Atlassian Corporation PLC (NASDAQ:TEAM) Shares Acquired by Virtu Financial LLC

Key Points

• Virtu Financial LLC increased its stake in Atlassian Corporation PLC by 65.2% in the first quarter, owning a total of 11,177 shares valued at approximately $2.37 million.
• Atlassian reported earnings per share of $0.98 for the last quarter, beating expectations and showing a 22.3% year-over-year increase in revenue.
• Insiders, including CEO Michael Cannon-Brookes, sold a total of 522,111 shares in the last quarter, leading to a decrease in their ownership stake to 38.55% of the company's stock.

Virtu Financial LLC increased its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 65.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,177 shares of the technology company's stock after acquiring an additional 4,410 shares during the period. Virtu Financial LLC's holdings in Atlassian were worth $2,372,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of TEAM. Clean Yield Group raised its stake in shares of Atlassian by 372.0% in the first quarter. Clean Yield Group now owns 118 shares of the technology company's stock valued at $25,000 after acquiring an additional 93 shares in the last quarter. Colonial Trust Co SC raised its stake in Atlassian by 100.0% in the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock valued at $34,000 after buying an additional 69 shares in the last quarter. Smithfield Trust Co raised its stake in Atlassian by 90.7% in the first quarter. Smithfield Trust Co now owns 164 shares of the technology company's stock valued at $34,000 after buying an additional 78 shares in the last quarter. GeoWealth Management LLC raised its stake in Atlassian by 26.8% in the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock valued at $44,000 after buying an additional 38 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its stake in Atlassian by 82.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 243 shares of the technology company's stock valued at $52,000 after buying an additional 110 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 291,270 shares in the company, valued at approximately $54,120,878.70. This trade represents a 2.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction that occurred 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 sale, the director owned 291,270 shares of the company's stock, valued at approximately $54,120,878.70. The trade was a 2.56% decrease in their ownership of the stock. 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. Insiders own 38.55% of the company's stock.

Atlassian Price Performance

Shares of TEAM opened at $168.06 on Friday. Atlassian Corporation PLC has a twelve month low of $137.27 and a twelve month high of $326.00. The stock's 50 day moving average is $199.40 and its two-hundred day moving average is $225.85. The firm has a market capitalization of $44.12 billion, a PE ratio of -169.76 and a beta of 0.96. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The technology company reported $0.98 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.83 by $0.15. Atlassian had a negative net margin of 4.92% and a negative return on equity of 15.19%. The company had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.36 billion. During the same period last year, the firm earned $0.66 EPS. The company's revenue for the quarter was up 22.3% on a year-over-year basis. Research analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on TEAM shares. Baird R W upgraded Atlassian from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Morgan Stanley cut their price target on Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Capital One Financial cut Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 price target on the stock. in a research note on Wednesday, July 16th. Canaccord Genuity Group cut their price target on Atlassian from $255.00 to $230.00 and set a "buy" rating on the stock in a research note on Friday. Finally, Raymond James Financial set a $250.00 price target on Atlassian and gave the company an "outperform" rating in a research note on Friday. Five investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy 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 $260.67.

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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