Atlassian Corporation PLC $TEAM Shares Newly Acquired by Sanders Morris Harris LLC

Key Points

• Sanders Morris Harris LLC acquired 25,900 Atlassian shares during the third quarter, worth approximately $4.64 million. Institutional investors collectively own 94.45% of TEAM’s outstanding stock.
• Atlassian reported quarterly EPS of $1.87, exceeding the $1.50 consensus estimate, while revenue reached $1.77 billion and rose 27.6% year over year.
• Analysts remain broadly optimistic, with 25 Buy ratings and an average price target of $196; however, insiders sold 22,475 shares worth $3.82 million over the past 90 days.

Sanders Morris Harris LLC bought a new stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 25,900 shares of the technology company's stock, valued at approximately $4,644,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of TEAM. MV Capital Management Inc. purchased a new stake in Atlassian during the 4th quarter valued at $25,000. Reflection Asset Management purchased a new position in Atlassian during the fourth quarter worth $44,000. Manning & Napier Advisors LLC bought a new position in Atlassian during the second quarter valued at $27,000. MassMutual Private Wealth & Trust FSB increased its position in Atlassian by 139.2% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 378 shares of the technology company's stock valued at $29,000 after acquiring an additional 220 shares during the last quarter. Finally, Western Wealth Management LLC purchased a new stake in shares of Atlassian in the first quarter valued at $30,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Trading Down 1.6%

Shares of NASDAQ TEAM traded down $3.38 during mid-day trading on Wednesday, reaching $204.66. The company had a trading volume of 2,080,641 shares, compared to its average volume of 5,695,420. The stock has a market cap of $51.94 billion, a price-to-earnings ratio of -1,077.16, a price-to-earnings-growth ratio of 16.33 and a beta of 1.22. Atlassian Corporation PLC has a 52 week low of $56.01 and a 52 week high of $214.77. The business's 50-day moving average is $179.66 and its 200-day moving average is $117.47. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.93.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.37. The company had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The firm's quarterly revenue was up 27.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.98 EPS. Equities analysts expect that Atlassian Corporation PLC will post 0.94 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CRO Brian Duffy sold 1,851 shares of Atlassian stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $319,204.95. Following the completion of the sale, the executive directly owned 218,223 shares of the company's stock, valued at $37,632,556.35. The trade was a 0.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 9,054 shares of the company's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $1,561,362.30. Following the completion of the sale, the chief financial officer owned 279,218 shares of the company's stock, valued at $48,151,144.10. This represents a 3.14% 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 22,475 shares of company stock valued at $3,822,643 in the last ninety days. Corporate insiders own 36.66% of the company's stock.

Analyst Upgrades and Downgrades

TEAM has been the topic of several analyst reports. Wall Street Zen upgraded shares of Atlassian from a "hold" rating to a "buy" rating in a report on Sunday, September 13th. Morgan Stanley boosted their target price on Atlassian from $120.00 to $180.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Guggenheim upped their target price on Atlassian from $115.00 to $165.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Wells Fargo & Company increased their price target on Atlassian from $180.00 to $230.00 and gave the stock an "overweight" rating in a report on Wednesday. Finally, Royal Bank Of Canada raised their price target on Atlassian from $215.00 to $235.00 and gave the stock an "outperform" rating in a research note on Monday. Twenty-five equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Atlassian presently has an average rating of "Moderate Buy" and an average target price of $196.00.

Atlassian Profile

Atlassian Corporation develops collaboration, productivity and workflow-management software for technology, business and enterprise teams. Its products are designed to help organizations plan projects, manage software development, document and share knowledge, provide IT and customer support, and coordinate work across distributed teams.

Its product portfolio includes Jira for project and issue management, Confluence for team collaboration and knowledge sharing, Jira Service Management for IT service and support operations, and Trello for organizing tasks and projects.

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