Asset Management One Co. Ltd. Sells 12,218 Shares of Atlassian Corporation PLC $TEAM

Key Points

• Asset Management One reduced its Atlassian stake by 16.4% in the third quarter, selling 12,218 shares and retaining 62,333 shares valued at approximately $11.2 million. Institutional investors collectively own 94.45% of TEAM.
• Atlassian reported stronger-than-expected quarterly results, with EPS of $1.87 versus the $1.50 consensus and revenue of $1.77 billion, up 27.6% year over year.
• Analyst sentiment remains favorable: 23 analysts rate the stock a Buy, with a consensus price target of $215.08 versus its reported opening price of $191.72.

Asset Management One Co. Ltd. lessened its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 16.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 62,333 shares of the technology company's stock after selling 12,218 shares during the quarter. Asset Management One Co. Ltd.'s holdings in Atlassian were worth $11,176,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of TEAM. Carmignac Gestion lifted its position in shares of Atlassian by 115.8% during the 1st quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company's stock valued at $177,707,000 after buying an additional 1,397,402 shares during the last quarter. First Trust Advisors LP raised its stake in Atlassian by 48.4% in the 1st quarter. First Trust Advisors LP now owns 2,349,842 shares of the technology company's stock valued at $160,377,000 after acquiring an additional 766,922 shares during the period. KBC Group NV lifted its holdings in Atlassian by 1,691.2% during the first quarter. KBC Group NV now owns 1,440,019 shares of the technology company's stock valued at $98,281,000 after purchasing an additional 1,359,624 shares during the last quarter. Swiss National Bank lifted its holdings in Atlassian by 8.2% during the first quarter. Swiss National Bank now owns 493,267 shares of the technology company's stock valued at $33,665,000 after purchasing an additional 37,500 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in Atlassian by 111.7% during the third quarter. Assenagon Asset Management S.A. now owns 469,100 shares of the technology company's stock worth $84,105,000 after purchasing an additional 247,540 shares during the period. Institutional investors own 94.45% of the company's stock.

Insider Buying and Selling at Atlassian

In other news, CAO Gene Liu sold 337 shares of Atlassian stock in a transaction on Monday, October 12th. The shares were sold at an average price of $210.00, for a total transaction of $70,770.00. Following the completion of the sale, the chief accounting officer directly owned 55,531 shares of the company's stock, valued at approximately $11,661,510. The trade was a 0.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO James Chuong sold 9,054 shares of Atlassian stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the sale, the chief financial officer directly owned 279,218 shares of the company's stock, valued at $48,151,144.10. This represents a 3.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 22,475 shares of company stock valued at $3,822,643 in the last 90 days. Corporate insiders own 37.63% of the company's stock.

Atlassian Price Performance

TEAM stock opened at $191.72 on Friday. The firm has a 50 day moving average of $195.23 and a 200-day moving average of $118.22. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.93. Atlassian Corporation PLC has a 12 month low of $56.01 and a 12 month high of $229.96. The firm has a market capitalization of $48.53 billion, a P/E ratio of -1,009.05, a price-to-earnings-growth ratio of 20.44 and a beta of 1.22.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share for the quarter, topping analysts' consensus estimates of $1.50 by $0.37. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the prior year, the firm posted $0.98 EPS. Atlassian's revenue was up 27.6% on a year-over-year basis. As a group, sell-side analysts predict that Atlassian Corporation PLC will post 0.69 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently issued reports on TEAM shares. Wells Fargo & Company boosted their price target on shares of Atlassian from $230.00 to $270.00 and gave the company an "overweight" rating in a research report on Wednesday. Cantor Fitzgerald raised their price objective on shares of Atlassian from $175.00 to $220.00 and gave the stock an "overweight" rating in a report on Monday, September 21st. Raymond James Financial set a $180.00 price objective on shares of Atlassian in a report on Friday, August 7th. Truist Financial lifted their price objective on shares of Atlassian from $185.00 to $250.00 and gave the company a "buy" rating in a research note on Wednesday, October 21st. Finally, KeyCorp boosted their target price on shares of Atlassian from $185.00 to $235.00 and gave the company an "overweight" rating in a report on Monday, October 19th. Twenty-three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Atlassian presently has an average rating of "Moderate Buy" and a consensus target price of $215.08.

Atlassian Profile

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for team collaboration and knowledge management, Jira Service Management for IT and enterprise service workflows, Trello for organizing tasks and projects, Loom for video messaging and screen recording, and Bitbucket for source-code management and collaboration.

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.