Geode Capital Management LLC Has $398.42 Million Stake in Atlassian Corporation PLC $TEAM

Key Points

• Geode Capital Management increased its Atlassian stake by 2.8% in the fourth quarter, ending with 2.47 million shares valued at about $398.4 million.
• Atlassian reported stronger-than-expected quarterly results, with EPS of $1.75 versus $1.33 expected and revenue of $1.79 billion, up 31.7% year over year.
• Analysts remain cautiously positive overall: the stock carries a Moderate Buy consensus, though price targets have been mixed and some firms have trimmed their targets recently.

Geode Capital Management LLC raised its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 2.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,465,854 shares of the technology company's stock after purchasing an additional 67,185 shares during the quarter. Geode Capital Management LLC owned 0.94% of Atlassian worth $398,417,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of TEAM. NewEdge Advisors LLC raised its stake in shares of Atlassian by 71.6% in the 1st quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company's stock valued at $1,153,000 after purchasing an additional 2,267 shares during the period. Empowered Funds LLC raised its stake in shares of Atlassian by 39.5% in the 1st quarter. Empowered Funds LLC now owns 4,689 shares of the technology company's stock valued at $995,000 after purchasing an additional 1,328 shares during the period. Focus Partners Wealth raised its stake in shares of Atlassian by 32.6% in the 1st quarter. Focus Partners Wealth now owns 4,122 shares of the technology company's stock valued at $875,000 after purchasing an additional 1,014 shares during the period. Geneos Wealth Management Inc. raised its stake in shares of 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 purchasing an additional 161 shares during the period. Finally, Sivia Capital Partners LLC raised its stake in shares of Atlassian by 27.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company's stock valued at $380,000 after purchasing an additional 404 shares during the period. Institutional investors and hedge funds own 94.45% of the company's stock.

Atlassian Stock Performance

Shares of NASDAQ:TEAM opened at $107.61 on Monday. Atlassian Corporation PLC has a 12-month low of $56.01 and a 12-month high of $222.59. The stock has a market cap of $27.31 billion, a PE ratio of -129.65, a P/E/G ratio of 6.10 and a beta of 1.07. The business has a 50 day moving average of $75.55 and a 200-day moving average of $107.83. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13.

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

Analysts Set New Price Targets

Several research firms have issued reports on TEAM. Weiss Ratings reissued a "sell (e+)" rating on shares of Atlassian in a research note on Monday, April 20th. Mizuho lowered their target price on Atlassian from $185.00 to $145.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 14th. BTIG Research lifted their target price on Atlassian from $120.00 to $130.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. KeyCorp lowered their target price on Atlassian from $170.00 to $130.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 1st. Finally, Wolfe Research reaffirmed an "outperform" rating and issued a $100.00 target price on shares of Atlassian in a research report on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $145.63.

Insider Buying and Selling

In other news, 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 completion of the sale, the chief financial officer owned 288,272 shares in the company, valued at $25,295,868. The trade was a 2.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 1,986 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 value of $174,271.50. Following the sale, the executive owned 236,841 shares of the company's stock, valued at approximately $20,782,797.75. This represents a 0.83% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 10,891 shares of company stock valued at $955,683. Corporate insiders own 36.66% of the company's stock.

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.

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