6,288 Atlassian Corporation PLC $TEAM Shares Sold by QRG Capital Management Inc.

Key Points

• QRG Capital Management reduced its Atlassian stake by 63.9% in the second quarter, selling 6,288 shares and retaining 3,550 shares valued at approximately $276,000. Institutional investors collectively own 94.45% of TEAM.
• Analysts remain broadly bullish, with 25 Buy ratings, four Holds, and one Sell. Atlassian has a consensus rating of “Moderate Buy” and an average price target of $191.56.
• Atlassian shares opened at $189.91 after rising 5.9%; the company’s latest quarterly results beat expectations, with earnings of $1.87 per share and revenue of $1.77 billion, up 27.6% year over year.

QRG Capital Management Inc. cut its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 63.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,550 shares of the technology company's stock after selling 6,288 shares during the period. QRG Capital Management Inc.'s holdings in Atlassian were worth $276,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. MV Capital Management Inc. purchased a new position in shares of Atlassian during the 4th quarter valued at $25,000. Manning & Napier Advisors LLC purchased a new stake in shares of Atlassian in the second quarter worth $27,000. MassMutual Private Wealth & Trust FSB raised its position in shares of Atlassian by 139.2% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 378 shares of the technology company's stock worth $29,000 after buying an additional 220 shares in the last quarter. Western Wealth Management LLC bought a new stake in Atlassian during the first quarter valued at $30,000. Finally, State of Wyoming grew its position in Atlassian by 65.7% during the first quarter. State of Wyoming now owns 449 shares of the technology company's stock worth $31,000 after buying an additional 178 shares in the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TEAM has been the topic of a number of research analyst reports. Robert W. Baird upped their target price on Atlassian from $200.00 to $245.00 and gave the stock an "outperform" rating in a research note on Monday. Sanford C. Bernstein reiterated an "outperform" rating on shares of Atlassian in a research report on Monday, June 29th. Oppenheimer boosted their price objective on Atlassian from $110.00 to $200.00 and gave the stock an "outperform" rating in a report on Friday, August 7th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $200.00 target price on shares of Atlassian in a research note on Friday, August 7th. Finally, Barclays lifted their target price on shares of Atlassian from $112.00 to $172.00 and gave the company an "overweight" rating in a research report on Monday, August 10th. Twenty-five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Atlassian presently has a consensus rating of "Moderate Buy" and a consensus price target of $191.56.

Insider Buying and Selling at Atlassian

In other news, CRO Brian Duffy sold 1,851 shares of the business's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $319,204.95. Following the completion of the sale, the executive owned 218,223 shares of the company's stock, valued at approximately $37,632,556.35. The trade was a 0.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 9,054 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $1,561,362.30. Following the sale, the chief financial officer owned 279,218 shares of the company's stock, valued at $48,151,144.10. This represents a 3.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 22,138 shares of company stock worth $3,751,873 over the last three months. Company insiders own 36.66% of the company's stock.

Atlassian Stock Up 5.9%

Shares of NASDAQ TEAM opened at $189.91 on Friday. Atlassian Corporation PLC has a one year low of $56.01 and a one year high of $200.00. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.78 and a quick ratio of 0.78. The firm's 50 day simple moving average is $163.65 and its two-hundred day simple moving average is $110.30. The stock has a market capitalization of $48.19 billion, a P/E ratio of -999.53, a PEG ratio of 14.09 and a beta of 1.22.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 earnings per share for the quarter, topping analysts' consensus estimates of $1.50 by $0.37. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The business's quarterly revenue was up 27.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.98 EPS. As a group, analysts expect that Atlassian Corporation PLC will post 0.94 EPS for the current fiscal year.

Atlassian Profile

Atlassian Corporation develops collaboration, productivity and workflow-management software for technology, business and enterprise teams. Its products are designed to help organizations plan projects, manage software development, document and share knowledge, provide IT and customer support, and coordinate work across distributed teams.

Its product portfolio includes Jira for project and issue management, Confluence for team collaboration and knowledge sharing, Jira Service Management for IT service and support operations, and Trello for organizing tasks and projects.

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