National Pension Service Sells 243,031 Shares of Atlassian Corporation PLC $TEAM

Key Points

• National Pension Service cut its Atlassian stake by 83% in the second quarter, selling 243,031 shares and retaining 49,650 shares valued at approximately $3.86 million. Institutional investors collectively own 94.45% of TEAM.
• Analyst sentiment remains broadly positive: 25 analysts rate Atlassian a Buy, four rate it Hold, and one rates it Sell. The stock has a “Moderate Buy” consensus rating and an average price target of $183.81.
• Atlassian reported quarterly revenue of $1.77 billion, up 27.6% year over year, and adjusted earnings of $1.87 per share, exceeding the $1.50 consensus estimate.

National Pension Service cut its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 83.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 49,650 shares of the technology company's stock after selling 243,031 shares during the quarter. National Pension Service's holdings in Atlassian were worth $3,862,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. MV Capital Management Inc. bought a new position in Atlassian in the fourth quarter worth approximately $25,000. Manning & Napier Advisors LLC bought a new stake in Atlassian during the 2nd quarter valued at $27,000. MassMutual Private Wealth & Trust FSB raised its position in Atlassian by 139.2% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 378 shares of the technology company's stock valued at $29,000 after purchasing an additional 220 shares in the last quarter. Western Wealth Management LLC purchased a new stake in shares of Atlassian in the 1st quarter worth $30,000. Finally, State of Wyoming lifted its holdings in shares of Atlassian by 65.7% in the 1st quarter. State of Wyoming now owns 449 shares of the technology company's stock worth $31,000 after buying an additional 178 shares during the period. Institutional investors own 94.45% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on TEAM. Citigroup raised their price target on Atlassian from $170.00 to $225.00 and gave the company a "buy" rating in a research note on Tuesday, September 1st. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Atlassian in a research note on Friday, July 17th. Wells Fargo & Company increased their target price on shares of Atlassian from $140.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Wall Street Zen raised shares of Atlassian from a "hold" rating to a "buy" rating in a research report on Sunday. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $126.00 price target on shares of Atlassian in a report on Monday, August 3rd. Twenty-five investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $183.81.

Insiders Place Their Bets

In other news, CFO James Chuong sold 9,054 shares of the company's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the transaction, the chief financial officer owned 279,218 shares in the company, valued at $48,151,144.10. This represents a 3.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 1,851 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total transaction of $319,204.95. Following the completion of the transaction, the executive directly owned 218,223 shares of the company's stock, valued at $37,632,556.35. The trade was a 0.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 22,138 shares of company stock valued at $3,751,873. 36.66% of the stock is currently owned by corporate insiders.

Atlassian Price Performance

NASDAQ TEAM opened at $179.70 on Monday. The firm's fifty day simple moving average is $135.92 and its two-hundred day simple moving average is $99.29. The firm has a market capitalization of $45.60 billion, a P/E ratio of -945.79, a P/E/G ratio of 14.12 and a beta of 1.15. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.93. Atlassian Corporation PLC has a 12-month low of $56.01 and a 12-month high of $198.60.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 earnings per share for the quarter, topping analysts' consensus estimates of $1.50 by $0.37. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%.The firm had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.66 billion. During the same quarter last year, the firm earned $0.98 EPS. The business's quarterly revenue was up 27.6% on a year-over-year basis. Analysts forecast that Atlassian Corporation PLC will post 0.94 EPS for the current fiscal year.

Atlassian Profile

Atlassian Corporation develops collaboration, productivity and workflow software for software development, information technology, business and other teams. Its products are designed to help organizations plan projects, manage work, share knowledge, improve service delivery and coordinate across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for collaboration and knowledge management, Jira Service Management for IT and business service workflows, Trello for organizing tasks and projects, Bitbucket for source-code management, and Loom for video messaging.

Want to see what other hedge funds are holding TEAM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Atlassian Corporation PLC (NASDAQ:TEAM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.