Fisher Funds Management LTD Has $15.19 Million Stock Position in Atlassian Corporation PLC $TEAM

Key Points

• Fisher Funds Management cut its Atlassian position by 33.4% in Q1, selling 111,398 shares and ending with 222,613 shares valued at about $15.19 million.
• Insider selling was also notable, with CRO Brian Duffy and CFO James Chuong both trimming holdings; company insiders sold 20,041 shares worth roughly $1.8 million over the last quarter.
• Despite the selling, Atlassian’s latest earnings beat expectations, posting $1.75 EPS and $1.79 billion in revenue, both above estimates, while analysts maintain a Moderate Buy consensus and a $145.63 price target.

Fisher Funds Management LTD lessened its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 33.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 222,613 shares of the technology company's stock after selling 111,398 shares during the quarter. Fisher Funds Management LTD owned 0.08% of Atlassian worth $15,193,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. BI Asset Management Fondsmaeglerselskab A S boosted its holdings in Atlassian by 22.6% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 13,081 shares of the technology company's stock valued at $893,000 after purchasing an additional 2,414 shares during the period. Rockefeller Capital Management L.P. increased its holdings in shares of Atlassian by 29.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 8,056 shares of the technology company's stock worth $1,306,000 after purchasing an additional 1,818 shares during the period. DUTCH ASSET Corp bought a new position in shares of Atlassian during the fourth quarter worth approximately $448,000. Larry Mathis Financial Planning LLC acquired a new stake in shares of Atlassian in the fourth quarter valued at approximately $364,000. Finally, Corient Private Wealth LLC raised its position in shares of Atlassian by 4.2% in the fourth quarter. Corient Private Wealth LLC now owns 8,602 shares of the technology company's stock valued at $1,395,000 after buying an additional 344 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Atlassian news, CRO Brian Duffy sold 3,000 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $89.71, for a total value of $269,130.00. Following the sale, the executive owned 227,691 shares in the company, valued at $20,426,159.61. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO James Chuong sold 8,838 shares of the business's stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the sale, the chief financial officer directly owned 288,272 shares in the company, valued at approximately $25,295,868. The trade was a 2.97% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 20,041 shares of company stock valued at $1,801,069. 36.66% of the stock is owned by corporate insiders.

Analyst Ratings Changes

TEAM has been the topic of a number of analyst reports. Wolfe Research reissued an "outperform" rating and set a $100.00 price target on shares of Atlassian in a research report on Thursday, March 12th. Piper Sandler dropped their price objective on Atlassian from $200.00 to $175.00 and set an "overweight" rating for the company in a report on Friday, May 1st. Mizuho cut their target price on Atlassian from $185.00 to $145.00 and set an "outperform" rating for the company in a research report on Tuesday, April 14th. Zacks Research upgraded Atlassian from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 6th. Finally, Truist Financial increased their target price on Atlassian from $90.00 to $100.00 and gave the stock a "buy" rating in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Atlassian currently has an average rating of "Moderate Buy" and a consensus price target of $145.63.

Atlassian Stock Performance

Atlassian stock opened at $82.72 on Monday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13. The stock has a market cap of $20.99 billion, a PE ratio of -99.66, a P/E/G ratio of 4.69 and a beta of 1.07. Atlassian Corporation PLC has a 12-month low of $56.01 and a 12-month high of $222.59. The business's 50-day moving average price is $83.38 and its two-hundred day moving average price is $102.04.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, topping analysts' consensus estimates of $1.33 by $0.42. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The firm had revenue of $1.79 billion during the quarter, compared to analysts' expectations of $1.70 billion. During the same quarter in the prior year, the business earned $0.97 earnings per share. The business's revenue for the quarter was up 31.7% compared to the same quarter last year. As a group, analysts expect that Atlassian Corporation PLC will post 0.81 earnings per share 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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