First Trust Advisors LP Boosts Holdings in Atlassian Corporation PLC $TEAM

Key Points

• First Trust Advisors LP raised its Q3 holding in Atlassian by 5.4% to 1,395,765 shares (about 0.53% of the company), valued at roughly $222.9 million.
• Atlassian topped quarterly estimates with $1.22 EPS versus $1.12 expected and $1.59 billion in revenue (up 23.3% YoY), while analysts have trimmed targets but maintain a consensus Moderate Buy and a $189.32 price target.
• Insider activity shows significant selling — 389,791 shares worth $55.6 million were sold over the past three months (including sales by Director Scott Farquhar and CRO Brian Duffy) — though insiders still hold 36.66% of the stock.

First Trust Advisors LP boosted its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 5.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,395,765 shares of the technology company's stock after purchasing an additional 71,891 shares during the quarter. First Trust Advisors LP owned approximately 0.53% of Atlassian worth $222,904,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Capco Asset Management LLC purchased a new position in shares of Atlassian in the second quarter worth $25,000. Physician Wealth Advisors Inc. grew its stake in Atlassian by 60.4% during the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company's stock valued at $26,000 after acquiring an additional 61 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock valued at $42,000 after acquiring an additional 161 shares during the last quarter. Atlantic Union Bankshares Corp increased its holdings in Atlassian by 19,900.0% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company's stock valued at $32,000 after acquiring an additional 199 shares during the last quarter. Finally, Virtus Advisers LLC purchased a new stake in Atlassian in the 2nd quarter worth $61,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $94.81, for a total value of $726,718.65. Following the completion of the transaction, the director owned 275,940 shares in the company, valued at approximately $26,161,871.40. The trade was a 2.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Brian Duffy sold 1,222 shares of the business's stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $81.35, for a total value of $99,409.70. Following the transaction, the executive directly owned 124,332 shares in the company, valued at approximately $10,114,408.20. This represents a 0.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 389,791 shares of company stock worth $55,616,361. 36.66% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have commented on TEAM shares. Canaccord Genuity Group set a $185.00 price objective on shares of Atlassian in a report on Friday, February 6th. Citigroup decreased their target price on Atlassian from $210.00 to $160.00 and set a "buy" rating on the stock in a research report on Monday, February 9th. KeyCorp dropped their price target on 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 restated a "neutral" rating and set a $105.00 price target on shares of Atlassian in a report on Friday, February 6th. Finally, Oppenheimer reduced their price objective on Atlassian from $275.00 to $150.00 and set an "outperform" rating on the stock in a research note on Friday, February 6th. Twenty analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Atlassian has a consensus rating of "Moderate Buy" and a consensus target price of $189.32.

Atlassian Stock Up 1.3%

Shares of NASDAQ TEAM opened at $83.62 on Friday. The firm's 50-day moving average price is $112.62 and its 200-day moving average price is $144.11. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $22.05 billion, a price-to-earnings ratio of -116.14, a P/E/G ratio of 331.24 and a beta of 0.94. Atlassian Corporation PLC has a 12-month low of $67.85 and a 12-month high of $251.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings results on Thursday, February 5th. The technology company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.12 by $0.10. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter last year, the business posted $0.96 earnings per share. The firm's revenue was up 23.3% on a year-over-year basis. On average, equities research analysts anticipate that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

About Atlassian

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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