AIA Group Ltd Grows Stock Holdings in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• AIA Group Ltd has increased its stake in Atlassian Corporation PLC by 21% in Q1, now holding a total of 12,582 shares valued at $2.67 million.
• Several institutional investors have also boosted their positions, with Nuveen LLC acquiring $327.67 million and Entropy Technologies LP increasing their stake by 306.8% during the same period.
• Atlassian reported a quarterly earnings per share (EPS) of $0.98, exceeding estimates, with revenue up 22.3% year-over-year, yet it still has a negative net margin of 4.92%.

AIA Group Ltd boosted its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 21.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 12,582 shares of the technology company's stock after purchasing an additional 2,183 shares during the quarter. AIA Group Ltd's holdings in Atlassian were worth $2,670,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Voya Investment Management LLC lifted its stake in shares of Atlassian by 17,941.0% in the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock worth $528,693,000 after buying an additional 2,160,810 shares in the last quarter. Nuveen LLC bought a new position in shares of Atlassian in the first quarter worth approximately $327,665,000. Durable Capital Partners LP lifted its stake in shares of Atlassian by 499.7% in the fourth quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company's stock worth $383,456,000 after buying an additional 1,312,820 shares in the last quarter. BNP Paribas Financial Markets bought a new position in shares of Atlassian in the fourth quarter worth approximately $298,327,000. Finally, Whale Rock Capital Management LLC bought a new position in shares of Atlassian in the fourth quarter worth approximately $170,943,000. Hedge funds and other institutional investors own 94.45% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TEAM. Mizuho set a $235.00 price objective on shares of Atlassian and gave the company an "outperform" rating in a research report on Friday, August 8th. Wall Street Zen upgraded shares of Atlassian from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. Wells Fargo & Company lowered their price objective on shares of Atlassian from $330.00 to $315.00 and set an "overweight" rating on the stock in a research report on Friday, May 2nd. Truist Financial set a $230.00 price objective on shares of Atlassian in a research report on Friday, August 8th. Finally, Capital One Financial downgraded shares of Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 price objective on the stock. in a research report on Wednesday, July 16th. Five investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $259.76.

Atlassian Price Performance

TEAM stock traded up $2.41 during mid-day trading on Friday, hitting $166.80. The company had a trading volume of 2,182,028 shares, compared to its average volume of 2,402,774. The company has a market capitalization of $43.79 billion, a price-to-earnings ratio of -168.48 and a beta of 0.96. Atlassian Corporation PLC has a 12-month low of $145.88 and a 12-month high of $326.00. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. The company has a 50-day moving average price of $195.39 and a 200 day moving average price of $223.24.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The technology company reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.15. Atlassian had a negative net margin of 4.92% and a negative return on equity of 15.19%. The firm had revenue of $1.38 billion during the quarter, compared to analysts' expectations of $1.36 billion. During the same period in the previous year, the company earned $0.66 EPS. The firm's revenue for the quarter was up 22.3% compared to the same quarter last year. On average, research analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Insider Transactions at Atlassian

In related news, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $163.51, for a total transaction of $1,253,304.15. Following the completion of the sale, the director owned 268,275 shares in the company, valued at $43,865,645.25. This trade represents a 2.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $163.51, for a total transaction of $1,253,304.15. Following the sale, the chief executive officer owned 268,275 shares of the company's stock, valued at $43,865,645.25. The trade was a 2.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 501,789 shares of company stock valued at $100,067,558 in the last quarter. 38.55% of the stock is currently owned by company insiders.

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.