Atlassian Corporation PLC $TEAM Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management Inc reduced its Atlassian stake by 7.3% in the fourth quarter, selling 14,853 shares and leaving it with 188,842 shares worth about $30.6 million. Institutional investors still own a large majority of the stock.
• Atlassian reported better-than-expected quarterly results, with EPS of $1.75 versus $1.33 expected and revenue of $1.79 billion versus $1.70 billion estimated. Revenue also rose 31.7% year over year.
• Analysts remain broadly positive on TEAM, with a consensus rating of Moderate Buy and an average price target of $145.63, even as some firms adjusted their targets and one downgraded the stock slightly. Meanwhile, company insiders, including the CFO and CRO, sold shares in May to cover tax withholding obligations.

TD Asset Management Inc cut its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 7.3% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 188,842 shares of the technology company's stock after selling 14,853 shares during the period. TD Asset Management Inc owned approximately 0.07% of Atlassian worth $30,619,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. GAMMA Investing LLC lifted its position in Atlassian by 12.0% during the 4th quarter. GAMMA Investing LLC now owns 615 shares of the technology company's stock worth $100,000 after acquiring an additional 66 shares in the last quarter. Snowden Capital Advisors LLC lifted its position in Atlassian by 1.6% during the 2nd quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company's stock worth $907,000 after acquiring an additional 71 shares in the last quarter. Financial Perspectives Inc lifted its position in Atlassian by 11.7% during the 4th quarter. Financial Perspectives Inc now owns 718 shares of the technology company's stock worth $116,000 after acquiring an additional 75 shares in the last quarter. ABN Amro Investment Solutions lifted its position in Atlassian by 3.4% during the 3rd quarter. ABN Amro Investment Solutions now owns 2,452 shares of the technology company's stock worth $392,000 after acquiring an additional 80 shares in the last quarter. Finally, Clearstead Advisors LLC increased its stake in Atlassian by 20.5% during the 3rd quarter. Clearstead Advisors LLC now owns 488 shares of the technology company's stock worth $78,000 after buying an additional 83 shares during the period. 94.45% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on TEAM. Raymond James Financial set a $130.00 price target on shares of Atlassian in a research note on Friday, May 1st. Truist Financial lifted their price target on shares of Atlassian from $90.00 to $100.00 and gave the stock a "buy" rating in a research note on Friday, May 1st. Wall Street Zen downgraded shares of Atlassian from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 30th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $295.00 price target on shares of Atlassian in a research note on Friday, May 1st. Finally, Citigroup dropped their price target on shares of Atlassian from $160.00 to $110.00 and set a "buy" rating on the stock in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $145.63.

Atlassian Price Performance

Shares of TEAM stock opened at $99.47 on Friday. The firm has a market cap of $25.24 billion, a P/E ratio of -119.84, a P/E/G ratio of 5.64 and a beta of 1.07. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70. Atlassian Corporation PLC has a 1-year low of $56.01 and a 1-year high of $222.59. The firm has a fifty day moving average of $78.95 and a two-hundred day moving average of $106.45.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced 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. The company had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The firm's revenue for the quarter was up 31.7% compared to the same quarter last year. During the same period last year, the business earned $0.97 EPS. As a group, research analysts anticipate that Atlassian Corporation PLC will post 0.81 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CFO James Chuong sold 8,838 shares of the firm's stock in a transaction on Tuesday, May 19th. The shares were 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 directly owned 288,272 shares of the company's stock, valued at $25,295,868. This trade represents a 2.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 1,986 shares of the firm's stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $174,271.50. Following the transaction, the executive directly owned 236,841 shares of the company's stock, valued at approximately $20,782,797.75. This represents a 0.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 10,891 shares of company stock valued at $955,683. 36.66% of the stock is owned by company insiders.

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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