Atlassian Corporation PLC (NASDAQ:TEAM) Shares Sold by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS decreased its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 3.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 77,400 shares of the technology company's stock after selling 2,500 shares during the period. KLP Kapitalforvaltning AS's holdings in Atlassian were worth $16,425,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA bought a new stake in shares of Atlassian in the 4th quarter worth approximately $687,486,000. Voya Investment Management LLC boosted its position in shares of Atlassian by 17,941.0% in the 4th quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock worth $528,693,000 after purchasing an additional 2,160,810 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Atlassian by 72.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock worth $1,042,737,000 after purchasing an additional 1,806,042 shares in the last quarter. Invesco Ltd. boosted its position in shares of Atlassian by 265.9% in the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock worth $595,171,000 after purchasing an additional 1,777,179 shares in the last quarter. Finally, Durable Capital Partners LP boosted its position in shares of Atlassian by 499.7% in the 4th quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company's stock worth $383,456,000 after purchasing an additional 1,312,820 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

Atlassian Trading Up 1.6%

Shares of NASDAQ TEAM traded up $3.17 during trading hours on Friday, reaching $203.00. The stock had a trading volume of 1,122,031 shares, compared to its average volume of 2,314,874. The firm has a market cap of $53.29 billion, a price-to-earnings ratio of -122.29 and a beta of 0.94. Atlassian Corporation PLC has a 52-week low of $135.29 and a 52-week high of $326.00. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72. The business's fifty day moving average price is $204.25 and its two-hundred day moving average price is $230.61.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, topping analysts' consensus estimates of $0.93 by $0.04. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. Atlassian's revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.89 earnings per share. Analysts expect that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Insider Activity at Atlassian

In related news, Director Scott Farquhar sold 7,665 shares of the company's stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $202.78, for a total value of $1,554,308.70. Following the transaction, the director directly owned 367,920 shares of the company's stock, valued at $74,606,817.60. This represents a 2.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the company's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $202.78, for a total value of $1,554,308.70. Following the completion of the transaction, the chief executive officer directly owned 367,920 shares in the company, valued at approximately $74,606,817.60. The trade was a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 469,871 shares of company stock valued at $97,195,068. 38.55% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TEAM. KeyCorp lowered their price objective on Atlassian from $275.00 to $250.00 and set an "overweight" rating on the stock in a research report on Thursday, July 17th. Macquarie decreased their target price on Atlassian from $270.00 to $250.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. BMO Capital Markets decreased their target price on Atlassian from $295.00 to $245.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Truist Financial decreased their target price on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Finally, Cantor Fitzgerald upgraded shares of Atlassian from a "neutral" rating to an "overweight" rating and decreased their target price for the company from $304.00 to $272.00 in a research note on Wednesday, April 2nd. Five analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $274.05.

Atlassian Company 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.