CNB Bank Lowers Stock Holdings in Atlassian Co. (NASDAQ:TEAM)

CNB Bank reduced its stake in Atlassian Co. (NASDAQ:TEAM) by 28.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 308 shares of the technology company’s stock after selling 122 shares during the quarter. CNB Bank’s holdings in Atlassian were worth $75,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Baillie Gifford & Co. boosted its holdings in Atlassian by 0.9% in the third quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock worth $1,352,115,000 after acquiring an additional 78,454 shares in the last quarter. State Street Corp boosted its stake in Atlassian by 0.3% in the 3rd quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock worth $565,424,000 after purchasing an additional 8,957 shares in the last quarter. Dragoneer Investment Group LLC bought a new position in Atlassian in the 2nd quarter worth about $469,803,000. JPMorgan Chase & Co. grew its position in Atlassian by 5.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock valued at $393,588,000 after purchasing an additional 131,621 shares during the last quarter. Finally, FMR LLC increased its stake in Atlassian by 7.4% during the 3rd quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock valued at $346,679,000 after purchasing an additional 150,237 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Insider Activity at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $278.79, for a total transaction of $2,215,822.92. Following the completion of the transaction, the chief executive officer now directly owns 135,116 shares of the company’s stock, valued at approximately $37,668,989.64. This represents a 5.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Gene Liu sold 1,024 shares of Atlassian stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $225.45, for a total value of $230,860.80. Following the completion of the sale, the chief accounting officer now directly owns 59,168 shares in the company, valued at approximately $13,339,425.60. The trade was a 1.70 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 280,136 shares of company stock valued at $67,814,587. Corporate insiders own 38.55% of the company’s stock.

Atlassian Stock Down 0.7 %

Shares of NASDAQ:TEAM opened at $252.36 on Friday. The stock has a 50 day moving average of $256.36 and a 200 day moving average of $201.95. Atlassian Co. has a 12-month low of $135.29 and a 12-month high of $287.97. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The business had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period last year, the firm earned ($0.07) earnings per share. The business’s quarterly revenue was up 21.5% on a year-over-year basis. Sell-side analysts expect that Atlassian Co. will post -0.55 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Morgan Stanley increased their price target on shares of Atlassian from $259.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday. Wells Fargo & Company increased their target price on Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. UBS Group boosted their price target on Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. Robert W. Baird increased their price objective on Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Finally, Piper Sandler boosted their target price on Atlassian from $265.00 to $310.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Nine analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus target price of $272.00.

Atlassian 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.