Glynn Capital Management LLC Reduces Stock Position in Atlassian Corporation PLC $TEAM

Key Points

• Glynn Capital Management cut its Atlassian stake by 25.5% in the fourth quarter, selling 22,832 shares and leaving it with 66,849 shares worth about $10.8 million.
• Atlassian reported strong quarterly results, with EPS of $1.75 and revenue of $1.79 billion, both above Wall Street expectations. Revenue rose 31.7% year over year.
• Insiders also trimmed holdings, including CRO Brian Duffy and CFO James Chuong, though the sales were made to cover tax withholding tied to equity award vesting.

Glynn Capital Management LLC lessened its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 25.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,849 shares of the technology company's stock after selling 22,832 shares during the quarter. Atlassian makes up approximately 3.7% of Glynn Capital Management LLC's holdings, making the stock its 13th largest holding. Glynn Capital Management LLC's holdings in Atlassian were worth $10,839,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TEAM. Physician Wealth Advisors Inc. increased its position in Atlassian by 60.4% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company's stock worth $26,000 after purchasing an additional 61 shares in the last quarter. Atlantic Union Bankshares Corp increased its position 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 in the last quarter. Board of the Pension Protection Fund purchased a new stake in Atlassian during the 4th quarter worth about $32,000. Basepoint Wealth LLC purchased a new stake in Atlassian during the 4th quarter worth about $32,000. Finally, Bogart Wealth LLC increased its position in Atlassian by 76.4% during the 4th quarter. Bogart Wealth LLC now owns 217 shares of the technology company's stock worth $35,000 after purchasing an additional 94 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

Atlassian Stock Up 4.7%

TEAM opened at $93.29 on Friday. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a market capitalization of $23.67 billion, a price-to-earnings ratio of -112.40, a price-to-earnings-growth ratio of 5.05 and a beta of 0.90. The business has a 50-day moving average of $74.87 and a two-hundred day moving average of $108.19. Atlassian Corporation PLC has a 12 month low of $56.01 and a 12 month high of $222.59.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.33 by $0.42. The company had revenue of $1.79 billion during 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 firm's revenue was up 31.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.97 EPS. On average, research analysts expect that Atlassian Corporation PLC will post 0.81 earnings per share for the current year.

Insider Transactions at Atlassian

In other news, CRO Brian Duffy sold 1,986 shares of the business's stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $174,271.50. Following the completion of the sale, the executive owned 236,841 shares in the company, valued at approximately $20,782,797.75. The trade was a 0.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 8,838 shares of the business's stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $775,534.50. Following the sale, the chief financial officer owned 288,272 shares of the company's stock, valued at $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. Insiders have sold a total of 10,891 shares of company stock valued at $955,683 in the last quarter. Company insiders own 36.66% of the company's stock.

Analysts Set New Price Targets

TEAM has been the subject of a number of recent research reports. Raymond James Financial set a $130.00 price objective on Atlassian in a research report on Friday, May 1st. Weiss Ratings reiterated a "sell (e+)" rating on shares of Atlassian in a research report on Monday, April 20th. Sanford C. Bernstein restated an "outperform" rating and issued a $295.00 price target on shares of Atlassian in a report on Friday, May 1st. Mizuho lowered their price target on Atlassian from $185.00 to $145.00 and set an "outperform" rating for the company in a report on Tuesday, April 14th. Finally, TD Cowen lifted their price target on Atlassian from $85.00 to $105.00 and gave the company a "hold" rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $145.63.

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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