Hsbc Holdings PLC Purchases 35,631 Shares of Atlassian Corporation PLC $TEAM

Key Points

• HSBC Holdings increased its Atlassian stake by 25.9% in the first quarter, buying 35,631 additional shares and bringing its total holding to 173,242 shares valued at about $11.9 million.
• Atlassian stock was down 5.7% to $85.40, leaving the company with a market cap of $21.67 billion and a 52-week range of $56.01 to $206.00.
• The company recently reported strong quarterly results, with EPS of $1.75 and revenue of $1.79 billion, both above estimates, though analysts now project full-year EPS of 0.81.

Hsbc Holdings PLC grew its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 25.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 173,242 shares of the technology company's stock after buying an additional 35,631 shares during the period. Hsbc Holdings PLC owned approximately 0.07% of Atlassian worth $11,856,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Atlassian by 0.3% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 407,661 shares of the technology company's stock worth $27,823,000 after purchasing an additional 1,352 shares during the period. Saxon Interests Inc. bought a new position in Atlassian during the 1st quarter worth $674,000. Bogart Wealth LLC raised its holdings in Atlassian by 139.6% in the 1st quarter. Bogart Wealth LLC now owns 520 shares of the technology company's stock valued at $35,000 after acquiring an additional 303 shares in the last quarter. QRG Capital Management Inc. lifted its position in shares of Atlassian by 2.7% during the 1st quarter. QRG Capital Management Inc. now owns 9,838 shares of the technology company's stock valued at $671,000 after acquiring an additional 256 shares during the period. Finally, HB Wealth Management LLC lifted its position in shares of Atlassian by 10.1% during the 1st quarter. HB Wealth Management LLC now owns 6,061 shares of the technology company's stock valued at $414,000 after acquiring an additional 558 shares during the period. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Trading Down 5.7%

Shares of Atlassian stock opened at $85.40 on Thursday. The firm has a market capitalization of $21.67 billion, a PE ratio of -102.89, a price-to-earnings-growth ratio of 5.67 and a beta of 1.11. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. The firm's 50 day moving average is $89.13 and its 200 day moving average is $89.89. Atlassian Corporation PLC has a 1 year low of $56.01 and a 1 year high of $206.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The firm's revenue was up 31.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.97 EPS. Equities research analysts forecast that Atlassian Corporation PLC will post 0.81 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In other Atlassian news, CFO James Chuong sold 8,838 shares of the 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 completion of the transaction, the chief financial officer directly owned 288,272 shares in the company, valued at approximately $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. The transaction 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, CRO Brian Duffy sold 3,000 shares of the company'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 completion of the transaction, the executive directly owned 227,691 shares of the company's stock, valued at $20,426,159.61. This represents a 1.30% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 20,041 shares of company stock valued at $1,801,069. Insiders own 36.66% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on TEAM. Citizens Jmp reaffirmed a "market perform" rating on shares of Atlassian in a research note on Wednesday, July 1st. BTIG Research reaffirmed a "buy" rating and set a $130.00 price target on shares of Atlassian in a report on Friday, July 10th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Atlassian in a research report on Friday, July 17th. Citigroup decreased their price objective on shares of Atlassian from $160.00 to $110.00 and set a "buy" rating on the stock in a research note on Friday, May 1st. Finally, UBS Group cut their target price on Atlassian from $105.00 to $95.00 and set a "neutral" rating for the company in a research note on Friday, May 1st. Twenty-one investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently 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.

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