Fisher Funds Management LTD Buys 33,485 Shares of Atlassian Corporation PLC $TEAM

Key Points

• Fisher Funds Management LTD increased its stake in Atlassian by 11.1%, buying 33,485 shares to hold 334,011 shares valued at about $54.44 million, making TEAM its 21st largest position.
• Company insiders have been net sellers recently — disposing of 128,653 shares worth roughly $15.09 million over the past three months — though insiders still own 36.66% of the stock.
• Atlassian beat the most recent quarter's EPS and revenue estimates (EPS $1.22 vs $1.12; revenue $1.59B, +23.3% YoY), trades near $68.73 with a market cap of $18.13B, and carries an average analyst price target of $159.37 (20 Buys, 6 Holds, 1 Sell).

Fisher Funds Management LTD raised its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 11.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 334,011 shares of the technology company's stock after buying an additional 33,485 shares during the period. Atlassian comprises about 1.4% of Fisher Funds Management LTD's portfolio, making the stock its 21st biggest position. Fisher Funds Management LTD owned 0.13% of Atlassian worth $54,440,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Physician Wealth Advisors Inc. grew its position in shares of Atlassian by 60.4% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company's stock valued at $26,000 after buying an additional 61 shares during the last quarter. Atlantic Union Bankshares Corp raised its holdings in Atlassian by 19,900.0% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company's stock worth $32,000 after purchasing an additional 199 shares during the last quarter. Board of the Pension Protection Fund bought a new position in Atlassian during the 4th quarter worth approximately $32,000. Geneos Wealth Management Inc. raised its holdings in Atlassian by 447.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock worth $42,000 after purchasing an additional 161 shares during the last quarter. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in Atlassian during the 3rd quarter worth approximately $57,000. Institutional investors own 94.45% of the company's stock.

Insiders Place Their Bets

In related news, CRO Brian Duffy sold 1,222 shares of the business's stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $81.35, for a total value of $99,409.70. Following the completion of the sale, the executive directly owned 124,332 shares of the company's stock, valued at $10,114,408.20. The trade was a 0.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Scott Farquhar sold 7,665 shares of the business's stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $94.81, for a total value of $726,718.65. Following the completion of the sale, the director directly owned 275,940 shares of the company's stock, valued at $26,161,871.40. The trade was a 2.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 128,653 shares of company stock worth $15,085,924 over the last three months. Insiders own 36.66% of the company's stock.

Atlassian Stock Up 4.1%

Shares of NASDAQ TEAM opened at $68.73 on Friday. The firm has a market cap of $18.13 billion, a PE ratio of -95.46 and a beta of 0.99. Atlassian Corporation PLC has a 12-month low of $56.01 and a 12-month high of $242.00. The company's fifty day simple moving average is $74.29 and its 200 day simple moving average is $123.80. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.62.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its earnings results on Friday, February 6th. The technology company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.10. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.33%. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period in the prior year, the firm earned $0.96 earnings per share. Atlassian's revenue was up 23.3% on a year-over-year basis. As a group, sell-side analysts forecast that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

TEAM has been the subject of several analyst reports. Wall Street Zen upgraded shares of Atlassian from a "hold" rating to a "buy" rating in a report on Monday, March 23rd. Wolfe Research reaffirmed an "outperform" rating and set a $100.00 price target on shares of Atlassian in a research report on Thursday, March 12th. Canaccord Genuity Group cut their price target on shares of Atlassian from $185.00 to $150.00 and set a "buy" rating on the stock in a research report on Wednesday. Barclays cut their price target on shares of Atlassian from $215.00 to $165.00 and set an "overweight" rating on the stock in a research report on Friday, February 6th. Finally, Oppenheimer cut their price target on shares of Atlassian from $275.00 to $150.00 and set an "outperform" rating on the stock in a research report on Friday, February 6th. Twenty research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $159.37.

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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