Arrowstreet Capital Limited Partnership Decreases Stake in Atlassian Corporation PLC $TEAM

Key Points

• Arrowstreet Capital cut its Atlassian stake by 9.2% in the fourth quarter, selling 107,680 shares and leaving it with about 1.06 million shares valued at roughly $171.3 million.
• Atlassian reported strong quarterly results, with EPS of $1.75 beating estimates and revenue of $1.79 billion topping expectations; revenue also rose 31.7% year over year.
• Insider and analyst activity has been mixed: executives recently sold shares, while Wall Street’s consensus rating remains “Moderate Buy” with an average price target of $145.63.

Arrowstreet Capital Limited Partnership reduced its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 9.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,056,433 shares of the technology company's stock after selling 107,680 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.40% of Atlassian worth $171,290,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of TEAM. Aptus Capital Advisors LLC raised its position in Atlassian by 99.3% during the 4th quarter. Aptus Capital Advisors LLC now owns 4,510 shares of the technology company's stock worth $731,000 after buying an additional 2,247 shares during the last quarter. Kestra Advisory Services LLC raised its position in Atlassian by 28.2% during the 4th quarter. Kestra Advisory Services LLC now owns 9,985 shares of the technology company's stock worth $1,619,000 after buying an additional 2,196 shares during the last quarter. Ontario Teachers Pension Plan Board raised its position in Atlassian by 7.6% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 717,272 shares of the technology company's stock worth $116,298,000 after buying an additional 50,643 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Atlassian by 143.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 7,458 shares of the technology company's stock worth $1,213,000 after buying an additional 4,399 shares during the last quarter. Finally, Soros Fund Management LLC raised its position in Atlassian by 307.3% during the 4th quarter. Soros Fund Management LLC now owns 286,766 shares of the technology company's stock worth $46,496,000 after buying an additional 216,355 shares during the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Price Performance

Atlassian stock opened at $88.52 on Monday. The company has a fifty day simple moving average of $81.45 and a 200-day simple moving average of $104.28. The firm has a market capitalization of $22.46 billion, a price-to-earnings ratio of -106.65, a PEG ratio of 5.02 and a beta of 1.07. 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 $222.59.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.42. The firm had revenue of $1.79 billion for 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 revenue for the quarter was up 31.7% on a year-over-year basis. During the same period last year, the firm posted $0.97 earnings per share. On average, equities analysts anticipate that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

Analyst Ratings Changes

TEAM has been the subject of a number of recent research reports. Weiss Ratings reissued a "sell (e+)" rating on shares of Atlassian in a research report on Monday, April 20th. BMO Capital Markets cut their target price on shares of Atlassian from $130.00 to $105.00 and set an "outperform" rating for the company in a report on Friday, May 1st. Morgan Stanley cut their target price on shares of Atlassian from $290.00 to $120.00 and set an "overweight" rating for the company in a report on Thursday, April 16th. Truist Financial lifted their target price on shares of Atlassian from $90.00 to $100.00 and gave the company a "buy" rating in a report on Friday, May 1st. Finally, Wall Street Zen lowered shares of Atlassian from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $145.63.

Insider Transactions at Atlassian

In other Atlassian news, CRO Brian Duffy sold 3,000 shares of the business's 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 sale, the executive directly owned 227,691 shares in the company, valued at $20,426,159.61. This represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Chuong sold 8,838 shares of the business's stock in a transaction dated Tuesday, May 19th. The stock was 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 in the company, valued at $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 20,041 shares of company stock worth $1,801,069 over the last quarter. Insiders own 36.66% of the company's stock.

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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