Atlassian Corporation PLC $TEAM Shares Purchased by DNB Asset Management AS

Key Points

• DNB Asset Management AS boosted its Atlassian stake by 42.2% in the fourth quarter, buying more than 1.18 million shares and bringing its position to about $647 million.
• Atlassian insiders were also active sellers: CFO Joseph Leo Binz and CRO Brian Duffy both sold shares in February, and insiders sold 6,013 shares total over the last quarter.
• The company recently reported better-than-expected quarterly results, with EPS of $1.75 and revenue of $1.79 billion, while analysts currently rate the stock a Moderate Buy with an average price target of $145.63.

DNB Asset Management AS raised its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 42.2% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 3,990,216 shares of the technology company's stock after acquiring an additional 1,183,328 shares during the period. Atlassian makes up about 2.3% of DNB Asset Management AS's holdings, making the stock its 9th largest position. DNB Asset Management AS owned 1.52% of Atlassian worth $646,974,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Physician Wealth Advisors Inc. grew its stake in Atlassian by 60.4% in the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company's stock valued at $26,000 after acquiring an additional 61 shares during the period. Geneos Wealth Management Inc. grew its stake in Atlassian by 447.2% in the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock valued at $42,000 after acquiring an additional 161 shares during the period. Atlantic Union Bankshares Corp grew its stake in Atlassian by 19,900.0% in the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company's stock valued at $32,000 after acquiring an additional 199 shares during the period. Board of the Pension Protection Fund acquired a new stake in Atlassian in the fourth quarter valued at approximately $32,000. Finally, Bogart Wealth LLC grew its stake in Atlassian by 76.4% in the fourth 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. Institutional investors and hedge funds own 94.45% of the company's stock.

Insiders Place Their Bets

In other Atlassian news, CFO Joseph Leo Binz sold 1,653 shares of the business's stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $81.35, for a total value of $134,471.55. Following the transaction, the chief financial officer owned 208,639 shares of the company's stock, valued at approximately $16,972,782.65. The trade was a 0.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Brian Duffy sold 1,222 shares of Atlassian stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $81.35, for a total transaction of $99,409.70. Following the completion of the sale, the executive directly owned 124,332 shares in the company, valued at $10,114,408.20. This trade represents a 0.97% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 6,013 shares of company stock valued at $489,158. Insiders own 36.66% of the company's stock.

Analyst Upgrades and Downgrades

TEAM has been the topic of several analyst reports. BNP Paribas Exane initiated coverage on Atlassian in a research report on Monday, March 16th. They set an "outperform" rating and a $95.00 target price on the stock. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $295.00 target price on shares of Atlassian in a research report on Friday, May 1st. Raymond James Financial set a $130.00 target price on Atlassian in a research report on Friday, May 1st. BMO Capital Markets cut their target price on Atlassian from $130.00 to $105.00 and set an "outperform" rating on the stock in a research report on Friday, May 1st. Finally, Piper Sandler cut their target price on Atlassian from $200.00 to $175.00 and set an "overweight" rating on the stock in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $145.63.

Atlassian Stock Up 8.2%

TEAM stock opened at $87.46 on Friday. The stock's fifty day simple moving average is $73.24 and its two-hundred day simple moving average is $113.39. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. Atlassian Corporation PLC has a 1-year low of $56.01 and a 1-year high of $223.42. The stock has a market cap of $22.19 billion, a P/E ratio of -105.37, a P/E/G ratio of 4.58 and a beta of 0.90.

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 for the quarter, topping the consensus estimate of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The business had revenue of $1.79 billion for the quarter, compared to analysts' expectations of $1.70 billion. During the same quarter in the previous year, the firm earned $0.97 earnings per share. The business's revenue was up 31.7% on a year-over-year basis. Analysts expect that Atlassian Corporation PLC will post 0.81 EPS for the current 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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