Invesco Ltd. Has $446.28 Million Stake in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Invesco Ltd. reduced its stake in Atlassian Corporation by 14.0%, selling 342,441 shares and retaining a total of 2,102,999 shares worth approximately $446 million.
• Significant changes in institutional positions were noted, with investors like Clean Yield Group and Colonial Trust Co SC increasing their holdings dramatically, reflecting strong interest in Atlassian's stock.
• Atlassian reported strong quarterly earnings with an EPS of $0.98, surpassing expectations, and a revenue growth of 22.3% year-over-year, despite a persistent negative return on equity.

Invesco Ltd. decreased its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 14.0% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 2,102,999 shares of the technology company's stock after selling 342,441 shares during the period. Invesco Ltd. owned 0.80% of Atlassian worth $446,277,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Townsquare Capital LLC lifted its stake in shares of Atlassian by 41.1% during the first quarter. Townsquare Capital LLC now owns 2,896 shares of the technology company's stock valued at $615,000 after buying an additional 844 shares during the period. Donoghue Forlines LLC raised its stake in Atlassian by 27.8% during the first quarter. Donoghue Forlines LLC now owns 9,943 shares of the technology company's stock worth $2,110,000 after purchasing an additional 2,164 shares during the period. Citigroup Inc. raised its stake in Atlassian by 22.5% during the first quarter. Citigroup Inc. now owns 251,814 shares of the technology company's stock worth $53,437,000 after purchasing an additional 46,202 shares during the period. Swiss National Bank raised its stake in Atlassian by 0.8% during the first quarter. Swiss National Bank now owns 455,467 shares of the technology company's stock worth $96,655,000 after purchasing an additional 3,400 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Atlassian by 10.5% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 141,532 shares of the technology company's stock worth $30,035,000 after purchasing an additional 13,433 shares during the period. Hedge funds and other institutional investors own 94.45% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Baird R W raised shares of Atlassian from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. UBS Group reaffirmed a "hold" rating on shares of Atlassian in a research note on Monday, July 7th. Truist Financial set a $230.00 price target on shares of Atlassian in a research note on Friday. Morgan Stanley cut their price target on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Finally, Wall Street Zen raised shares of Atlassian from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. Five investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $259.76.

Insider Buying and Selling

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction on Monday, August 11th. The shares were sold at an average price of $163.51, for a total value of $1,253,304.15. Following the completion of the sale, the chief executive officer owned 268,275 shares of the company's stock, valued at approximately $43,865,645.25. The trade was a 2.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction on Monday, August 11th. The shares were sold at an average price of $163.51, for a total transaction of $1,253,304.15. Following the completion of the sale, the director directly owned 268,275 shares of the company's stock, valued at approximately $43,865,645.25. The trade was a 2.78% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 544,823 shares of company stock valued at $109,705,869. Insiders own 38.55% of the company's stock.

Atlassian Price Performance

TEAM stock traded down $1.28 on Tuesday, hitting $158.00. 5,758,007 shares of the company's stock traded hands, compared to its average volume of 2,531,947. Atlassian Corporation PLC has a 1-year low of $139.23 and a 1-year high of $326.00. The stock has a market cap of $41.48 billion, a price-to-earnings ratio of -159.59 and a beta of 0.96. The stock has a fifty day moving average of $197.41 and a 200-day moving average of $224.37. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The technology company reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.15. Atlassian had a negative net margin of 4.92% and a negative return on equity of 15.19%. The firm had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same quarter last year, the business posted $0.66 EPS. The company's revenue was up 22.3% on a year-over-year basis. On average, analysts forecast that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Atlassian Profile

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.