Atlassian Corporation PLC $TEAM Shares Bought by M&T Bank Corp

Key Points

• M&T Bank increased its stake in Atlassian by 481.7% during Q4, acquiring an additional 20,413 shares to hold 24,651 shares worth approximately $3.997 million, while institutional investors own about 94.45% of the stock.
• Q4 results beat estimates — Atlassian reported $1.22 EPS (vs. $1.12 expected) and $1.59B revenue, up 23.3% year-over-year, but the company still shows a negative net margin (-3.29%) and negative ROE (-6.33%) with analysts forecasting roughly -$0.01 EPS for the fiscal year.
• Insiders sold shares and analyst views are mixed: founders sold 7,665 shares each amid insiders disposing 82,663 shares worth $9.24M (insiders still own 36.66%), while analysts' consensus is a "Moderate Buy" with an average price target of $155.11 versus the current share price near $71.55.

M&T Bank Corp raised its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 481.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,651 shares of the technology company's stock after purchasing an additional 20,413 shares during the quarter. M&T Bank Corp's holdings in Atlassian were worth $3,997,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Physician Wealth Advisors Inc. increased its position in Atlassian by 60.4% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company's stock worth $26,000 after purchasing an additional 61 shares in the last quarter. Atlantic Union Bankshares Corp lifted its position in Atlassian by 19,900.0% during the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company's stock valued at $32,000 after buying an additional 199 shares in the last quarter. Board of the Pension Protection Fund purchased a new stake in Atlassian during the fourth quarter worth approximately $32,000. Geneos Wealth Management Inc. grew its stake in 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. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Atlassian in the third quarter worth $57,000. 94.45% of the stock is owned by institutional investors and hedge funds.

Atlassian Price Performance

TEAM opened at $71.55 on Monday. Atlassian Corporation PLC has a twelve month low of $56.01 and a twelve month high of $242.00. The firm has a market cap of $18.87 billion, a price-to-earnings ratio of -99.37 and a beta of 0.99. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.62. The company has a fifty day simple moving average of $72.01 and a 200 day simple moving average of $119.88.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Friday, February 6th. The technology company reported $1.22 EPS for the quarter, topping analysts' consensus estimates of $1.12 by $0.10. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.54 billion. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.33%. The firm's revenue was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.96 EPS. Equities research analysts expect that Atlassian Corporation PLC will post -0.01 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

TEAM has been the topic of a number of research reports. Barclays cut their target price on shares of Atlassian from $165.00 to $100.00 and set an "overweight" rating on the stock in a research note on Monday, April 20th. UBS Group reiterated a "neutral" rating and issued a $105.00 price target on shares of Atlassian in a report on Friday, February 6th. Jefferies Financial Group set a $150.00 price objective on Atlassian in a research report on Friday, February 6th. BTIG Research reduced their price objective on Atlassian from $220.00 to $140.00 and set a "buy" rating on the stock in a research note on Friday, February 6th. Finally, Wolfe Research reaffirmed an "outperform" rating and issued a $100.00 target price on shares of Atlassian in a research report on Thursday, March 12th. Nineteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Atlassian has an average rating of "Moderate Buy" and an average price target of $155.11.

Insider Activity

In related news, Director Scott Farquhar sold 7,665 shares of the stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $94.81, for a total value of $726,718.65. Following the completion of the transaction, the director owned 275,940 shares of the company's stock, valued at approximately $26,161,871.40. This represents a 2.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the firm's stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $94.81, for a total value of $726,718.65. Following the sale, the chief executive officer owned 275,940 shares of the company's stock, valued at approximately $26,161,871.40. This trade represents a 2.70% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 82,663 shares of company stock worth $9,241,668. Insiders own 36.66% of the company's stock.

Atlassian Profile

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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