Atlassian Corporation PLC $TEAM Shares Acquired by First Trust Advisors LP

Key Points

• First Trust Advisors LP boosted its Atlassian stake by 48.4% in the first quarter, buying 766,922 additional shares and bringing its total holding to 2,349,842 shares worth about $160.4 million.
• Wall Street sentiment remains generally positive on Atlassian, with 21 analysts rating it a Buy and the stock carrying a Moderate Buy consensus and average target price of $138.50.
• Atlassian reported strong quarterly results, posting $1.75 EPS on revenue of $1.79 billion, both ahead of estimates, while revenue rose 31.7% year over year.

First Trust Advisors LP increased its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 48.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,349,842 shares of the technology company's stock after acquiring an additional 766,922 shares during the quarter. First Trust Advisors LP owned approximately 0.93% of Atlassian worth $160,377,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of TEAM. MV Capital Management Inc. acquired a new position in Atlassian in the fourth quarter valued at $25,000. Geneos Wealth Management Inc. boosted its stake in shares of Atlassian by 447.2% during the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock worth $42,000 after buying an additional 161 shares during the period. Basepoint Wealth LLC purchased a new position in shares of Atlassian during the fourth quarter worth about $32,000. Garton & Associates Financial Advisors LLC acquired a new position in Atlassian in the 4th quarter valued at about $32,000. Finally, Bogart Wealth LLC increased its position in Atlassian by 76.4% in the 4th quarter. Bogart Wealth LLC now owns 217 shares of the technology company's stock valued at $35,000 after acquiring an additional 94 shares during the period. Hedge funds and other institutional investors own 94.45% of the company's stock.

Analyst Ratings Changes

TEAM has been the subject of a number of recent research reports. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Atlassian in a research report on Monday, June 29th. TD Cowen lifted their price objective on shares of Atlassian from $85.00 to $105.00 and gave the company a "hold" rating in a research report on Friday, May 1st. Robert W. Baird set a $120.00 price objective on shares of Atlassian in a research note on Friday, May 1st. Citigroup cut their price objective on shares of Atlassian from $160.00 to $110.00 and set a "buy" rating for the company in a research report on Friday, May 1st. Finally, Raymond James Financial reaffirmed an "outperform" rating on shares of Atlassian in a report on Tuesday. Twenty-one investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Atlassian currently has an average rating of "Moderate Buy" and a consensus target price of $138.50.

Insider Activity at Atlassian

In related news, CRO Brian Duffy sold 3,000 shares of the business's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $89.71, for a total value of $269,130.00. Following the completion of the sale, the executive directly owned 227,691 shares in the company, valued at approximately $20,426,159.61. The trade was a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Chuong sold 8,838 shares of the stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $775,534.50. Following the completion of the transaction, the chief financial officer directly owned 288,272 shares in the company, valued at $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 20,041 shares of company stock valued at $1,801,069 over the last ninety days. 36.66% of the stock is owned by corporate insiders.

Atlassian Stock Performance

NASDAQ TEAM opened at $85.40 on Thursday. The company has a market capitalization of $21.67 billion, a P/E ratio of -102.89, a PEG ratio of 5.67 and a beta of 1.11. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70. Atlassian Corporation PLC has a 1-year low of $56.01 and a 1-year high of $206.00. The business has a 50 day moving average price of $89.13 and a 200 day moving average price of $89.89.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, beating analysts' consensus estimates of $1.33 by $0.42. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The firm had revenue of $1.79 billion for the quarter, compared to analysts' expectations of $1.70 billion. During the same period in the prior year, the company earned $0.97 EPS. The firm's revenue was up 31.7% on a year-over-year basis. Sell-side analysts expect that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

About Atlassian

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian's product portfolio centers on tools designed to help teams plan, build and support software and business processes.

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