GC Wealth Management RIA LLC Sells 13,755 Shares of Atlassian Corporation PLC $TEAM

Key Points

• GC Wealth Management RIA LLC trimmed its Atlassian stake by 4.0% in the first quarter, selling 13,755 shares and ending with 333,712 shares valued at about $22.8 million.
• Insider selling also continued, with CRO Brian Duffy and CFO James Chuong both reducing their holdings; insiders sold 20,041 shares worth about $1.8 million in the last quarter.
• Atlassian recently reported better-than-expected quarterly results, posting EPS of $1.75 on revenue of $1.79 billion, while analysts currently rate the stock a consensus Moderate Buy with a $138.50 price target.

GC Wealth Management RIA LLC decreased its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 4.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 333,712 shares of the technology company's stock after selling 13,755 shares during the quarter. Atlassian accounts for about 0.9% of GC Wealth Management RIA LLC's investment portfolio, making the stock its 18th biggest position. GC Wealth Management RIA LLC owned 0.13% of Atlassian worth $22,776,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. MV Capital Management Inc. purchased a new stake in Atlassian in the fourth quarter worth $25,000. Geneos Wealth Management Inc. boosted its stake in shares of Atlassian by 447.2% during the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock valued at $42,000 after purchasing an additional 161 shares during the period. Basepoint Wealth LLC purchased a new stake in shares of Atlassian during the fourth quarter valued at $32,000. Garton & Associates Financial Advisors LLC bought a new position in shares of Atlassian in the fourth quarter worth about $32,000. Finally, Bogart Wealth LLC grew its holdings in shares of Atlassian by 76.4% in the fourth quarter. Bogart Wealth LLC now owns 217 shares of the technology company's stock worth $35,000 after purchasing an additional 94 shares during the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CRO Brian Duffy sold 3,000 shares of Atlassian 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 transaction, the executive owned 227,691 shares of the company's stock, valued at $20,426,159.61. The trade was a 1.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO James Chuong sold 8,838 shares of the business's stock in a transaction that occurred 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 transaction, the chief financial officer owned 288,272 shares of the company's stock, valued at approximately $25,295,868. This trade represents a 2.97% decrease in their position. 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 sold 20,041 shares of company stock worth $1,801,069 in the last quarter. 36.66% of the stock is owned by insiders.

Atlassian Stock Performance

Shares of NASDAQ:TEAM opened at $80.15 on Friday. The firm has a 50 day moving average of $89.11 and a 200 day moving average of $89.36. 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 company has a market capitalization of $20.34 billion, a price-to-earnings ratio of -96.57, a price-to-earnings-growth ratio of 5.97 and a beta of 1.11. Atlassian Corporation PLC has a 52 week low of $56.01 and a 52 week high of $206.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.42. The business had revenue of $1.79 billion for the quarter, compared to analysts' expectations of $1.70 billion. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The business's revenue for the quarter was up 31.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.97 EPS. On average, sell-side analysts predict that Atlassian Corporation PLC will post 0.81 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on TEAM shares. Sanford C. Bernstein reissued an "outperform" rating on shares of Atlassian in a research report on Monday, June 29th. Oppenheimer raised their target price on shares of Atlassian from $100.00 to $110.00 and gave the stock an "outperform" rating in a research report on Monday, May 11th. TD Cowen lifted their price target on shares of Atlassian from $85.00 to $105.00 and gave the company a "hold" rating in a research note on Friday, May 1st. Zacks Research lowered Atlassian from a "strong-buy" rating to a "hold" rating in a report on Monday, June 29th. Finally, Raymond James Financial reissued an "outperform" rating on shares of Atlassian in a research note on Tuesday. Twenty-one investment 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $138.50.

Atlassian Company 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.

Want to see what other hedge funds are holding TEAM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Atlassian Corporation PLC (NASDAQ:TEAM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.