SG Americas Securities LLC Grows Holdings in Atlassian Corporation PLC $TEAM

Key Points

• SG Americas Securities LLC dramatically increased its Atlassian stake by 1,516.7% in the first quarter, ending with 905,629 shares worth about $61.8 million.
• Several large institutional investors also hold significant positions in Atlassian, and 94.45% of the stock is owned by hedge funds and other institutions.
• Atlassian recently beat quarterly expectations, reporting $1.75 EPS on $1.79 billion in revenue, while analysts currently rate the stock a “Moderate Buy” with an average price target of $145.63.

SG Americas Securities LLC boosted its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 1,516.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 905,629 shares of the technology company's stock after buying an additional 849,613 shares during the quarter. SG Americas Securities LLC owned 0.34% of Atlassian worth $61,809,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TEAM. Vanguard Group Inc. lifted its stake in shares of 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 acquiring an additional 61,706 shares in the last quarter. Baillie Gifford & Co. grew its stake in Atlassian by 3.9% during the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company's stock valued at $1,367,132,000 after purchasing an additional 316,276 shares in the last quarter. AQR Capital Management LLC grew its stake in Atlassian by 291.4% during the 4th quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company's stock valued at $1,256,535,000 after purchasing an additional 5,769,788 shares in the last quarter. Morgan Stanley increased its holdings in Atlassian by 52.4% during the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company's stock worth $781,841,000 after purchasing an additional 1,657,309 shares during the last quarter. Finally, State Street Corp raised its position in shares of Atlassian by 3.3% in the 4th quarter. State Street Corp now owns 3,995,100 shares of the technology company's stock valued at $647,766,000 after purchasing an additional 127,105 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TEAM has been the subject of several research analyst reports. Raymond James Financial set a $130.00 target price on Atlassian in a research note on Friday, May 1st. KeyCorp cut their price target on shares of Atlassian from $170.00 to $130.00 and set an "overweight" rating on the stock in a report on Wednesday, April 1st. Piper Sandler reduced their price objective on shares of Atlassian from $200.00 to $175.00 and set an "overweight" rating on the stock in a research note on Friday, May 1st. Sanford C. Bernstein reissued an "outperform" rating and set a $295.00 price objective on shares of Atlassian in a report on Friday, May 1st. Finally, BMO Capital Markets decreased their price objective on shares of Atlassian from $130.00 to $105.00 and set an "outperform" rating for the company in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $145.63.

Insider Transactions at Atlassian

In related news, CRO Brian Duffy sold 3,000 shares of the business's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $89.71, for a total transaction of $269,130.00. Following the completion of the sale, the executive owned 227,691 shares of the company's stock, valued at $20,426,159.61. This represents a 1.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO James Chuong sold 8,838 shares of the stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the sale, the chief financial officer owned 288,272 shares in the company, valued at approximately $25,295,868. This trade represents a 2.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 20,041 shares of company stock worth $1,801,069. Insiders own 36.66% of the company's stock.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $79.96 on Tuesday. 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 company has a market capitalization of $20.29 billion, a price-to-earnings ratio of -96.34, a price-to-earnings-growth ratio of 4.69 and a beta of 1.07. Atlassian Corporation PLC has a twelve month low of $56.01 and a twelve month high of $222.59. The business has a 50 day simple moving average of $83.80 and a 200-day simple moving average of $101.52.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, topping analysts' consensus estimates of $1.33 by $0.42. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The firm had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. The firm's revenue was up 31.7% on a year-over-year basis. As a group, equities research analysts expect that Atlassian Corporation PLC will post 0.81 earnings per share for the current year.

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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