Resona Asset Management Co. Ltd. Acquires 3,500 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in Atlassian Corporation PLC by 7.4% in Q1, acquiring an additional 3,500 shares, making their total ownership 50,653 shares valued at approximately $10.79 million.
• Insiders, including CEO Michael Cannon-Brookes, sold shares amounting to about $1.25 million while maintaining significant ownership of the company, indicating a 2.78% decrease in their holdings.
• Despite recent share sales, Atlassian reported a strong quarterly performance with $1.38 billion in revenue, surpassing analyst expectations and showing a 22.3% year-over-year growth.

Resona Asset Management Co. Ltd. grew its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 7.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 50,653 shares of the technology company's stock after acquiring an additional 3,500 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Atlassian were worth $10,788,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Clean Yield Group raised its holdings in Atlassian by 372.0% in the 1st quarter. Clean Yield Group now owns 118 shares of the technology company's stock worth $25,000 after purchasing an additional 93 shares during the period. Colonial Trust Co SC increased its position in Atlassian by 100.0% in the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock worth $34,000 after buying an additional 69 shares in the last quarter. Smithfield Trust Co raised its stake in shares of Atlassian by 90.7% in the first quarter. Smithfield Trust Co now owns 164 shares of the technology company's stock worth $34,000 after buying an additional 78 shares during the period. GeoWealth Management LLC lifted its position in shares of Atlassian by 26.8% during the 4th 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. Finally, MassMutual Private Wealth & Trust FSB grew its stake in shares of Atlassian by 82.7% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 243 shares of the technology company's stock valued at $52,000 after acquiring an additional 110 shares during the period. 94.45% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on TEAM. UBS Group restated a "hold" rating on shares of Atlassian in a research note on Monday, July 7th. Piper Sandler restated an "overweight" rating and set a $300.00 price objective (down from $365.00) on shares of Atlassian in a research report on Friday, May 2nd. Wells Fargo & Company dropped their target price on shares of Atlassian from $330.00 to $315.00 and set an "overweight" rating for the company in a report on Friday, May 2nd. BMO Capital Markets cut their price target on Atlassian from $225.00 to $200.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Finally, Mizuho lowered their price objective on Atlassian from $265.00 to $235.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Five analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $259.76.

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes 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 transaction, the chief executive officer owned 268,275 shares in the company, valued at $43,865,645.25. The trade was a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Scott Farquhar sold 7,665 shares of the 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 sale, the director directly owned 268,275 shares in the company, 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 have sold a total of 517,685 shares of company stock worth $103,587,091 in the last 90 days. 38.55% of the stock is currently owned by insiders.

Atlassian Stock Up 3.8%

Shares of NASDAQ TEAM opened at $163.99 on Thursday. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72. Atlassian Corporation PLC has a 12-month low of $142.32 and a 12-month high of $326.00. The firm's 50-day moving average price is $196.47 and its 200-day moving average price is $223.95. The stock has a market capitalization of $43.05 billion, a price-to-earnings ratio of -165.64 and a beta of 0.96.

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 for the quarter, topping the consensus estimate of $0.83 by $0.15. The company had revenue of $1.38 billion for the quarter, compared to analysts' expectations of $1.36 billion. Atlassian had a negative return on equity of 15.19% and a negative net margin of 4.92%. The firm's revenue for the quarter was up 22.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.66 earnings per share. On average, equities research analysts anticipate that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Atlassian Company 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.

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