Keystone Investors PTE Ltd. Reduces Stake in Atlassian Corporation PLC $TEAM

Key Points

• Keystone Investors PTE Ltd. sharply cut its Atlassian stake by 88.6% in the fourth quarter, leaving it with 6,516 shares worth about $1.06 million.
• Several other hedge funds increased their positions, and institutional investors still own 94.45% of Atlassian’s shares, indicating continued heavy Wall Street ownership.
• Insiders have recently sold stock, including CFO James Chuong and CRO Brian Duffy, while analysts remain broadly positive with a Moderate Buy consensus and an average price target of $145.63.

Keystone Investors PTE Ltd. lowered its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 88.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 6,516 shares of the technology company's stock after selling 50,548 shares during the quarter. Keystone Investors PTE Ltd.'s holdings in Atlassian were worth $1,057,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in TEAM. NewEdge Advisors LLC increased its holdings 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 acquiring an additional 2,267 shares during the last quarter. Empowered Funds LLC grew its stake in Atlassian by 39.5% during the 1st quarter. Empowered Funds LLC now owns 4,689 shares of the technology company's stock worth $995,000 after buying an additional 1,328 shares during the last quarter. Focus Partners Wealth grew its stake in Atlassian by 32.6% during the 1st quarter. Focus Partners Wealth now owns 4,122 shares of the technology company's stock worth $875,000 after buying an additional 1,014 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in Atlassian by 447.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock worth $42,000 after buying an additional 161 shares during the last quarter. Finally, Sivia Capital Partners LLC grew its stake in Atlassian by 27.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company's stock worth $380,000 after buying an additional 404 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

Insider Buying and Selling

In related news, CFO James Chuong sold 8,838 shares of Atlassian 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 $775,534.50. Following the sale, the chief financial officer directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 Atlassian 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 sale, the executive owned 227,691 shares in the company, valued at approximately $20,426,159.61. This trade represents a 1.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 20,041 shares of company stock worth $1,801,069. Company insiders own 36.66% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on TEAM. Guggenheim set a $115.00 price target on Atlassian in a research note on Thursday, April 9th. Citigroup dropped their price target on Atlassian from $160.00 to $110.00 and set a "buy" rating on the stock in a research note on Friday, May 1st. BTIG Research raised their price target on Atlassian from $120.00 to $130.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Truist Financial raised their price target on Atlassian from $90.00 to $100.00 and gave the stock a "buy" rating in a research note on Friday, May 1st. Finally, Zacks Research upgraded Atlassian from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Atlassian presently has an average rating of "Moderate Buy" and a consensus price target of $145.63.

Atlassian Stock Down 0.8%

Atlassian stock opened at $88.52 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. Atlassian Corporation PLC has a 1-year low of $56.01 and a 1-year high of $222.59. The company has a market cap of $22.46 billion, a PE ratio of -106.65, a price-to-earnings-growth ratio of 5.06 and a beta of 1.07. The stock's 50 day moving average price is $81.45 and its 200 day moving average price is $104.57.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, beating 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 firm had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the previous year, the business earned $0.97 earnings per share. The company's revenue for the quarter was up 31.7% compared to the same quarter last year. On average, sell-side analysts predict that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

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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