Atlassian Corporation PLC $TEAM Shares Bought by USS Investment Management Ltd

Key Points

• USS Investment Management Ltd significantly increased its Atlassian stake in Q1, boosting holdings by 439.1% to 170,281 shares worth about $11.6 million. Institutional investors now own 94.45% of the stock.
• Atlassian reported a strong quarter, with EPS of $1.75 versus $1.33 expected and revenue of $1.79 billion versus $1.70 billion expected. Revenue rose 31.7% year over year, though the company still posted a negative net margin.
• Insider activity was mixed: CFO James Chuong and CRO Brian Duffy sold shares recently, and insiders sold 20,041 shares over the last 90 days. Analysts remain broadly constructive, with a consensus rating of Moderate Buy and an average price target of $145.26.

USS Investment Management Ltd increased its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 439.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 170,281 shares of the technology company's stock after buying an additional 138,695 shares during the period. USS Investment Management Ltd owned about 0.06% of Atlassian worth $11,624,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in TEAM. NewEdge Advisors LLC raised its stake in shares of Atlassian by 71.6% in the 1st quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company's stock valued at $1,153,000 after purchasing an additional 2,267 shares in the last quarter. Empowered Funds LLC lifted its holdings in Atlassian by 39.5% during the 1st quarter. Empowered Funds LLC now owns 4,689 shares of the technology company's stock worth $995,000 after buying an additional 1,328 shares during the last quarter. Focus Partners Wealth lifted its holdings in Atlassian by 32.6% during the 1st quarter. Focus Partners Wealth now owns 4,122 shares of the technology company's stock worth $875,000 after buying an additional 1,014 shares during the last quarter. Geneos Wealth Management Inc. grew its position in shares of Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock worth $42,000 after acquiring an additional 161 shares in the last quarter. Finally, Sivia Capital Partners LLC increased its holdings in shares of Atlassian by 27.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company's stock valued at $380,000 after acquiring an additional 404 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $83.17 on Thursday. The stock has a market cap of $21.11 billion, a P/E ratio of -100.20, a P/E/G ratio of 4.41 and a beta of 1.07. The firm's 50-day simple moving average is $85.90 and its 200 day simple moving average is $97.56. Atlassian Corporation PLC has a fifty-two week low of $56.01 and a fifty-two week high of $222.59. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13.

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

Insider Buying and Selling at Atlassian

In related news, CFO James Chuong sold 8,838 shares of the firm's stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the transaction, the chief financial officer owned 288,272 shares of the company's stock, valued at $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of Atlassian stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the transaction, 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 disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 20,041 shares of company stock valued at $1,801,069. Insiders own 36.66% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on TEAM shares. BNP Paribas Exane began coverage on Atlassian in a research report on Monday, March 16th. They set an "outperform" rating and a $95.00 price target on the stock. Truist Financial boosted their target price on shares of Atlassian from $90.00 to $100.00 and gave the company a "buy" rating in a research note on Friday, May 1st. Weiss Ratings reissued a "sell (e+)" rating on shares of Atlassian in a report on Monday, April 20th. Morgan Stanley cut their target price on shares of Atlassian from $290.00 to $120.00 and set an "overweight" rating on the stock in a report on Thursday, April 16th. Finally, Guggenheim set a $115.00 target price on Atlassian in a research report on Thursday, April 9th. Twenty-one investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $145.26.

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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