Andra AP fonden Reduces Stake in Atlassian Corporation PLC $TEAM

Key Points

• Andra AP fonden cut its Atlassian stake sharply in the first quarter, reducing its position by 59.7% and ending with 35,166 shares worth about $2.4 million.
• Wall Street remains cautiously positive on Atlassian: analysts’ consensus is a “Moderate Buy,” with 21 Buy ratings, 6 Holds, 1 Sell, and an average price target of $138.50.
• Atlassian beat expectations in its latest quarter, reporting EPS of $1.75 versus $1.33 expected and revenue of $1.79 billion, up 31.7% year over year.

Andra AP fonden decreased its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 59.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 35,166 shares of the technology company's stock after selling 52,195 shares during the quarter. Andra AP fonden's holdings in Atlassian were worth $2,400,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. MV Capital Management Inc. acquired a new position in Atlassian in the fourth quarter valued at approximately $25,000. Geneos Wealth Management Inc. grew its position in Atlassian by 447.2% in the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock worth $42,000 after acquiring an additional 161 shares during the period. Basepoint Wealth LLC acquired a new stake in Atlassian during the fourth quarter worth $32,000. Garton & Associates Financial Advisors LLC acquired a new stake in Atlassian during the fourth quarter worth $32,000. Finally, Bogart Wealth LLC raised its holdings in Atlassian by 76.4% in the 4th quarter. Bogart Wealth LLC now owns 217 shares of the technology company's stock valued at $35,000 after buying an additional 94 shares during the period. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. TD Cowen lifted their price target on shares of Atlassian from $85.00 to $105.00 and gave the company a "hold" rating in a research report on Friday, May 1st. Citigroup decreased their price target on Atlassian from $160.00 to $110.00 and set a "buy" rating on the stock in a research note on Friday, May 1st. Sanford C. Bernstein restated an "outperform" rating on shares of Atlassian in a research report on Monday, June 29th. Truist Financial lifted their price objective on Atlassian from $90.00 to $100.00 and gave the company a "buy" rating in a research note on Friday, May 1st. Finally, Piper Sandler cut their price objective on Atlassian from $200.00 to $175.00 and set an "overweight" rating on the stock in a report on Friday, May 1st. Twenty-one research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $138.50.

Insiders Place Their Bets

In other Atlassian news, CFO James Chuong sold 8,838 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the sale, the chief financial officer owned 288,272 shares of the company's stock, valued at approximately $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 business's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $89.71, for a total transaction of $269,130.00. Following the sale, the executive owned 227,691 shares of the company's stock, valued at $20,426,159.61. This represents a 1.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 20,041 shares of company stock worth $1,801,069. 36.66% of the stock is owned by insiders.

Atlassian Price Performance

Atlassian stock opened at $80.15 on Friday. 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 Corporation PLC has a 52-week low of $56.01 and a 52-week high of $206.00. The firm has a market cap of $20.34 billion, a PE ratio of -96.57, a price-to-earnings-growth ratio of 5.97 and a beta of 1.11. The company's 50 day moving average is $89.11 and its two-hundred day moving average is $89.36.

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.