Mitsubishi UFJ Asset Management Co. Ltd. Purchases 13,433 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stock holdings in Atlassian Corporation PLC by 10.5% during the first quarter, now owning approximately $30 million worth of shares.
• Several research firms have upgraded their ratings on Atlassian, with the average target price set at $260.67 and a consensus rating of "Moderate Buy."
• Insider selling was significant, with both the director and CEO each selling 7,665 shares at an average price of $185.81, indicating a 2.56% decrease in their ownership.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 10.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 141,532 shares of the technology company's stock after buying an additional 13,433 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.05% of Atlassian worth $30,035,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. GeoWealth Management LLC grew its holdings in shares of Atlassian by 26.8% during the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock worth $44,000 after purchasing an additional 38 shares during the last quarter. True Wealth Design LLC grew its holdings in shares of Atlassian by 21.6% during the fourth quarter. True Wealth Design LLC now owns 282 shares of the technology company's stock worth $69,000 after purchasing an additional 50 shares during the last quarter. Covenant Partners LLC grew its holdings in shares of Atlassian by 4.2% during the fourth quarter. Covenant Partners LLC now owns 1,328 shares of the technology company's stock worth $323,000 after purchasing an additional 53 shares during the last quarter. First Citizens Bank & Trust Co. grew its holdings in shares of Atlassian by 4.7% during the first quarter. First Citizens Bank & Trust Co. now owns 1,192 shares of the technology company's stock worth $253,000 after purchasing an additional 54 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its holdings in Atlassian by 25.9% in the first quarter. First Horizon Advisors Inc. now owns 267 shares of the technology company's stock valued at $57,000 after acquiring an additional 55 shares during the last quarter. 94.45% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction on Monday, August 11th. The stock was 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 directly owned 268,275 shares of the company's stock, valued at approximately $43,865,645.25. This represents a 2.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Scott Farquhar sold 7,665 shares of the firm's 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 sale, the director directly owned 268,275 shares of the company's stock, valued at approximately $43,865,645.25. This represents a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 544,823 shares of company stock valued at $109,705,869 over the last three months. 38.55% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on TEAM. BMO Capital Markets reduced their target price on Atlassian from $225.00 to $200.00 and set an "outperform" rating on the stock in a report on Friday. KeyCorp reduced their target price on Atlassian from $275.00 to $250.00 and set an "overweight" rating on the stock in a report on Thursday, July 17th. Raymond James Financial set a $250.00 target price on Atlassian and gave the company an "outperform" rating in a report on Friday. Macquarie cut their price target on Atlassian from $270.00 to $250.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Finally, Canaccord Genuity Group cut their price target on Atlassian from $255.00 to $230.00 and set a "buy" rating on the stock in a report on Friday. Five investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Atlassian has an average rating of "Moderate Buy" and a consensus price target of $259.76.

Atlassian Stock Down 0.8%

NASDAQ TEAM traded down $1.28 on Tuesday, reaching $158.00. The company had a trading volume of 5,758,007 shares, compared to its average volume of 2,531,947. The stock has a market capitalization of $41.48 billion, a P/E ratio of -159.59 and a beta of 0.96. The company's fifty day moving average is $197.41 and its 200 day moving average is $224.37. Atlassian Corporation PLC has a 52-week low of $139.23 and a 52-week high of $326.00. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72.

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

About Atlassian

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.