Atlassian Corporation PLC $TEAM Stock: Oppenheimer & Co. Inc. Trims Position

Key Points

• Oppenheimer & Co. reduced its Atlassian position by 68.6% in the third quarter, selling 14,578 shares and retaining 6,669 shares valued at approximately $1.2 million. Institutional investors collectively own 94.45% of TEAM’s shares.
• Insiders sold 22,475 shares worth roughly $3.82 million over the past 90 days. The reported executive sales included transactions to cover tax obligations related to equity awards.
• Analyst sentiment remains broadly positive, with 23 Buy ratings, four Holds, and one Sell; the stock carries a “Moderate Buy” consensus and an average price target of $216.36. Atlassian’s latest quarterly results beat estimates, with revenue rising 27.6% year over year to $1.77 billion.

Oppenheimer & Co. Inc. cut its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 68.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 6,669 shares of the technology company's stock after selling 14,578 shares during the period. Oppenheimer & Co. Inc.'s holdings in Atlassian were worth $1,196,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in TEAM. Fortitude Family Office LLC raised its holdings in shares of Atlassian by 23.0% in the 3rd quarter. Fortitude Family Office LLC now owns 289 shares of the technology company's stock worth $52,000 after purchasing an additional 54 shares during the period. Activest Wealth Management grew its stake in shares of Atlassian by 372.4% during the third quarter. Activest Wealth Management now owns 137 shares of the technology company's stock valued at $25,000 after acquiring an additional 108 shares in the last quarter. Frank Rimerman Advisors LLC raised its position in shares of Atlassian by 3.7% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 3,228 shares of the technology company's stock valued at $579,000 after purchasing an additional 115 shares in the last quarter. Strengthening Families & Communities LLC grew its holdings in Atlassian by 2.2% during the 3rd quarter. Strengthening Families & Communities LLC now owns 5,759 shares of the technology company's stock worth $1,033,000 after acquiring an additional 124 shares in the last quarter. Finally, State of Wyoming grew its position in shares of Atlassian by 65.7% during the 1st quarter. State of Wyoming now owns 449 shares of the technology company's stock valued at $31,000 after buying an additional 178 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

Insider Activity

In other news, CAO Gene Liu sold 337 shares of the company's stock in a transaction that occurred on Monday, October 12th. The stock was sold at an average price of $210.00, for a total transaction of $70,770.00. Following the sale, the chief accounting officer owned 55,531 shares in the company, valued at $11,661,510. This represents a 0.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CRO Brian Duffy sold 1,851 shares of the firm's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total transaction of $319,204.95. Following the completion of the transaction, the executive directly owned 218,223 shares of the company's stock, valued at $37,632,556.35. This represents a 0.84% 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 have sold 22,475 shares of company stock worth $3,822,643 over the last ninety days. Insiders own 37.63% of the company's stock.

Wall Street Analysts Forecast Growth

TEAM has been the subject of a number of recent analyst reports. Royal Bank Of Canada increased their price objective on Atlassian from $215.00 to $235.00 and gave the stock an "outperform" rating in a report on Monday, October 12th. Mizuho increased their price target on shares of Atlassian from $215.00 to $235.00 and gave the stock an "outperform" rating in a research note on Thursday, October 15th. Truist Financial increased their price target on Atlassian from $185.00 to $250.00 and gave the company a "buy" rating in a report on Wednesday, October 21st. Weiss Ratings reissued a "sell (e+)" rating on shares of Atlassian in a research report on Thursday, October 15th. Finally, Wells Fargo & Company raised their price objective on shares of Atlassian from $230.00 to $270.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 28th. Twenty-three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $216.36.

Atlassian Price Performance

Shares of TEAM stock opened at $187.08 on Tuesday. The stock has a 50-day moving average price of $195.53 and a 200 day moving average price of $118.47. Atlassian Corporation PLC has a 12 month low of $56.01 and a 12 month high of $229.96. The firm has a market cap of $47.36 billion, a price-to-earnings ratio of -984.63, a PEG ratio of 23.47 and a beta of 1.22. The company has a quick ratio of 0.78, a current 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 EPS for the quarter, beating analysts' consensus estimates of $1.50 by $0.37. The business had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.66 billion. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%. The firm's revenue was up 27.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.98 earnings per share. Research analysts expect that Atlassian Corporation PLC will post 0.69 EPS for the current year.

Atlassian Company Profile

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for team collaboration and knowledge management, Jira Service Management for IT and enterprise service workflows, Trello for organizing tasks and projects, Loom for video messaging and screen recording, and Bitbucket for source-code management and collaboration.

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