Citigroup Inc. Has $53.44 Million Stake in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Citigroup Inc. increased its stake in Atlassian Corporation by 22.5% in the first quarter, holding a total of 251,814 shares worth approximately $53.4 million.
• Institutional investors collectively own 94.45% of Atlassian's stock, reflecting strong interest and confidence from large financial entities.
• Atlassian reported earnings of $0.98 per share for the quarter, exceeding analyst expectations of $0.83, and saw a 22.3% year-over-year revenue increase to $1.38 billion.

Citigroup Inc. raised its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 22.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 251,814 shares of the technology company's stock after buying an additional 46,202 shares during the quarter. Citigroup Inc. owned 0.10% of Atlassian worth $53,437,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Clean Yield Group raised its holdings in Atlassian by 372.0% during the 1st quarter. Clean Yield Group now owns 118 shares of the technology company's stock worth $25,000 after buying an additional 93 shares during the period. Colonial Trust Co SC lifted its position in Atlassian by 100.0% during the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock worth $34,000 after purchasing an additional 69 shares during the period. Smithfield Trust Co raised its stake in Atlassian by 90.7% during the first quarter. Smithfield Trust Co now owns 164 shares of the technology company's stock worth $34,000 after acquiring an additional 78 shares in the last quarter. GeoWealth Management LLC increased its stake in shares of Atlassian by 26.8% in the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock valued at $44,000 after buying an additional 38 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its stake in shares of Atlassian by 82.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 243 shares of the technology company's stock valued at $52,000 after buying an additional 110 shares during the period. Institutional investors own 94.45% of the company's stock.

Insider Buying and Selling

In related news, Director Scott Farquhar sold 7,665 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $163.51, for a total transaction of $1,253,304.15. Following the transaction, the director owned 268,275 shares in the company, valued at $43,865,645.25. This trade represents a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $163.51, for a total transaction of $1,253,304.15. Following the completion of the transaction, the chief executive officer owned 268,275 shares in the company, valued at approximately $43,865,645.25. This trade represents a 2.78% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 544,823 shares of company stock worth $109,705,869. Corporate insiders own 38.55% of the company's stock.

Atlassian Trading Down 0.8%

Shares of NASDAQ TEAM traded down $1.28 during trading on Tuesday, hitting $158.00. 5,758,007 shares of the company traded hands, compared to its average volume of 2,531,947. Atlassian Corporation PLC has a 1 year low of $139.23 and a 1 year high of $326.00. The company has a 50-day moving average price of $197.41 and a 200-day moving average price of $224.37. The firm has a market capitalization of $41.48 billion, a P/E ratio of -159.59 and a beta of 0.96. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The technology company reported $0.98 earnings per share for the quarter, beating analysts' consensus estimates of $0.83 by $0.15. Atlassian had a negative net margin of 4.92% and a negative return on equity of 15.19%. The company had revenue of $1.38 billion during the quarter, compared to analysts' expectations of $1.36 billion. During the same period in the prior year, the company posted $0.66 EPS. The firm's revenue for the quarter was up 22.3% on a year-over-year basis. On average, equities analysts predict that Atlassian Corporation PLC will post -0.34 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on TEAM shares. KeyCorp cut their price target on Atlassian from $275.00 to $250.00 and set an "overweight" rating on the stock in a report on Thursday, July 17th. Morgan Stanley decreased their price objective on Atlassian from $370.00 to $320.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Canaccord Genuity Group reduced their target price on Atlassian from $255.00 to $230.00 and set a "buy" rating for the company in a report on Friday. Capital One Financial downgraded Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 price target for the company. in a research report on Wednesday, July 16th. Finally, Piper Sandler reiterated an "overweight" rating and set a $300.00 price target (down previously from $365.00) on shares of Atlassian in a research report on Friday, May 2nd. Five equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $259.76.

About Atlassian

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.