Atlassian Corporation PLC $TEAM Shares Bought by Quantbot Technologies LP

Key Points

• Quantbot Technologies LP significantly increased its stake in Atlassian, growing ownership by 740.1% during the first quarter, now holding 94,179 shares valued at approximately $19.99 million.
• Major firms such as Vanguard and Massachusetts Financial Services also expanded their positions in Atlassian, reflecting growing institutional interest in the company as 94.45% of stock is owned by institutional investors.
• Despite a negative net margin recorded recently, Atlassian reported $1.38 billion in revenue for the quarter, with a 22.3% year-over-year increase and an earnings per share beating estimates.

Quantbot Technologies LP grew its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 740.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 94,179 shares of the technology company's stock after purchasing an additional 82,968 shares during the period. Atlassian makes up about 0.6% of Quantbot Technologies LP's holdings, making the stock its 13th largest holding. Quantbot Technologies LP's holdings in Atlassian were worth $19,986,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Atlassian by 3.5% during the first quarter. Vanguard Group Inc. now owns 16,993,537 shares of the technology company's stock worth $3,606,198,000 after acquiring an additional 580,583 shares during the period. Baillie Gifford & Co. increased its position in shares of Atlassian by 7.1% during the first quarter. Baillie Gifford & Co. now owns 8,694,755 shares of the technology company's stock worth $1,845,114,000 after acquiring an additional 573,696 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of Atlassian by 21.8% during the first quarter. Massachusetts Financial Services Co. MA now owns 3,440,813 shares of the technology company's stock worth $730,175,000 after acquiring an additional 616,071 shares during the period. Voya Investment Management LLC increased its holdings in Atlassian by 17,941.0% in the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock valued at $528,693,000 after buying an additional 2,160,810 shares during the last quarter. Finally, Durable Capital Partners LP increased its holdings in Atlassian by 499.7% in the fourth quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company's stock valued at $383,456,000 after buying an additional 1,312,820 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Macquarie dropped their target price on Atlassian from $270.00 to $250.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Truist Financial set a $230.00 target price on Atlassian in a report on Friday, August 8th. Wall Street Zen raised Atlassian from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. UBS Group reaffirmed a "hold" rating on shares of Atlassian in a report on Monday, July 7th. Finally, Stephens decreased their target price on shares of Atlassian from $221.00 to $202.00 and set an "equal weight" rating for the company in a research note on Monday, August 11th. Five equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $259.76.

Insiders Place Their Bets

In related news, Director Scott Farquhar sold 7,665 shares of the stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $163.26, for a total transaction of $1,251,387.90. Following the sale, the director owned 245,280 shares in the company, valued at $40,044,412.80. This represents a 3.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Gene Liu sold 765 shares of the stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $163.43, for a total transaction of $125,023.95. Following the sale, the chief accounting officer owned 50,595 shares in the company, valued at approximately $8,268,740.85. This trade represents a 1.49% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 510,700 shares of company stock worth $100,415,703. Company insiders own 38.55% of the company's stock.

Atlassian Stock Performance

Shares of TEAM stock opened at $167.00 on Monday. Atlassian Corporation PLC has a 12 month low of $145.88 and a 12 month high of $326.00. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The firm has a market capitalization of $43.84 billion, a P/E ratio of -168.69 and a beta of 0.96. The company's fifty day moving average price is $194.44 and its two-hundred day moving average price is $221.84.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its 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. The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.36 billion. Atlassian had a negative net margin of 4.92% and a negative return on equity of 15.19%. The company's revenue for the quarter was up 22.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.66 EPS. On average, research analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share 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.

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