Royal Bank of Canada Sells 364,672 Shares of Atlassian Corporation PLC $TEAM

Royal Bank of Canada lessened its stake in Atlassian Corporation PLC (NASDAQ:TEAM) by 35.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 678,357 shares of the technology company’s stock after selling 364,672 shares during the quarter. Royal Bank of Canada owned about 0.27% of Atlassian worth $46,298,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. MV Capital Management Inc. bought a new position in Atlassian in the 4th quarter valued at about $25,000. State of Wyoming boosted its position in shares of Atlassian by 65.7% during the 1st quarter. State of Wyoming now owns 449 shares of the technology company’s stock worth $31,000 after acquiring an additional 178 shares in the last quarter. Basepoint Wealth LLC acquired a new stake in shares of Atlassian during the 4th quarter worth approximately $32,000. Garton & Associates Financial Advisors LLC bought a new position in Atlassian in the fourth quarter valued at approximately $32,000. Finally, Bogart Wealth LLC increased its stake in Atlassian by 76.4% in the fourth quarter. Bogart Wealth LLC now owns 217 shares of the technology company’s stock valued at $35,000 after acquiring an additional 94 shares during the last quarter. Institutional investors own 94.45% of the company’s stock.

Atlassian Trading Down 0.0%

Shares of TEAM stock opened at $101.01 on Monday. The firm has a market capitalization of $25.63 billion, a P/E ratio of -121.70, a P/E/G ratio of 7.17 and a beta of 1.05. Atlassian Corporation PLC has a twelve month low of $56.01 and a twelve month high of $199.09. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13. The stock’s fifty day simple moving average is $90.49 and its 200 day simple moving average is $87.04.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The firm had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same period last year, the company earned $0.97 earnings per share. The business’s quarterly revenue was up 31.7% on a year-over-year basis. As a group, sell-side analysts predict that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

Insider Activity at Atlassian

In related news, CRO Brian Duffy sold 3,000 shares of Atlassian stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $89.71, for a total transaction of $269,130.00. Following the sale, the executive directly owned 227,691 shares in the company, valued at $20,426,159.61. This trade represents a 1.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James Chuong sold 8,838 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the sale, the chief financial officer directly owned 288,272 shares in the company, valued at $25,295,868. The trade was a 2.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 20,041 shares of company stock valued at $1,801,069 in the last ninety days. 36.66% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have weighed in on TEAM. Citizens Jmp restated a “market perform” rating on shares of Atlassian in a research note on Wednesday, July 1st. Cantor Fitzgerald lifted their price target on Atlassian from $98.00 to $107.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. Piper Sandler decreased their price target on Atlassian from $200.00 to $175.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Robert W. Baird set a $120.00 price target on Atlassian in a report on Friday, May 1st. Finally, TD Cowen upped their price objective on Atlassian from $85.00 to $105.00 and gave the stock a “hold” rating in a research report on Friday, May 1st. Twenty-one analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $138.50.

About Atlassian

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.