Atreides Management LP Grows Stock Holdings in Atlassian Corporation PLC $TEAM

Key Points

• Atreides Management LP increased its Atlassian stake by 30.5% in the fourth quarter, buying 92,999 additional shares and bringing its total to 398,230 shares worth about $64.6 million.
• Other large institutional investors also boosted their positions, with firms like Vanguard, Baillie Gifford, and AQR making notable additions; overall, 94.45% of Atlassian shares are held by hedge funds and other institutions.
• Atlassian reported stronger-than-expected quarterly results, posting EPS of $1.75 on revenue of $1.79 billion, while analysts currently rate the stock a Moderate Buy with an average target price of $145.63.

Atreides Management LP grew its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 30.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 398,230 shares of the technology company's stock after purchasing an additional 92,999 shares during the period. Atlassian makes up approximately 0.8% of Atreides Management LP's holdings, making the stock its 27th largest position. Atreides Management LP owned approximately 0.15% of Atlassian worth $64,569,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Atlassian by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 18,541,267 shares of the technology company's stock valued at $3,006,281,000 after purchasing an additional 61,706 shares during the last quarter. Baillie Gifford & Co. grew its position in Atlassian by 3.9% in the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company's stock worth $1,367,132,000 after purchasing an additional 316,276 shares during the period. AQR Capital Management LLC grew its position in Atlassian by 291.4% in the 4th quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company's stock worth $1,256,535,000 after purchasing an additional 5,769,788 shares during the period. Morgan Stanley grew its position in Atlassian by 52.4% in the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company's stock worth $781,841,000 after purchasing an additional 1,657,309 shares during the period. Finally, State Street Corp grew its position in Atlassian by 3.3% in the 4th quarter. State Street Corp now owns 3,995,100 shares of the technology company's stock worth $647,766,000 after purchasing an additional 127,105 shares during the period. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on TEAM shares. BTIG Research lifted their target price on shares of Atlassian from $120.00 to $130.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Wall Street Zen downgraded shares of Atlassian from a "strong-buy" rating to a "buy" rating in a research report on Saturday, May 30th. Zacks Research raised shares of Atlassian from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 6th. Wells Fargo & Company cut their target price on shares of Atlassian from $155.00 to $120.00 and set an "overweight" rating for the company in a research report on Tuesday, March 17th. Finally, BMO Capital Markets cut their price objective on shares of Atlassian from $130.00 to $105.00 and set an "outperform" rating for the company in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Atlassian presently has an average rating of "Moderate Buy" and an average target price of $145.63.

Insider Buying and Selling at Atlassian

In other Atlassian news, CFO James Chuong sold 8,838 shares of the business's stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $775,534.50. Following the sale, the chief financial officer owned 288,272 shares in the company, valued at $25,295,868. The trade was a 2.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 the business's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $89.71, for a total transaction of $269,130.00. Following the completion of the sale, the executive owned 227,691 shares in the company, valued at approximately $20,426,159.61. The trade was a 1.30% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 20,041 shares of company stock worth $1,801,069. Corporate insiders own 36.66% of the company's stock.

Atlassian Trading Down 4.0%

Shares of Atlassian stock opened at $84.39 on Thursday. The company has a market capitalization of $21.42 billion, a P/E ratio of -101.67, a P/E/G ratio of 4.99 and a beta of 1.07. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. The company has a fifty day moving average of $82.64 and a 200 day moving average of $103.00. Atlassian Corporation PLC has a fifty-two week low of $56.01 and a fifty-two week high of $222.59.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its earnings results 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 the consensus estimate of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. Atlassian's quarterly revenue was up 31.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.97 EPS. On average, sell-side analysts anticipate that Atlassian Corporation PLC will post 0.81 earnings per share for the current fiscal 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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