Headlands Technologies LLC Sells 50,559 Shares of Atlassian Corporation PLC $TEAM

Key Points

• Headlands Technologies cut its Atlassian stake by 76.3% in the second quarter, selling 50,559 shares and retaining 15,731 shares valued at approximately $1.224 million.
• Analysts remain broadly positive on Atlassian, with a consensus “Moderate Buy” rating from 30 analysts and an average price target of $179.93; the stock opened at $194.17 and recently reached a 12-month high of $197.30.
• Atlassian exceeded quarterly expectations, reporting $1.87 in earnings per share versus a $1.50 estimate and $1.77 billion in revenue, up 27.6% year over year. Insiders have sold 31,288 shares worth roughly $4.6 million over the past 90 days.

Headlands Technologies LLC cut its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 76.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 15,731 shares of the technology company's stock after selling 50,559 shares during the quarter. Headlands Technologies LLC's holdings in Atlassian were worth $1,224,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in TEAM. Nicholas Company Inc. increased its holdings in shares of Atlassian by 8.7% during the fourth quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company's stock worth $49,748,000 after buying an additional 24,490 shares in the last quarter. Tensor Edge Capital LLC acquired a new position in shares of Atlassian in the 4th quarter worth approximately $5,028,000. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in Atlassian by 69.4% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 62,000 shares of the technology company's stock worth $4,232,000 after acquiring an additional 25,400 shares during the last quarter. AMF Tjanstepension AB bought a new stake in Atlassian during the 4th quarter worth approximately $4,669,000. Finally, Fluent Financial LLC acquired a new stake in Atlassian during the 2nd quarter valued at $2,239,000. Institutional investors and hedge funds own 94.45% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TEAM. Cantor Fitzgerald reiterated an "overweight" rating and issued a $126.00 price objective on shares of Atlassian in a research report on Monday, August 3rd. Oppenheimer raised their target price on Atlassian from $110.00 to $200.00 and gave the company an "outperform" rating in a research note on Friday, August 7th. Royal Bank Of Canada began coverage on shares of Atlassian in a research note on Tuesday, August 25th. They issued an "outperform" rating and a $215.00 target price for the company. Morgan Stanley boosted their target price on Atlassian from $120.00 to $180.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Finally, BMO Capital Markets boosted their price target on shares of Atlassian from $95.00 to $175.00 and gave the stock an "outperform" rating in a research note on Friday, August 7th. Twenty-five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Atlassian currently has a consensus rating of "Moderate Buy" and a consensus price target of $179.93.

Atlassian Stock Up 2.0%

Shares of TEAM stock opened at $194.17 on Tuesday. The firm has a fifty day moving average of $117.19 and a 200-day moving average of $92.76. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93. Atlassian Corporation PLC has a 12-month low of $56.01 and a 12-month high of $197.30. The company has a market capitalization of $49.27 billion, a price-to-earnings ratio of -1,021.95, a P/E/G ratio of 14.96 and a beta of 1.05.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.37. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The firm's quarterly revenue was up 27.6% on a year-over-year basis. During the same period last year, the business posted $0.98 earnings per share. As a group, equities research analysts predict that Atlassian Corporation PLC will post 0.94 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In other news, CAO Gene Liu sold 939 shares of the company's stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $190.00, for a total transaction of $178,410.00. Following the completion of the transaction, the chief accounting officer directly owned 55,868 shares of the company's stock, valued at $10,614,920. This represents a 1.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James Chuong sold 9,054 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $1,561,362.30. Following the transaction, the chief financial officer owned 279,218 shares of the company's stock, valued at approximately $48,151,144.10. The trade was a 3.14% decrease in their ownership of the stock. 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 31,288 shares of company stock valued at $4,597,259 in the last 90 days. 36.66% of the stock is currently owned by company insiders.

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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