National Pension Service Decreases Stock Position in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• The National Pension Service reduced its stake in Atlassian Corporation PLC by **2.0%**, holding **240,230 shares** worth approximately **$50.98 million** after the sale.
• Atlassian's latest earnings report showed an EPS of **$0.98**, exceeding estimates, with a **22.3%** increase in revenue compared to the previous year.
• Despite the positive earnings, analysts have varied opinions on Atlassian with **five hold ratings**, **nineteen buy ratings**, and an updated consensus target price of **$259.76**.

National Pension Service cut its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 2.0% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 240,230 shares of the technology company's stock after selling 4,836 shares during the period. National Pension Service owned about 0.09% of Atlassian worth $50,979,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Atlassian by 3.5% in the first quarter. Vanguard Group Inc. now owns 16,993,537 shares of the technology company's stock valued at $3,606,198,000 after buying an additional 580,583 shares during the last quarter. Baillie Gifford & Co. raised its position in shares of Atlassian by 7.1% in the first quarter. Baillie Gifford & Co. now owns 8,694,755 shares of the technology company's stock valued at $1,845,114,000 after buying an additional 573,696 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Atlassian by 21.8% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,440,813 shares of the technology company's stock valued at $730,175,000 after buying an additional 616,071 shares during the last quarter. Voya Investment Management LLC raised its position in shares of Atlassian by 17,941.0% in the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock valued at $528,693,000 after buying an additional 2,160,810 shares during the last quarter. Finally, Durable Capital Partners LP raised its position in shares of Atlassian by 499.7% in the fourth quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company's stock valued at $383,456,000 after buying an additional 1,312,820 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Price Performance

Shares of NASDAQ TEAM traded up $2.61 during trading on Friday, hitting $167.00. 2,742,190 shares of the company were exchanged, compared to its average volume of 2,829,705. The company has a market cap of $43.84 billion, a price-to-earnings ratio of -168.69 and a beta of 0.96. Atlassian Corporation PLC has a 1 year low of $145.88 and a 1 year high of $326.00. The firm's fifty day moving average price is $194.44 and its 200 day moving average price is $222.16. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26.

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

Insider Activity

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the business's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $205.73, for a total value of $1,635,142.04. Following the completion of the transaction, the chief executive officer owned 47,688 shares of the company's stock, valued at approximately $9,810,852.24. The trade was a 14.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $210.81, for a total transaction of $1,675,517.88. Following the completion of the transaction, the director directly owned 63,584 shares of the company's stock, valued at $13,404,143.04. The trade was a 11.11% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 532,177 shares of company stock valued at $105,031,262 in the last three months. 38.55% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

TEAM has been the subject of several research analyst reports. Cantor Fitzgerald lowered their target price on shares of Atlassian from $256.00 to $240.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Piper Sandler reaffirmed an "overweight" rating and set a $300.00 target price (down previously from $365.00) on shares of Atlassian in a research note on Friday, May 2nd. Stephens lowered their target price on shares of Atlassian from $221.00 to $202.00 and set an "equal weight" rating for the company in a research note on Monday, August 11th. Mizuho lowered their target price on shares of Atlassian from $265.00 to $235.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Finally, UBS Group reaffirmed a "hold" rating on shares of Atlassian in a research note on Monday, July 7th. Five investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $259.76.

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.