Assenagon Asset Management S.A. Sells 580,552 Shares of Atlassian Corporation PLC $TEAM

Key Points

• Assenagon Asset Management cut its Atlassian stake by 65.8% in the first quarter, selling 580,552 shares and leaving it with 302,327 shares valued at about $20.6 million.
• Several other institutions also adjusted their positions, while hedge funds and other institutional investors still own 94.45% of Atlassian’s stock.
• Atlassian reported stronger-than-expected quarterly results, with EPS of $1.75 and revenue of $1.79 billion, but analysts have recently lowered price targets even as the consensus rating remains Moderate Buy.

Assenagon Asset Management S.A. lessened its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 65.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 302,327 shares of the technology company's stock after selling 580,552 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.11% of Atlassian worth $20,634,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. NewEdge Advisors LLC boosted its position in shares of Atlassian by 71.6% during the first quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company's stock valued at $1,153,000 after buying an additional 2,267 shares during the last quarter. Empowered Funds LLC raised its position in shares of Atlassian by 39.5% during the first quarter. Empowered Funds LLC now owns 4,689 shares of the technology company's stock valued at $995,000 after buying an additional 1,328 shares during the last quarter. Focus Partners Wealth lifted its holdings in shares of Atlassian by 32.6% in the first 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 in the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of 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 buying an additional 161 shares in the last quarter. Finally, Sivia Capital Partners LLC boosted its position in shares of Atlassian by 27.5% during the second quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company's stock worth $380,000 after acquiring an additional 404 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

Insiders Place Their Bets

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 transaction, the chief financial officer owned 288,272 shares of the company's stock, valued at $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. The transaction was disclosed in a 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 company'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 value 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 trade represents a 1.30% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 20,041 shares of company stock valued at $1,801,069. 36.66% of the stock is owned by company insiders.

Atlassian Stock Performance

NASDAQ:TEAM opened at $78.74 on Friday. The company has a 50 day moving average price of $85.24 and a 200 day moving average price of $99.72. Atlassian Corporation PLC has a fifty-two week low of $56.01 and a fifty-two week high of $222.59. The stock has a market capitalization of $19.98 billion, a P/E ratio of -94.87, a PEG ratio of 4.23 and a beta of 1.07. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The company had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter last year, the company earned $0.97 EPS. Atlassian's revenue for the quarter was up 31.7% compared to the same quarter last year. Equities research analysts forecast that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TEAM. UBS Group decreased their target price on shares of Atlassian from $105.00 to $95.00 and set a "neutral" rating on the stock in a research report on Friday, May 1st. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Atlassian in a research report on Monday, April 20th. KeyCorp dropped their price objective on shares of Atlassian from $170.00 to $130.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 1st. Canaccord Genuity Group cut their target price on Atlassian from $185.00 to $150.00 and set a "buy" rating on the stock in a research note on Wednesday, April 15th. Finally, Citigroup lowered their target price on shares of Atlassian from $160.00 to $110.00 and set a "buy" rating for the company in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Atlassian currently has a consensus rating of "Moderate Buy" and an average price target of $145.26.

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.

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.