Pictet Asset Management Holding SA Has $640.63 Million Stake in Atlassian Corporation PLC $TEAM

Key Points

• Pictet Asset Management boosted its position in Atlassian by 38.1% in Q4 to 3,950,852 shares valued at about $640.63 million, representing roughly 1.50% of the company and the fund's 29th-largest holding.
• Several analysts have sharply cut price targets recently (e.g., Morgan Stanley $290→$120, Cantor Fitzgerald $240→$146, Barclays $165→$100), yet the consensus remains a "Moderate Buy" with an average target of $155.11.
• Insiders have been net sellers — founders Scott Farquhar and Michael Cannon-Brookes each sold 7,665 shares on Feb 6, and insiders sold 82,663 shares over the past 90 days, though insiders still own about 36.66% of the stock.

Pictet Asset Management Holding SA raised its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 38.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,950,852 shares of the technology company's stock after acquiring an additional 1,090,787 shares during the quarter. Atlassian comprises 0.6% of Pictet Asset Management Holding SA's investment portfolio, making the stock its 29th biggest holding. Pictet Asset Management Holding SA owned about 1.50% of Atlassian worth $640,628,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Verdence Capital Advisors LLC boosted its position in shares of Atlassian by 3.0% during the 4th quarter. Verdence Capital Advisors LLC now owns 3,079 shares of the technology company's stock valued at $499,000 after purchasing an additional 89 shares in the last quarter. Vanguard Group Inc. increased its holdings in Atlassian by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 18,541,267 shares of the technology company's stock worth $3,006,281,000 after purchasing an additional 61,706 shares in the last quarter. Concurrent Investment Advisors LLC bought a new stake in Atlassian in the fourth quarter worth approximately $2,210,000. China Universal Asset Management Co. Ltd. lifted its stake in Atlassian by 13.6% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,055 shares of the technology company's stock valued at $1,306,000 after buying an additional 965 shares during the period. Finally, Rakuten Securities Inc. boosted its holdings in shares of Atlassian by 194.0% during the 4th quarter. Rakuten Securities Inc. now owns 688 shares of the technology company's stock worth $112,000 after buying an additional 454 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on TEAM shares. Cantor Fitzgerald lowered their price objective on shares of Atlassian from $240.00 to $146.00 and set an "overweight" rating for the company in a research note on Wednesday, February 4th. Morgan Stanley decreased their target price on Atlassian from $290.00 to $120.00 and set an "overweight" rating for the company in a research report on Thursday, April 16th. Citigroup downgraded Atlassian from a "buy" rating to a "mixed" rating in a research note on Friday, April 17th. Barclays cut their price target on Atlassian from $165.00 to $100.00 and set an "overweight" rating on the stock in a report on Monday, April 20th. Finally, Piper Sandler restated an "overweight" rating and set a $200.00 price objective (down from $280.00) on shares of Atlassian in a report on Friday, February 6th. Nineteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $155.11.

Insider Activity

In other Atlassian news, Director Scott Farquhar sold 7,665 shares of the stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $94.81, for a total value of $726,718.65. Following the completion of the sale, the director owned 275,940 shares in the company, valued at approximately $26,161,871.40. This trade represents a 2.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $94.81, for a total transaction of $726,718.65. Following the transaction, the chief executive officer directly owned 275,940 shares in the company, valued at approximately $26,161,871.40. This represents a 2.70% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 82,663 shares of company stock worth $9,241,668. 36.66% of the stock is owned by corporate insiders.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $71.55 on Monday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.62. The stock's fifty day simple moving average is $72.01 and its two-hundred day simple moving average is $119.88. Atlassian Corporation PLC has a 1-year low of $56.01 and a 1-year high of $242.00. The stock has a market cap of $18.87 billion, a PE ratio of -99.37 and a beta of 0.99.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings data on Friday, February 6th. The technology company reported $1.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.12 by $0.10. The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.54 billion. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.33%. The business's revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.96 EPS. As a group, analysts forecast that Atlassian Corporation PLC will post -0.01 EPS for the current fiscal year.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian's product portfolio centers on tools designed to help teams plan, build and support software and business processes.

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