Erste Asset Management GmbH Acquires 17,000 Shares of Atlassian Corporation PLC $TEAM

Key Points

• Erste Asset Management GmbH increased its Atlassian stake by 29.3% in the fourth quarter, buying 17,000 more shares and bringing its total holding to 75,000 shares worth about $12.16 million.
• Atlassian continues to attract heavy institutional ownership, with funds like Vanguard, Baillie Gifford, DNB Asset Management and Pictet all adding shares; institutions now own 94.45% of the company.
• Wall Street remains cautiously positive: analysts have a Moderate Buy consensus on TEAM with an average price target of $145.63, even as some firms trimmed targets and one issuer reiterated a sell rating.

Erste Asset Management GmbH grew its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 29.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,000 shares of the technology company's stock after purchasing an additional 17,000 shares during the period. Erste Asset Management GmbH's holdings in Atlassian were worth $12,160,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of Atlassian by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 18,541,267 shares of the technology company's stock worth $3,006,281,000 after purchasing an additional 61,706 shares in the last quarter. Baillie Gifford & Co. increased its holdings in shares of 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 in the last quarter. DNB Asset Management AS increased its holdings in shares of Atlassian by 42.2% in the 4th quarter. DNB Asset Management AS now owns 3,990,216 shares of the technology company's stock worth $646,974,000 after purchasing an additional 1,183,328 shares in the last quarter. Pictet Asset Management Holding SA increased its holdings in shares of Atlassian by 38.1% in the 4th quarter. Pictet Asset Management Holding SA now owns 3,950,852 shares of the technology company's stock worth $640,628,000 after purchasing an additional 1,090,787 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of Atlassian by 1.9% in the 3rd quarter. State Street Corp now owns 3,867,995 shares of the technology company's stock worth $617,719,000 after purchasing an additional 73,014 shares in the last quarter. Institutional investors own 94.45% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on TEAM. Piper Sandler reduced their target price on Atlassian from $200.00 to $175.00 and set an "overweight" rating for the company in a report on Friday, May 1st. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Atlassian in a report on Monday, April 20th. Mizuho cut their price objective on Atlassian from $185.00 to $145.00 and set an "outperform" rating for the company in a report on Tuesday, April 14th. Raymond James Financial set a $130.00 price objective on Atlassian in a report on Friday, May 1st. Finally, Guggenheim set a $115.00 price objective on Atlassian in a report on Thursday, April 9th. One 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 issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $145.63.

Atlassian Stock Performance

Shares of TEAM opened at $97.89 on Tuesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70. Atlassian Corporation PLC has a one year low of $56.01 and a one year high of $222.59. The firm has a market capitalization of $24.84 billion, a P/E ratio of -117.94, a PEG ratio of 5.64 and a beta of 1.07. The business has a fifty day moving average of $79.55 and a 200 day moving average of $105.82.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 EPS 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 analyst estimates of $1.70 billion. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.Atlassian's revenue was up 31.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.97 earnings per share. As a group, sell-side analysts anticipate that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Insider Buying and Selling at Atlassian

In related news, CRO Brian Duffy sold 1,986 shares of Atlassian stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $174,271.50. Following the transaction, the executive directly owned 236,841 shares in the company, valued at approximately $20,782,797.75. The trade was a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 8,838 shares of Atlassian 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 transaction, the chief financial officer owned 288,272 shares in the company, valued at $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 10,891 shares of company stock worth $955,683 over the last quarter. 36.66% of the stock is owned by company insiders.

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.

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