on Monday, April 17th. The Goldman Sachs Group lowered shares of Atlassian from a “buy” rating to a “neutral” rating and cut their price objective for the company from $240.00 to $165.00 in a research report on Friday, May 5th. Piper Sandler cut their price objective on shares of Atlassian from $160.00 to $140.00 in a research report on Friday, May 5th. Barclays cut their price objective on shares of Atlassian from $155.00 to $130.00 in a research report on Sunday, May 7th. Finally, Morgan Stanley cut their price objective on shares of Atlassian from $190.00 to $185.00 and set an “overweight” rating for the company in a research report on Friday, February 3rd. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $197.74.

Insider Activity at Atlassian

In other news, CEO Scott Farquhar sold 8,614 shares of the business’s stock in a transaction on Thursday, March 2nd. The shares were sold at an average price of $164.18, for a total transaction of $1,414,246.52. Following the sale, the chief executive officer now owns 180,894 shares in the company, valued at approximately $29,699,176.92. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CFO Joseph Leo Binz sold 1,737 shares of the company’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $146.11, for a total transaction of $253,793.07. Following the completion of the sale, the chief financial officer now owns 69,035 shares of the company’s stock, valued at approximately $10,086,703.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Scott Farquhar sold 8,614 shares of the company’s stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $164.18, for a total value of $1,414,246.52. Following the completion of the transaction, the chief executive officer now owns 180,894 shares of the company’s stock, valued at $29,699,176.92. The disclosure for this sale can be found here. Insiders have sold a total of 314,112 shares of company stock worth $48,192,808 over the last quarter. Corporate insiders own 43.11% of the company’s stock.

Atlassian Company Profile

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Atlassian Corp. is a holding company, which engages in providing team collaboration and productivity software. Its software helps teams organize, discuss, and complete shared work. Its products include Jira Software, Confluence, Jira Service Management, and Trello. The company was founded by Michael Cannon-Brookes and Scott Farquhar in October 2002 and is headquartered in San Francisco, CA.