Atlassian Corporation PLC (NASDAQ:TEAM) Stock Position Raised by Prudential PLC

Key Points

• Prudential PLC increased its stake in Atlassian Corporation PLC by 117.9% during the first quarter, owning 19,602 shares valued at approximately $4.16 million.
• CEO Michael Cannon-Brookes and Director Scott Farquhar both sold 7,665 shares of Atlassian at $163.51 each, decreasing their holdings by 2.78%.
• Analyst ratings for Atlassian have been mixed, with Mizuho and Morgan Stanley reducing price targets, while the consensus remains a "Moderate Buy" with an average target of $259.76.

Prudential PLC grew its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 117.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 19,602 shares of the technology company's stock after purchasing an additional 10,606 shares during the period. Prudential PLC's holdings in Atlassian were worth $4,160,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Farther Finance Advisors LLC grew its position in Atlassian by 37.7% in the 1st quarter. Farther Finance Advisors LLC now owns 369 shares of the technology company's stock worth $80,000 after purchasing an additional 101 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its position in Atlassian by 42.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,240 shares of the technology company's stock worth $900,000 after purchasing an additional 1,259 shares during the last quarter. Principal Financial Group Inc. grew its position in Atlassian by 350.1% in the 1st quarter. Principal Financial Group Inc. now owns 51,900 shares of the technology company's stock worth $11,014,000 after purchasing an additional 40,369 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Atlassian by 47,387.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,799 shares of the technology company's stock valued at $822,000 after acquiring an additional 3,791 shares in the last quarter. Finally, Amalgamated Bank boosted its holdings in shares of Atlassian by 6.1% in the first quarter. Amalgamated Bank now owns 11,360 shares of the technology company's stock valued at $2,411,000 after acquiring an additional 650 shares in the last quarter. Institutional investors own 94.45% of the company's stock.

Insider Buying and Selling

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $163.51, for a total value of $1,253,304.15. Following the completion of the sale, the chief executive officer owned 268,275 shares in the company, valued at $43,865,645.25. This represents a 2.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the firm's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $163.51, for a total transaction of $1,253,304.15. Following the transaction, the director owned 268,275 shares in the company, valued at $43,865,645.25. This represents a 2.78% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 517,685 shares of company stock valued at $103,587,091. Insiders own 38.55% of the company's stock.

Analyst Ratings Changes

TEAM has been the subject of several recent analyst reports. Mizuho decreased their price objective on shares of Atlassian from $265.00 to $235.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Morgan Stanley decreased their price objective on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Piper Sandler reiterated an "overweight" rating and issued a $300.00 price objective (down from $365.00) on shares of Atlassian in a report on Friday, May 2nd. Truist Financial set a $230.00 price objective on shares of Atlassian in a report on Friday, August 8th. Finally, BMO Capital Markets decreased their price objective on shares of Atlassian from $225.00 to $200.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Five equities research 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's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $259.76.

Atlassian Stock Up 3.8%

Shares of NASDAQ:TEAM opened at $163.99 on Thursday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. The company has a market cap of $43.05 billion, a PE ratio of -165.64 and a beta of 0.96. Atlassian Corporation PLC has a 52 week low of $142.32 and a 52 week high of $326.00. The firm has a 50 day simple moving average of $196.47 and a 200 day simple moving average of $223.95.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its earnings results on Thursday, August 7th. The technology company reported $0.98 earnings per share (EPS) for the quarter, topping 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 quarter in the prior year, the firm earned $0.66 EPS. The company's revenue was up 22.3% compared to the same quarter last year. As a group, research analysts expect that Atlassian Corporation PLC will post -0.34 earnings per share for the current 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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