Capital Group Private Client Services Inc. Lowers Stock Holdings in Atlassian Corporation PLC $TEAM

Key Points

• Capital Group Private Client Services Inc. cut its stake in Atlassian by 86.9% in Q3, selling 158,744 shares and leaving 23,938 shares valued at $3.823 million.
• Other institutions were buying: DNB Asset Management raised its position 266.6% to 2.806M shares (~$448M), Vanguard holds 18.48M shares (~$2.95B) and Norges Bank opened a ~ $378M position, with institutional investors owning 94.45% of the stock.
• Insiders have sold heavily (359,131 shares worth ~$50.7M in the last 90 days, including founders selling 7,665 shares each), while shares trade near $78 (12‑month high $242) and analysts' consensus is a Moderate Buy with an average target of $189.32.

Capital Group Private Client Services Inc. reduced its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 86.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,938 shares of the technology company's stock after selling 158,744 shares during the quarter. Capital Group Private Client Services Inc.'s holdings in Atlassian were worth $3,823,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. DNB Asset Management AS raised its position in Atlassian by 266.6% during the third quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company's stock valued at $448,260,000 after purchasing an additional 2,041,210 shares in the last quarter. Norges Bank purchased a new position in shares of Atlassian in the 2nd quarter worth about $377,794,000. Artisan Partners Limited Partnership increased its position in shares of Atlassian by 66.3% during the 2nd quarter. Artisan Partners Limited Partnership now owns 3,878,133 shares of the technology company's stock valued at $787,610,000 after purchasing an additional 1,545,546 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Atlassian by 6.0% during the 3rd quarter. Vanguard Group Inc. now owns 18,479,561 shares of the technology company's stock valued at $2,951,186,000 after purchasing an additional 1,049,483 shares during the last quarter. Finally, Swedbank AB raised its holdings in shares of Atlassian by 139.6% during the 3rd quarter. Swedbank AB now owns 1,372,976 shares of the technology company's stock valued at $219,264,000 after buying an additional 800,000 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Canaccord Genuity Group set a $185.00 target price on Atlassian in a research note on Friday, February 6th. KeyCorp cut their price objective on shares of Atlassian from $210.00 to $170.00 and set an "overweight" rating for the company in a research note on Friday, February 6th. UBS Group reaffirmed a "neutral" rating and set a $105.00 target price on shares of Atlassian in a report on Friday, February 6th. Morgan Stanley decreased their target price on shares of Atlassian from $320.00 to $290.00 and set an "overweight" rating on the stock in a research report on Friday, February 6th. Finally, TD Cowen lowered their price target on shares of Atlassian from $205.00 to $175.00 and set a "hold" rating for the company in a research note on Tuesday, January 20th. Twenty equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Atlassian presently has a consensus rating of "Moderate Buy" and an average price target of $189.32.

Insider Transactions at Atlassian

In other Atlassian news, Director Scott Farquhar sold 7,665 shares of the company's stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $162.40, for a total transaction of $1,244,796.00. Following the completion of the transaction, the director owned 53,655 shares of the company's stock, valued at $8,713,572. This represents a 12.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $162.40, for a total value of $1,244,796.00. Following the completion of the sale, the chief executive officer owned 53,655 shares of the company's stock, valued at approximately $8,713,572. This trade represents a 12.50% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 359,131 shares of company stock worth $50,672,589. 36.66% of the stock is owned by company insiders.

Atlassian Price Performance

Shares of Atlassian stock opened at $78.01 on Wednesday. The firm has a market cap of $20.57 billion, a PE ratio of -108.35, a price-to-earnings-growth ratio of 324.98 and a beta of 0.94. Atlassian Corporation PLC has a 12-month low of $67.85 and a 12-month high of $242.00. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.62. The company's fifty day simple moving average is $109.29 and its two-hundred day simple moving average is $142.72.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Thursday, February 5th. The technology company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.12 by $0.10. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.54 billion. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.33%. The company's quarterly revenue was up 23.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.96 earnings per share. As a group, equities analysts expect that Atlassian Corporation PLC will post -0.34 EPS for the current year.

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.

Want to see what other hedge funds are holding TEAM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Atlassian Corporation PLC (NASDAQ:TEAM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.