Mount Yale Investment Advisors LLC Lowers Position in Atlassian Co. (NASDAQ:TEAM)

Mount Yale Investment Advisors LLC decreased its position in Atlassian Co. (NASDAQ:TEAM) by 25.5% during the 2nd quarter, Holdings Channel reports. The fund owned 12,563 shares of the technology company’s stock after selling 4,307 shares during the quarter. Mount Yale Investment Advisors LLC’s holdings in Atlassian were worth $2,222,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Atlassian by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company’s stock valued at $3,652,495,000 after purchasing an additional 504,181 shares during the period. Diversified Trust Co lifted its stake in shares of Atlassian by 27.6% in the first quarter. Diversified Trust Co now owns 14,036 shares of the technology company’s stock valued at $2,739,000 after purchasing an additional 3,035 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Atlassian by 7.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,087 shares of the technology company’s stock valued at $27,723,000 after purchasing an additional 10,434 shares during the period. State Board of Administration of Florida Retirement System lifted its stake in shares of Atlassian by 2.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 175,350 shares of the technology company’s stock valued at $34,213,000 after purchasing an additional 3,687 shares during the period. Finally, Alberta Investment Management Corp lifted its stake in shares of Atlassian by 16.1% in the fourth quarter. Alberta Investment Management Corp now owns 96,211 shares of the technology company’s stock valued at $22,885,000 after purchasing an additional 13,328 shares during the period. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Atlassian Price Performance

Atlassian stock opened at $163.08 on Friday. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $258.69. The firm has a 50 day moving average price of $161.99 and a 200 day moving average price of $175.39. The company has a market cap of $42.45 billion, a price-to-earnings ratio of -258.86 and a beta of 0.73. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.18 and a current ratio of 1.18.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the previous year, the firm earned ($0.21) earnings per share. Atlassian’s revenue was up 20.5% compared to the same quarter last year. Sell-side analysts predict that Atlassian Co. will post -0.58 earnings per share for the current year.

Insider Activity at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $163.56, for a total value of $1,299,974.88. Following the completion of the sale, the chief executive officer now directly owns 55,636 shares in the company, valued at $9,099,824.16. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $163.56, for a total transaction of $1,299,974.88. Following the completion of the sale, the chief executive officer now directly owns 55,636 shares in the company, valued at $9,099,824.16. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Rajeev Bashyam Rajan sold 199 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $146.08, for a total transaction of $29,069.92. Following the sale, the chief technology officer now owns 128,957 shares of the company’s stock, valued at $18,838,038.56. The disclosure for this sale can be found here. Over the last three months, insiders sold 239,399 shares of company stock worth $40,189,629. 40.48% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on TEAM. BMO Capital Markets reduced their price objective on shares of Atlassian from $220.00 to $177.00 and set a “market perform” rating for the company in a research note on Friday, August 2nd. Truist Financial cut their target price on shares of Atlassian from $200.00 to $160.00 and set a “hold” rating for the company in a research report on Friday, August 2nd. StockNews.com cut shares of Atlassian from a “buy” rating to a “hold” rating in a research report on Friday, July 12th. Scotiabank cut their target price on shares of Atlassian from $210.00 to $175.00 and set a “sector perform” rating for the company in a research report on Friday, August 2nd. Finally, JMP Securities upgraded shares of Atlassian to a “hold” rating in a research report on Friday, August 2nd. Ten equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and an average target price of $217.69.

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.