Donoghue Forlines LLC Has $2.11 Million Holdings in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Donoghue Forlines LLC increased its stake in Atlassian Corporation PLC (NASDAQ:TEAM) by 27.8% in Q1, bringing its total holdings to nearly 10,000 shares valued at approximately $2.11 million.
• Several major institutional investors, including Citigroup Inc. and CenterBook Partners LP, also boosted their holdings, reflecting a strong interest in the company's stock as institutional ownership stands at 94.45%.
• Atlassian reported a quarterly earnings per share (EPS) of $0.98, beating expectations, with a 22.3% year-over-year revenue increase to $1.38 billion.

Donoghue Forlines LLC lifted its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 27.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,943 shares of the technology company's stock after buying an additional 2,164 shares during the period. Donoghue Forlines LLC's holdings in Atlassian were worth $2,110,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wells Fargo & Company MN lifted its position in shares of Atlassian by 12.1% in the fourth quarter. Wells Fargo & Company MN now owns 114,909 shares of the technology company's stock worth $27,967,000 after buying an additional 12,426 shares during the last quarter. Federated Hermes Inc. lifted its position in shares of Atlassian by 99.8% in the fourth quarter. Federated Hermes Inc. now owns 1,998 shares of the technology company's stock worth $486,000 after buying an additional 998 shares during the last quarter. Cerity Partners LLC lifted its position in shares of Atlassian by 17.4% in the fourth quarter. Cerity Partners LLC now owns 21,148 shares of the technology company's stock worth $5,147,000 after buying an additional 3,131 shares during the last quarter. Bank of Montreal Can lifted its position in shares of Atlassian by 79.5% in the fourth quarter. Bank of Montreal Can now owns 151,222 shares of the technology company's stock worth $36,804,000 after buying an additional 66,960 shares during the last quarter. Finally, Bank of Nova Scotia lifted its position in shares of Atlassian by 574.9% in the fourth quarter. Bank of Nova Scotia now owns 54,576 shares of the technology company's stock worth $13,283,000 after buying an additional 46,489 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company's stock.

Insider Activity at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,665 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $171.02, for a total value of $1,310,868.30. Following the sale, the chief executive officer directly owned 275,940 shares in the company, valued at approximately $47,191,258.80. This represents a 2.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Scott Farquhar sold 7,665 shares of the company's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $171.03, for a total value of $1,310,944.95. Following the completion of the sale, the director owned 275,940 shares in the company, valued at approximately $47,194,018.20. This represents a 2.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 529,493 shares of company stock worth $107,199,260. Corporate insiders own 38.55% of the company's stock.

Wall Street Analysts Forecast Growth

TEAM has been the subject of a number of analyst reports. BMO Capital Markets reduced their price target on Atlassian from $225.00 to $200.00 and set an "outperform" rating for the company in a research report on Friday. UBS Group reaffirmed a "hold" rating on shares of Atlassian in a research report on Monday, July 7th. Oppenheimer reduced their price target on Atlassian from $300.00 to $275.00 and set an "outperform" rating for the company in a research report on Monday, July 21st. Stephens reduced their price target on Atlassian from $221.00 to $202.00 and set an "equal weight" rating for the company in a research report on Monday. Finally, Macquarie cut their price objective on Atlassian from $270.00 to $250.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Five investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Atlassian currently has a consensus rating of "Moderate Buy" and an average price target of $259.76.

Atlassian Stock Performance

TEAM traded down $1.28 on Tuesday, hitting $158.00. 5,758,007 shares of the stock traded hands, compared to its average volume of 2,393,027. Atlassian Corporation PLC has a 52 week low of $139.23 and a 52 week high of $326.00. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $41.48 billion, a PE ratio of -159.59 and a beta of 0.96. The business has a fifty day moving average price of $198.47 and a two-hundred day moving average price of $224.83.

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