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

Arrowstreet Capital Limited Partnership cut its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 90.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 105,563 shares of the technology company's stock after selling 950,870 shares during the quarter. Arrowstreet Capital Limited Partnership's holdings in Atlassian were worth $7,205,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of TEAM. NewEdge Advisors LLC boosted its holdings in Atlassian by 71.6% in the 1st quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company's stock valued at $1,153,000 after purchasing an additional 2,267 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of Atlassian by 39.5% during the 1st quarter. Empowered Funds LLC now owns 4,689 shares of the technology company's stock worth $995,000 after buying an additional 1,328 shares during the last quarter. Focus Partners Wealth increased its holdings in shares of Atlassian by 32.6% during the 1st quarter. Focus Partners Wealth now owns 4,122 shares of the technology company's stock worth $875,000 after buying an additional 1,014 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of Atlassian by 447.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock valued at $42,000 after buying an additional 161 shares during the period. Finally, Sivia Capital Partners LLC raised its position in shares of Atlassian by 27.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company's stock valued at $380,000 after buying an additional 404 shares during the period. Hedge funds and other institutional investors own 94.45% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on TEAM. Canaccord Genuity Group lowered their price objective on Atlassian from $185.00 to $150.00 and set a "buy" rating for the company in a research report on Wednesday, April 15th. Oppenheimer lifted their target price on Atlassian from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Monday, May 11th. Morgan Stanley decreased their price target on Atlassian from $290.00 to $120.00 and set an "overweight" rating on the stock in a research note on Thursday, April 16th. Piper Sandler lowered their price target on Atlassian from $200.00 to $175.00 and set an "overweight" rating for the company in a report on Friday, May 1st. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Atlassian in a research report on Friday, July 17th. Twenty-one analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $138.50.

Insider Activity

In related news, CFO James Chuong sold 8,838 shares of the firm'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 completion of the transaction, the chief financial officer directly owned 288,272 shares in the company, valued at $25,295,868. This trade represents a 2.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available 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 dated 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 in the company, valued at $20,426,159.61. This trade represents a 1.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 20,041 shares of company stock worth $1,801,069. 36.66% of the stock is owned by corporate insiders.

Atlassian Stock Up 2.9%

Shares of NASDAQ TEAM opened at $101.01 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. The business's 50 day moving average is $90.49 and its two-hundred day moving average is $87.46. Atlassian Corporation PLC has a 52-week low of $56.01 and a 52-week high of $199.09. The firm has a market cap of $25.63 billion, a price-to-earnings ratio of -121.70, a PEG ratio of 7.17 and a beta of 1.11.

Atlassian (NASDAQ:TEAM - Get Free Report) last released 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 analyst estimates of $1.70 billion. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The company's quarterly revenue was up 31.7% on a year-over-year basis. During the same period last year, the business posted $0.97 earnings per share. Research analysts predict that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Atlassian Company 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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