Nuveen LLC Makes New Investment in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Nuveen LLC acquired 1,544,058 shares of Atlassian Corporation PLC, valued at approximately $327.7 million, increasing its ownership to 0.59% of the company.
• Atlassian's latest earnings report revealed an EPS of $0.98, outperforming the expected $0.83, with revenues up 22.3% year-over-year at $1.38 billion.
• Major equity analysts have adjusted their target prices for Atlassian, with Morgan Stanley reducing its target from $370 to $320 while maintaining an "overweight" rating.

Nuveen LLC bought a new stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,544,058 shares of the technology company's stock, valued at approximately $327,665,000. Nuveen LLC owned 0.59% of Atlassian as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. GeoWealth Management LLC increased its holdings in shares of Atlassian by 26.8% in the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock valued at $44,000 after buying an additional 38 shares in the last quarter. True Wealth Design LLC increased its holdings in shares of Atlassian by 21.6% in the fourth quarter. True Wealth Design LLC now owns 282 shares of the technology company's stock valued at $69,000 after buying an additional 50 shares in the last quarter. Covenant Partners LLC increased its holdings in shares of Atlassian by 4.2% in the fourth quarter. Covenant Partners LLC now owns 1,328 shares of the technology company's stock valued at $323,000 after buying an additional 53 shares in the last quarter. First Citizens Bank & Trust Co. increased its holdings in shares of Atlassian by 4.7% in the first quarter. First Citizens Bank & Trust Co. now owns 1,192 shares of the technology company's stock valued at $253,000 after buying an additional 54 shares in the last quarter. Finally, First Horizon Advisors Inc. increased its holdings in shares of 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 buying an additional 55 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TEAM has been the topic of several research reports. BMO Capital Markets dropped their price target on Atlassian from $225.00 to $200.00 and set an "outperform" rating on the stock in a report on Friday. Stephens lowered their price objective on shares of Atlassian from $221.00 to $202.00 and set an "equal weight" rating on the stock in a research report on Monday. Robert W. Baird upgraded shares of Atlassian from a "neutral" rating to an "outperform" rating and lowered their price objective for the stock from $320.00 to $255.00 in a research report on Monday, April 14th. Capital One Financial cut shares of Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 price objective on the stock. in a research report on Wednesday, July 16th. Finally, Macquarie lowered their price objective on shares of Atlassian from $270.00 to $250.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Five equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Atlassian has a consensus rating of "Moderate Buy" and a consensus target price of $259.76.

Atlassian Stock Down 0.8%

NASDAQ:TEAM traded down $1.28 during trading hours on Tuesday, reaching $158.00. The company's stock had a trading volume of 5,758,007 shares, compared to its average volume of 2,531,947. The company has a market cap of $41.48 billion, a price-to-earnings ratio of -159.59 and a beta of 0.96. Atlassian Corporation PLC has a one year low of $139.23 and a one year high of $326.00. The business's 50-day moving average is $197.41 and its 200-day moving average is $224.37. 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 issued its quarterly earnings data on Thursday, August 7th. The technology company reported $0.98 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.83 by $0.15. The firm had revenue of $1.38 billion during the quarter, compared to analysts' expectations of $1.36 billion. Atlassian had a negative net margin of 4.92% and a negative return on equity of 15.19%. Atlassian's revenue for the quarter was up 22.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.66 earnings per share. Equities research analysts predict that Atlassian Corporation PLC will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other Atlassian news, Director Scott Farquhar sold 7,665 shares of the business's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $163.51, for a total transaction of $1,253,304.15. Following the completion of the transaction, the director owned 268,275 shares of the company's stock, valued at $43,865,645.25. The trade was a 2.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the business's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $163.51, for a total transaction of $1,253,304.15. Following the transaction, 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 disclosure for this sale can be found here. Insiders sold 544,823 shares of company stock valued at $109,705,869 over the last quarter. 38.55% of the stock is currently owned by corporate insiders.

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.