Atlassian Corporation PLC (NASDAQ:TEAM) Shares Acquired by Entropy Technologies LP

Key Points

• Entropy Technologies LP increased its holdings in Atlassian Corporation by 306.8%, owning 27,663 shares worth approximately $5.87 million at the last reporting period.
• Multiple institutional investors have significantly raised their stakes in Atlassian, with 94.45% of the stock currently held by institutional investors and hedge funds.
• Atlassian reported a quarterly earnings per share (EPS) of $0.98, exceeding analysts' expectations, while its revenue increased by 22.3% year-over-year.

Entropy Technologies LP lifted its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 306.8% in the first quarter, according to its most recent filing with the SEC. The firm owned 27,663 shares of the technology company's stock after acquiring an additional 20,863 shares during the period. Entropy Technologies LP's holdings in Atlassian were worth $5,870,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Wells Fargo & Company MN raised its stake in shares of Atlassian by 12.1% in the fourth quarter. Wells Fargo & Company MN now owns 114,909 shares of the technology company's stock worth $27,967,000 after acquiring an additional 12,426 shares during the last quarter. Federated Hermes Inc. boosted its holdings in Atlassian by 99.8% during the fourth quarter. Federated Hermes Inc. now owns 1,998 shares of the technology company's stock worth $486,000 after purchasing an additional 998 shares during the last quarter. Cerity Partners LLC raised its position in Atlassian by 17.4% during the fourth quarter. Cerity Partners LLC now owns 21,148 shares of the technology company's stock worth $5,147,000 after acquiring an additional 3,131 shares in the last quarter. Advisory Services Network LLC raised its position in Atlassian by 7.9% during the fourth quarter. Advisory Services Network LLC now owns 8,555 shares of the technology company's stock worth $2,082,000 after acquiring an additional 625 shares in the last quarter. Finally, Treasurer of the State of North Carolina raised its position in shares of Atlassian by 1.9% in the fourth quarter. Treasurer of the State of North Carolina now owns 71,903 shares of the technology company's stock valued at $17,500,000 after purchasing an additional 1,320 shares during the period. 94.45% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $221.41, for a total value of $1,759,766.68. Following the transaction, the chief executive officer owned 111,272 shares in the company, valued at $24,636,733.52. This trade represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Scott Farquhar sold 7,948 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $214.92, for a total value of $1,708,184.16. Following the completion of the transaction, the director owned 103,324 shares in the company, valued at approximately $22,206,394.08. This trade represents a 7.14% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 544,823 shares of company stock worth $109,705,869 in the last quarter. 38.55% of the stock is currently owned by company insiders.

Atlassian Stock Down 0.8%

Shares of TEAM stock traded down $1.28 during mid-day trading on Tuesday, hitting $158.00. The stock had a trading volume of 5,758,007 shares, compared to its average volume of 2,531,947. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The firm has a market capitalization of $41.48 billion, a P/E ratio of -159.59 and a beta of 0.96. Atlassian Corporation PLC has a 12-month low of $139.23 and a 12-month high of $326.00. The firm's 50-day moving average is $197.41 and its two-hundred day moving average is $224.37.

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

Analyst Ratings Changes

TEAM has been the topic of several research reports. Baird R W upgraded shares of Atlassian from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Mizuho set a $235.00 price target on shares of Atlassian and gave the stock an "outperform" rating in a report on Friday. Raymond James Financial set a $250.00 price target on shares of Atlassian and gave the company an "outperform" rating in a research report on Friday. Cantor Fitzgerald cut their price objective on shares of Atlassian from $256.00 to $240.00 and set an "overweight" rating on the stock in a report on Friday. Finally, Barclays cut their price target on shares of Atlassian from $244.00 to $215.00 and set an "overweight" rating on the stock in a report on Friday. Five investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus 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.