Legal & General Group Plc Grows Stock Holdings in Atlassian Corporation PLC $TEAM

Key Points

• Legal & General Group Plc increased its Atlassian stake by 3.6% in the fourth quarter, adding 39,243 shares to reach 1,133,333 shares worth about $183.8 million.
• Atlassian reported stronger-than-expected quarterly results, posting EPS of $1.75 versus the $1.33 consensus and revenue of $1.79 billion, up 31.7% year over year.
• Analyst sentiment remains mixed but constructive: the stock has a consensus rating of “Moderate Buy” with an average price target of $145.63, even as some firms recently trimmed targets and one reiterated a sell rating.

Legal & General Group Plc grew its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 3.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,133,333 shares of the technology company's stock after acquiring an additional 39,243 shares during the period. Legal & General Group Plc owned about 0.43% of Atlassian worth $183,759,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Physician Wealth Advisors Inc. boosted its holdings in shares of Atlassian by 60.4% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company's stock valued at $26,000 after acquiring an additional 61 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock valued at $42,000 after acquiring an additional 161 shares during the last quarter. Atlantic Union Bankshares Corp boosted its holdings in shares of Atlassian by 19,900.0% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company's stock valued at $32,000 after acquiring an additional 199 shares during the last quarter. Board of the Pension Protection Fund purchased a new stake in shares of Atlassian in the 4th quarter valued at $32,000. Finally, Bogart Wealth LLC boosted its holdings in shares of Atlassian by 76.4% in the 4th quarter. Bogart Wealth LLC now owns 217 shares of the technology company's stock valued at $35,000 after acquiring an additional 94 shares during the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Stock Performance

Shares of NASDAQ TEAM opened at $89.07 on Thursday. The company's fifty day moving average price is $74.50 and its 200 day moving average price is $108.65. Atlassian Corporation PLC has a 1 year low of $56.01 and a 1 year high of $222.59. The company has a market capitalization of $22.60 billion, a PE ratio of -107.31, a price-to-earnings-growth ratio of 4.81 and a beta of 0.90. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.33 by $0.42. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. 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 prior year, the firm posted $0.97 earnings per share. The firm's quarterly revenue was up 31.7% compared to the same quarter last year. On average, research analysts predict that Atlassian Corporation PLC will post 0.81 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on TEAM shares. BTIG Research upped their price objective on shares of Atlassian from $120.00 to $130.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Atlassian in a report on Monday, April 20th. BMO Capital Markets lowered their price target on shares of Atlassian from $130.00 to $105.00 and set an "outperform" rating on the stock in a report on Friday, May 1st. Raymond James Financial set a $130.00 price target on shares of Atlassian in a report on Friday, May 1st. Finally, Piper Sandler lowered their price target on shares of Atlassian from $200.00 to $175.00 and set an "overweight" rating on the stock in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned 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 an average price target of $145.63.

Insiders Place Their Bets

In other Atlassian news, CRO Brian Duffy sold 1,986 shares of the company's stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $174,271.50. Following the completion of the transaction, the executive directly owned 236,841 shares in the company, valued at approximately $20,782,797.75. This represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 8,838 shares of the company's stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the transaction, the chief financial officer owned 288,272 shares of the company's stock, valued at $25,295,868. This represents a 2.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 10,891 shares of company stock valued at $955,683 over 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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