Envestnet Portfolio Solutions Inc. Has $4.23 Million Stake in Atlassian Co. (NASDAQ:TEAM)

Envestnet Portfolio Solutions Inc. reduced its position in shares of Atlassian Co. (NASDAQ:TEAM) by 27.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 23,897 shares of the technology company’s stock after selling 9,044 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Atlassian were worth $4,227,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. First Trust Direct Indexing L.P. raised its position in Atlassian by 1.5% during the first quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company’s stock valued at $721,000 after buying an additional 55 shares during the period. Park National Corp OH increased its holdings in shares of Atlassian by 4.0% in the 1st quarter. Park National Corp OH now owns 1,497 shares of the technology company’s stock valued at $292,000 after purchasing an additional 58 shares during the period. Atria Wealth Solutions Inc. lifted its position in shares of Atlassian by 3.2% in the fourth quarter. Atria Wealth Solutions Inc. now owns 1,885 shares of the technology company’s stock worth $448,000 after purchasing an additional 59 shares in the last quarter. STF Management LP boosted its holdings in shares of Atlassian by 2.6% during the fourth quarter. STF Management LP now owns 2,551 shares of the technology company’s stock worth $607,000 after purchasing an additional 65 shares during the period. Finally, Ameritas Investment Partners Inc. grew its position in Atlassian by 1.4% during the first quarter. Ameritas Investment Partners Inc. now owns 4,561 shares of the technology company’s stock valued at $890,000 after purchasing an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Analyst Upgrades and Downgrades

TEAM has been the subject of several recent research reports. Oppenheimer cut their price objective on Atlassian from $250.00 to $230.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Wells Fargo & Company reduced their price target on Atlassian from $285.00 to $250.00 and set an “overweight” rating for the company in a report on Friday, June 21st. Barclays lowered their price target on Atlassian from $275.00 to $250.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. Baird R W lowered shares of Atlassian from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 2nd. Finally, Scotiabank decreased 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. Ten analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $217.69.

Insider Transactions at Atlassian

In other Atlassian news, CTO Rajeev Bashyam Rajan sold 445 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $175.90, for a total value of $78,275.50. Following the sale, the chief technology officer now directly owns 130,525 shares in the company, valued at approximately $22,959,347.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Atlassian news, CTO Rajeev Bashyam Rajan sold 445 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $175.90, for a total value of $78,275.50. Following the completion of the sale, the chief technology officer now owns 130,525 shares in the company, valued at approximately $22,959,347.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $181.58, for a total value of $138,000.80. Following the sale, the president now directly owns 156,234 shares in the company, valued at approximately $28,368,969.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 266,767 shares of company stock worth $44,890,149. Insiders own 40.48% of the company’s stock.

Atlassian Stock Performance

TEAM stock traded up $1.97 during mid-day trading on Thursday, reaching $145.47. 861,959 shares of the stock traded hands, compared to its average volume of 1,788,409. The firm has a market capitalization of $37.87 billion, a PE ratio of -227.78 and a beta of 0.74. The business has a 50-day moving average of $166.31 and a two-hundred day moving average of $185.69. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $258.69. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.82.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.07. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. Atlassian had a negative return on equity of 18.13% and a negative net margin of 6.89%. The firm’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.21) EPS. As a group, equities analysts predict that Atlassian Co. will post -0.57 EPS for the current fiscal year.

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.