Abacus FCF Advisors LLC Sells 46,284 Shares of Atlassian Corporation PLC $TEAM

Key Points

• Abacus FCF Advisors LLC cut its Atlassian stake by 47.4%, selling 46,284 shares in Q4 and retaining 51,443 shares valued at about $8.34 million.
• Company insiders sold a total of 97,993 shares worth $11.34 million over the past three months, though insiders still own 36.66% of the company.
• Atlassian beat Q4 estimates with EPS of $1.22 and revenue of $1.59 billion (up 23.3% YoY), but the stock trades near $71.55—well below its 52‑week high of $242—and analysts' average target is about $155.

Abacus FCF Advisors LLC lowered its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 47.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,443 shares of the technology company's stock after selling 46,284 shares during the quarter. Abacus FCF Advisors LLC's holdings in Atlassian were worth $8,341,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of TEAM. DNB Asset Management AS raised its holdings in shares of Atlassian by 266.6% during the third quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company's stock worth $448,260,000 after acquiring an additional 2,041,210 shares during the period. Vanguard Group Inc. boosted its stake in Atlassian by 6.0% in the 3rd quarter. Vanguard Group Inc. now owns 18,479,561 shares of the technology company's stock worth $2,951,186,000 after purchasing an additional 1,049,483 shares during the period. Voyager Global Management LP boosted its stake in Atlassian by 181.8% in the 3rd quarter. Voyager Global Management LP now owns 1,550,000 shares of the technology company's stock worth $247,535,000 after purchasing an additional 1,000,000 shares during the period. Ontario Teachers Pension Plan Board bought a new position in Atlassian during the 3rd quarter worth about $106,461,000. Finally, Danica Pension Livsforsikringsaktieselskab acquired a new stake in shares of Atlassian in the 3rd quarter valued at about $103,330,000. Institutional investors own 94.45% of the company's stock.

Insiders Place Their Bets

In other Atlassian news, CRO Brian Duffy sold 1,222 shares of the business's stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $81.35, for a total transaction of $99,409.70. Following the transaction, the executive owned 124,332 shares of the company's stock, valued at $10,114,408.20. The trade was a 0.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the company's stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $94.81, for a total value of $726,718.65. Following the completion of the sale, the chief executive officer owned 275,940 shares in the company, valued at $26,161,871.40. This represents a 2.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 97,993 shares of company stock worth $11,340,805 in the last three months. Insiders own 36.66% of the company's stock.

Atlassian Stock Performance

Shares of NASDAQ TEAM opened at $71.55 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a 50 day moving average price of $72.01 and a 200 day moving average price of $120.09. The stock has a market capitalization of $18.87 billion, a PE ratio of -99.37 and a beta of 0.99. Atlassian Corporation PLC has a 52 week low of $56.01 and a 52 week high of $242.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Friday, February 6th. The technology company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.10. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the previous year, the firm earned $0.96 EPS. The business's quarterly revenue was up 23.3% on a year-over-year basis. Analysts predict that Atlassian Corporation PLC will post -0.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently commented on TEAM shares. BNP Paribas Exane initiated coverage on Atlassian in a report on Monday, March 16th. They issued an "outperform" rating and a $95.00 price target on the stock. Guggenheim set a $115.00 price objective on Atlassian in a report on Thursday, April 9th. Piper Sandler restated an "overweight" rating and issued a $200.00 target price (down from $280.00) on shares of Atlassian in a research note on Friday, February 6th. Robert W. Baird set a $140.00 price target on Atlassian in a research report on Friday, February 6th. Finally, Mizuho decreased their price target on shares of Atlassian from $185.00 to $145.00 and set an "outperform" rating for the company in a research note on Tuesday, April 14th. Nineteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $155.11.

Atlassian 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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