First Trust Advisors LP trimmed its holdings in shares of Atlassian Co. PLC (NASDAQ:TEAM) by 21.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 658,969 shares of the technology company’s stock after selling 175,908 shares during the period. First Trust Advisors LP’s holdings in Atlassian were worth $63,353,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Oakbrook Investments LLC bought a new position in Atlassian during the 3rd quarter worth about $273,000. Bennicas & Associates Inc. bought a new position in Atlassian during the 3rd quarter worth about $296,000. Oppenheimer & Co. Inc. bought a new position in Atlassian during the 2nd quarter worth about $218,000. Flagship Harbor Advisors LLC bought a new position in Atlassian during the 2nd quarter worth about $248,000. Finally, Strs Ohio bought a new position in Atlassian during the 2nd quarter worth about $260,000. Institutional investors own 92.25% of the company’s stock.
TEAM has been the topic of several recent research reports. Morgan Stanley increased their price target on shares of Atlassian from $63.00 to $69.00 and gave the company an “overweight” rating in a research report on Thursday, July 26th. BMO Capital Markets increased their price target on shares of Atlassian from $64.00 to $82.00 and gave the company a “market perform” rating in a research report on Friday, July 27th. They noted that the move was a valuation call. Jefferies Financial Group increased their price target on shares of Atlassian to $70.00 and gave the company a “hold” rating in a research report on Friday, July 27th. Canaccord Genuity reissued a “buy” rating and set a $85.00 price target (up from $65.00) on shares of Atlassian in a research report on Friday, July 27th. Finally, DA Davidson increased their price target on shares of Atlassian to $88.00 and gave the company a “buy” rating in a research report on Friday, July 27th. Nine investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $82.91.
Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, October 18th. The technology company reported $0.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.01. The business had revenue of $267.30 million during the quarter, compared to analyst estimates of $259.67 million. Atlassian had a negative net margin of 36.71% and a negative return on equity of 0.75%. The company’s quarterly revenue was up 36.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.12 earnings per share. Analysts predict that Atlassian Co. PLC will post 0.09 earnings per share for the current year.
Atlassian Corporation Plc, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. It provides project tracking, content creation and sharing, and service management products. The company's products include JIRA, a workflow management system that enables teams to plan, organize, track, and manage their work and projects; Confluence, a content collaboration platform that is used to create, share, organize, and discuss projects; and Trello, a Web-based project management application for capturing and adding structure to fluid, fast-forming work for teams.
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