Russell Investments Group Ltd. Acquires 45,842 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Russell Investments Group Ltd. has increased its stake in Atlassian Corporation PLC by 18.1% during the first quarter, now owning 298,435 shares valued at approximately $63.77 million.
• A significant number of institutional investors have also boosted their positions in Atlassian, with holdings by Federated Hermes Inc. rising by 99.8% in the fourth quarter.
• Analysts have revised their price targets for Atlassian shares, with several reducing their forecasts; BMO Capital Markets cut their target from $225 to $200, while Cantor Fitzgerald lowered theirs from $256 to $240.

Russell Investments Group Ltd. lifted its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 18.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 298,435 shares of the technology company's stock after purchasing an additional 45,842 shares during the quarter. Russell Investments Group Ltd. owned 0.11% of Atlassian worth $63,773,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Federated Hermes Inc. lifted its position in Atlassian by 99.8% in the 4th quarter. Federated Hermes Inc. now owns 1,998 shares of the technology company's stock valued at $486,000 after acquiring an additional 998 shares in the last quarter. Townsquare Capital LLC lifted its position in Atlassian by 53.4% in the 4th quarter. Townsquare Capital LLC now owns 2,052 shares of the technology company's stock valued at $499,000 after acquiring an additional 714 shares in the last quarter. Summit Investment Advisors Inc. lifted its position in Atlassian by 6.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 5,137 shares of the technology company's stock valued at $1,250,000 after acquiring an additional 322 shares in the last quarter. Mariner LLC lifted its position in Atlassian by 19.4% in the 4th quarter. Mariner LLC now owns 10,036 shares of the technology company's stock valued at $2,443,000 after acquiring an additional 1,634 shares in the last quarter. Finally, CreativeOne Wealth LLC bought a new stake in Atlassian in the 4th quarter valued at $221,000. 94.45% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on TEAM shares. BMO Capital Markets lowered their price target on shares of Atlassian from $225.00 to $200.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Cantor Fitzgerald lowered their price target on shares of Atlassian from $256.00 to $240.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Canaccord Genuity Group lowered their price target on shares of Atlassian from $255.00 to $230.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Mizuho lowered their price target on shares of Atlassian from $265.00 to $235.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Finally, Stephens lowered their price target on shares of Atlassian from $221.00 to $202.00 and set an "equal weight" rating on the stock in a research note on Monday. Five investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $259.76.

Atlassian Stock Performance

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

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The technology company reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.83 by $0.15. Atlassian had a negative net margin of 4.92% and a negative return on equity of 15.19%. The company had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter in the prior year, the firm posted $0.66 EPS. The firm's quarterly revenue was up 22.3% on a year-over-year basis. Equities research analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Scott Farquhar sold 7,665 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $163.51, for a total value 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. This represents a 2.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction that occurred 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 chief executive officer directly owned 268,275 shares of the company's stock, valued at approximately $43,865,645.25. The trade was a 2.78% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 517,685 shares of company stock valued at $103,587,091. 38.55% of the stock is currently owned by 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.

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