Atlassian Corporation PLC (NASDAQ:TEAM) Holdings Increased by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. increased its stake in Atlassian Corporation PLC by 186.2% during the first quarter, owning approximately 0.06% of the company, worth $31.26 million.
• Atlassian reported $1.36 billion in revenue for the quarter, surpassing analyst estimates, with a year-over-year revenue growth of 14.1%.
• Equities analysts have mixed ratings for Atlassian, with 19 buy ratings, 5 hold ratings, and 1 strong buy rating, and a consensus target price of approximately $274.05.

Pacer Advisors Inc. grew its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 186.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 147,316 shares of the technology company's stock after acquiring an additional 95,835 shares during the period. Pacer Advisors Inc. owned about 0.06% of Atlassian worth $31,262,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Massachusetts Financial Services Co. MA purchased a new stake in Atlassian during the 4th quarter worth $687,486,000. Voya Investment Management LLC increased its stake in Atlassian by 17,941.0% during the 4th quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock worth $528,693,000 after buying an additional 2,160,810 shares during the period. JPMorgan Chase & Co. increased its stake in Atlassian by 72.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock worth $1,042,737,000 after buying an additional 1,806,042 shares during the period. Invesco Ltd. increased its stake in Atlassian by 265.9% during the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock worth $595,171,000 after buying an additional 1,777,179 shares during the period. Finally, Durable Capital Partners LP increased its stake in Atlassian by 499.7% during the 4th quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company's stock worth $383,456,000 after buying an additional 1,312,820 shares during the period. Hedge funds and other institutional investors own 94.45% of the company's stock.

Insider Transactions at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the business's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $222.47, for a total transaction of $1,768,191.56. Following the completion of the transaction, the chief executive officer directly owned 143,064 shares of the company's stock, valued at $31,827,448.08. The trade was a 5.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $206.80, for a total transaction of $1,643,646.40. Following the sale, the director owned 174,856 shares in the company, valued at $36,160,220.80. This trade represents a 4.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 469,871 shares of company stock valued at $97,195,068 over the last three months. 38.55% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on TEAM. Jefferies Financial Group dropped their price target on shares of Atlassian from $330.00 to $262.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Mizuho dropped their price target on shares of Atlassian from $290.00 to $265.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 16th. Wall Street Zen raised shares of Atlassian from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. Canaccord Genuity Group decreased their price objective on shares of Atlassian from $300.00 to $255.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Finally, Piper Sandler reissued an "overweight" rating and set a $300.00 price objective (down from $365.00) on shares of Atlassian in a report on Friday, May 2nd. Five investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $274.05.

Atlassian Stock Performance

Shares of NASDAQ TEAM traded up $3.17 during midday trading on Friday, hitting $203.00. The company's stock had a trading volume of 1,122,031 shares, compared to its average volume of 2,024,678. Atlassian Corporation PLC has a 1-year low of $135.29 and a 1-year high of $326.00. The firm's fifty day moving average price is $203.90 and its 200-day moving average price is $230.10. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. The firm has a market cap of $53.29 billion, a P/E ratio of -122.29 and a beta of 0.94.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.93 by $0.04. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. Atlassian's revenue was up 14.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.89 EPS. On average, sell-side analysts forecast that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Atlassian 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.