E Fund Management Co. Ltd. Grows Position in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• E Fund Management Co. Ltd. increased its stake in Atlassian Corporation PLC by 118.3%, holding a total of 4,183 shares valued at approximately $888,000 at the end of the first quarter.
• Other large investors, including Vanguard Group Inc. and Massachusetts Financial Services Co., have also raised their positions significantly in Atlassian during the same quarter.
• Atlassian reported a 22.3% year-over-year revenue growth with earnings per share of $0.98, exceeding analysts' estimates of $0.83 for the recent quarter.

E Fund Management Co. Ltd. raised its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 118.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,183 shares of the technology company's stock after purchasing an additional 2,267 shares during the quarter. E Fund Management Co. Ltd.'s holdings in Atlassian were worth $888,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Atlassian by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 16,993,537 shares of the technology company's stock valued at $3,606,198,000 after buying an additional 580,583 shares during the period. Baillie Gifford & Co. raised its holdings in shares of Atlassian by 7.1% during the 1st quarter. Baillie Gifford & Co. now owns 8,694,755 shares of the technology company's stock valued at $1,845,114,000 after buying an additional 573,696 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in shares of Atlassian by 21.8% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,440,813 shares of the technology company's stock valued at $730,175,000 after buying an additional 616,071 shares during the period. Voya Investment Management LLC raised its holdings in shares of Atlassian by 17,941.0% during the 4th quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock valued at $528,693,000 after buying an additional 2,160,810 shares during the period. Finally, Durable Capital Partners LP raised its holdings in shares of Atlassian by 499.7% during the 4th quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company's stock valued at $383,456,000 after buying an additional 1,312,820 shares during the period. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $206.57, for a total transaction of $1,641,818.36. Following the completion of the transaction, the director owned 71,532 shares in the company, valued at $14,776,365.24. The trade was a 10.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $210.81, for a total value of $1,675,517.88. Following the transaction, the chief executive officer owned 63,584 shares of the company's stock, valued at $13,404,143.04. This represents a 11.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 517,685 shares of company stock valued at $103,587,091 in the last 90 days. Insiders own 38.55% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Raymond James Financial set a $250.00 target price on Atlassian and gave the company an "outperform" rating in a report on Friday, August 8th. Cantor Fitzgerald dropped their target price on Atlassian from $256.00 to $240.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Wells Fargo & Company dropped their target price on Atlassian from $330.00 to $315.00 and set an "overweight" rating on the stock in a report on Friday, May 2nd. Capital One Financial downgraded Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 target price on the stock. in a report on Wednesday, July 16th. Finally, Morgan Stanley dropped their target price on Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Five equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $259.76.

Atlassian Price Performance

Shares of TEAM opened at $163.99 on Thursday. The firm has a market cap of $43.05 billion, a price-to-earnings ratio of -165.64 and a beta of 0.96. The stock has a 50 day moving average of $196.47 and a 200-day moving average of $223.95. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72. Atlassian Corporation PLC has a 52 week low of $142.32 and a 52 week high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its earnings results on Thursday, August 7th. The technology company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.83 by $0.15. The company had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.36 billion. Atlassian had a negative return on equity of 15.19% and a negative net margin of 4.92%. The business's revenue was up 22.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.66 EPS. As a group, analysts forecast that Atlassian Corporation PLC will post -0.34 EPS for the current year.

Atlassian Profile

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.

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