Atlassian Corporation PLC (NASDAQ:TEAM) Position Increased by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. increased its position in Atlassian Corporation, owning approximately 6.49% of the company with a market value of $3.6 billion after acquiring additional shares.
• Several large investors, including Voya Investment Management and Durable Capital Partners, have significantly boosted their holdings in Atlassian during the fourth quarter.
• Despite a strong quarterly earnings report, Atlassian's stock has decreased by 7.8%, with analysts adjusting their target prices downward.

Vanguard Group Inc. grew its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 3.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 16,993,537 shares of the technology company's stock after acquiring an additional 580,583 shares during the quarter. Vanguard Group Inc. owned about 6.49% of Atlassian worth $3,606,198,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of TEAM. Voya Investment Management LLC boosted its position in shares of Atlassian by 17,941.0% during the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock worth $528,693,000 after buying an additional 2,160,810 shares during the period. Durable Capital Partners LP lifted its holdings in Atlassian by 499.7% in the fourth quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company's stock worth $383,456,000 after purchasing an additional 1,312,820 shares during the period. BNP Paribas Financial Markets bought a new position in Atlassian in the 4th quarter valued at about $298,327,000. Whale Rock Capital Management LLC acquired a new position in Atlassian during the 4th quarter valued at about $170,943,000. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Atlassian by 21.8% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,440,813 shares of the technology company's stock worth $730,175,000 after acquiring an additional 616,071 shares during the period. Institutional investors and hedge funds own 94.45% of the company's stock.

Insider Activity

In other news, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $185.81, for a total transaction of $1,424,233.65. Following the transaction, the chief executive officer owned 291,270 shares in the company, valued at $54,120,878.70. This represents a 2.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the firm's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $185.81, for a total transaction of $1,424,233.65. Following the transaction, the director owned 291,270 shares in the company, valued at $54,120,878.70. This represents a 2.56% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 522,111 shares of company stock valued at $106,345,639. 38.55% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Macquarie dropped their target price on Atlassian from $270.00 to $250.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Barclays dropped their price objective on Atlassian from $260.00 to $244.00 and set an "overweight" rating on the stock in a research note on Monday, July 21st. Stephens lowered their target price on Atlassian from $255.00 to $221.00 and set an "equal weight" rating on the stock in a report on Friday, May 2nd. Oppenheimer reduced their price objective on shares of Atlassian from $300.00 to $275.00 and set an "outperform" rating for the company in a research report on Monday, July 21st. Finally, Robert W. Baird upgraded shares of Atlassian from a "neutral" rating to an "outperform" rating and dropped their target price for the stock from $320.00 to $255.00 in a report on Monday, April 14th. Five analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $274.05.

Atlassian Stock Down 7.8%

TEAM stock opened at $171.00 on Friday. The company has a 50 day moving average of $200.16 and a two-hundred day moving average of $226.70. The company has a market cap of $44.89 billion, a price-to-earnings ratio of -103.01 and a beta of 0.96. Atlassian Corporation PLC has a 12-month low of $136.84 and a 12-month high of $326.00. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The technology company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.15. Atlassian had a negative return on equity of 23.41% and a negative net margin of 8.66%. The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same period last year, the company earned $0.66 earnings per share. Atlassian's quarterly revenue was up 22.3% compared to the same quarter last year. On average, equities analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

About Atlassian

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.

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