ProShare Advisors LLC Boosts Holdings in Atlassian Corporation PLC $TEAM

Key Points

• ProShare Advisors LLC increased its Atlassian position by 44.9% in the fourth quarter, buying 80,875 additional shares and bringing its total holding to 261,130 shares worth about $42.3 million.
• Atlassian reported a strong quarterly beat, posting $1.75 EPS versus the $1.33 consensus and revenue of $1.79 billion, up 31.7% year over year.
• Despite mixed sentiment from analysts and some insider selling, the stock remains heavily owned by institutions, with 94.45% held by hedge funds and other institutional investors.

ProShare Advisors LLC boosted its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 44.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 261,130 shares of the technology company's stock after purchasing an additional 80,875 shares during the quarter. ProShare Advisors LLC owned about 0.10% of Atlassian worth $42,340,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of TEAM. DNB Asset Management AS increased its stake in Atlassian by 266.6% in the 3rd quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company's stock worth $448,260,000 after acquiring an additional 2,041,210 shares during the last quarter. Pictet Asset Management Holding SA increased its stake in Atlassian by 38.1% in the 4th quarter. Pictet Asset Management Holding SA now owns 3,950,852 shares of the technology company's stock worth $640,628,000 after acquiring an additional 1,090,787 shares during the last quarter. Vanguard Group Inc. increased its stake in Atlassian by 6.0% in the 3rd quarter. Vanguard Group Inc. now owns 18,479,561 shares of the technology company's stock worth $2,951,186,000 after acquiring an additional 1,049,483 shares during the last quarter. Voyager Global Management LP increased its stake in Atlassian by 181.8% in the 3rd quarter. Voyager Global Management LP now owns 1,550,000 shares of the technology company's stock worth $247,535,000 after acquiring an additional 1,000,000 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board bought a new position in Atlassian in the 3rd quarter worth about $106,461,000. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Price Performance

Shares of Atlassian stock opened at $86.62 on Wednesday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. The firm has a market capitalization of $21.98 billion, a PE ratio of -104.36, a price-to-earnings-growth ratio of 5.07 and a beta of 0.90. The business's 50-day moving average price is $73.44 and its 200-day moving average price is $112.00. Atlassian Corporation PLC has a 12 month low of $56.01 and a 12 month high of $222.59.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The firm had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period in the prior year, the company earned $0.97 EPS. The company's revenue was up 31.7% on a year-over-year basis. Sell-side analysts forecast that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

Insider Activity at Atlassian

In related news, CTO Rajeev Bashyam Rajan sold 3,072 shares of the stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $81.35, for a total transaction of $249,907.20. Following the transaction, the chief technology officer owned 212,916 shares of the company's stock, valued at approximately $17,320,716.60. This trade represents a 1.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Joseph Leo Binz sold 1,653 shares of the stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $81.35, for a total transaction of $134,471.55. Following the transaction, the chief financial officer directly owned 208,639 shares in the company, valued at approximately $16,972,782.65. This represents a 0.79% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 6,013 shares of company stock valued at $489,158. Insiders own 36.66% of the company's stock.

Analyst Ratings Changes

TEAM has been the topic of a number of research analyst reports. Jefferies Financial Group set a $150.00 target price on Atlassian in a research note on Friday, February 6th. Canaccord Genuity Group decreased their price target on shares of Atlassian from $185.00 to $150.00 and set a "buy" rating on the stock in a report on Wednesday, April 15th. BTIG Research increased their price target on shares of Atlassian from $120.00 to $130.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. BMO Capital Markets decreased their price target on shares of Atlassian from $130.00 to $105.00 and set an "outperform" rating on the stock in a report on Friday, May 1st. Finally, Morgan Stanley decreased their price target on shares of Atlassian from $290.00 to $120.00 and set an "overweight" rating on the stock in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $145.63.

About Atlassian

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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