18,494 Shares in Atlassian Corporation PLC $TEAM Purchased by Inceptionr LLC

Key Points

• Inceptionr LLC initiated a new position in Atlassian, buying 18,494 shares valued at about $1.26 million in the first quarter.
• Insider selling continued, with CFO James Chuong and CRO Brian Duffy selling shares in recent transactions; insiders have sold 20,041 shares worth about $1.8 million over the past 90 days.
• Analysts remain mostly positive on Atlassian, with 21 Buy ratings and a consensus price target of $138.50, even as several firms lowered their targets; the stock recently traded around $80.15 after the company beat quarterly earnings and revenue estimates.

Inceptionr LLC bought a new stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 18,494 shares of the technology company's stock, valued at approximately $1,262,000.

A number of other institutional investors also recently bought and sold shares of TEAM. OFI Invest Asset Management boosted its holdings in Atlassian by 16.3% in the fourth quarter. OFI Invest Asset Management now owns 254,551 shares of the technology company's stock worth $41,273,000 after acquiring an additional 35,682 shares in the last quarter. Baillie Gifford & Co. increased its holdings in shares of Atlassian by 3.9% during the fourth quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company's stock valued at $1,367,132,000 after acquiring an additional 316,276 shares in the last quarter. Exane Asset Management raised its position in shares of Atlassian by 419.9% during the fourth quarter. Exane Asset Management now owns 31,363 shares of the technology company's stock worth $5,085,000 after purchasing an additional 25,330 shares during the period. Nicholas Company Inc. raised its position in shares of Atlassian by 8.7% during the fourth quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company's stock worth $49,748,000 after purchasing an additional 24,490 shares during the period. Finally, Fisher Funds Management LTD lifted its holdings in shares of Atlassian by 11.1% in the 4th quarter. Fisher Funds Management LTD now owns 334,011 shares of the technology company's stock worth $54,440,000 after purchasing an additional 33,485 shares in the last quarter. 94.45% of the stock is owned by institutional investors.

Insider Buying and Selling at Atlassian

In related news, CFO James Chuong sold 8,838 shares of the business's stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $775,534.50. Following the transaction, the chief financial officer directly owned 288,272 shares of the company's stock, valued at approximately $25,295,868. The trade was a 2.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $89.71, for a total transaction of $269,130.00. Following the transaction, the executive owned 227,691 shares of the company's stock, valued at approximately $20,426,159.61. The trade was a 1.30% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 20,041 shares of company stock valued at $1,801,069. Insiders own 36.66% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. KeyCorp decreased their price target on shares of Atlassian from $130.00 to $115.00 and set an "overweight" rating for the company in a research note on Wednesday, July 8th. Robert W. Baird set a $120.00 price objective on shares of Atlassian in a research note on Friday, May 1st. Zacks Research cut shares of Atlassian from a "strong-buy" rating to a "hold" rating in a report on Monday, June 29th. Canaccord Genuity Group decreased their target price on shares of Atlassian from $185.00 to $150.00 and set a "buy" rating for the company in a research report on Wednesday, April 15th. Finally, BTIG Research reaffirmed a "buy" rating and issued a $130.00 price target on shares of Atlassian in a research report on Friday, July 10th. Twenty-one analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $138.50.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $80.15 on Friday. Atlassian Corporation PLC has a twelve month low of $56.01 and a twelve month high of $206.00. The stock's 50 day moving average price is $89.11 and its 200-day moving average price is $89.36. The company has a market capitalization of $20.34 billion, a PE ratio of -96.57, a PEG ratio of 5.97 and a beta of 1.11. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.42. The company had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.70 billion. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.Atlassian's quarterly revenue was up 31.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.97 earnings per share. On average, equities analysts anticipate that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Atlassian Company Profile

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.

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