Sit Investment Associates Inc. Buys 1,848 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Sit Investment Associates Inc. has increased its stake in Atlassian Corporation PLC by 3.3%, owning a total of 58,550 shares valued at approximately $12.4 million.
• Institutional investors own 94.45% of Atlassian's shares, reflecting strong interest and confidence in the company's stock.
• Atlassian recently reported earnings of $0.98 per share, exceeding analysts' expectations of $0.83, indicating a robust performance despite a negative return on equity.

Sit Investment Associates Inc. increased its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 3.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 58,550 shares of the technology company's stock after acquiring an additional 1,848 shares during the period. Sit Investment Associates Inc.'s holdings in Atlassian were worth $12,425,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Clean Yield Group raised its stake in Atlassian by 372.0% in the first quarter. Clean Yield Group now owns 118 shares of the technology company's stock valued at $25,000 after buying an additional 93 shares during the period. Colonial Trust Co SC raised its stake in Atlassian by 100.0% in the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock valued at $34,000 after buying an additional 69 shares during the period. Smithfield Trust Co raised its stake in Atlassian by 90.7% in the first quarter. Smithfield Trust Co now owns 164 shares of the technology company's stock valued at $34,000 after buying an additional 78 shares during the period. GeoWealth Management LLC raised its stake in Atlassian by 26.8% in the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock valued at $44,000 after buying an additional 38 shares during the period. Finally, MassMutual Private Wealth & Trust FSB raised its stake in Atlassian by 82.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 243 shares of the technology company's stock valued at $52,000 after buying an additional 110 shares during the period. Institutional investors own 94.45% of the company's stock.

Insider Buying and Selling at Atlassian

In other Atlassian news, Director Scott Farquhar sold 7,665 shares of the company's stock in a transaction on Monday, August 11th. The stock was 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 $43,865,645.25. This represents a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the company's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $163.51, for a total value of $1,253,304.15. Following the sale, the chief executive officer owned 268,275 shares of the company's stock, valued at $43,865,645.25. The trade was a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 517,685 shares of company stock valued at $103,587,091 over the last 90 days. Corporate insiders own 38.55% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on TEAM shares. Cantor Fitzgerald dropped their price objective on Atlassian from $256.00 to $240.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Truist Financial set a $230.00 price objective on Atlassian in a research note on Friday, August 8th. Piper Sandler reaffirmed an "overweight" rating and issued a $300.00 target price (down previously from $365.00) on shares of Atlassian in a research report on Friday, May 2nd. Capital One Financial downgraded Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 target price on the stock. in a research report on Wednesday, July 16th. Finally, Wall Street Zen raised Atlassian from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. Five analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $259.76.

Atlassian Trading Up 3.8%

Shares of NASDAQ:TEAM opened at $163.99 on Thursday. The company has a market capitalization of $43.05 billion, a P/E ratio of -165.64 and a beta of 0.96. Atlassian Corporation PLC has a 1 year low of $142.32 and a 1 year high of $326.00. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The business's 50 day simple moving average is $196.47 and its 200 day simple moving average is $223.95.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its earnings results 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. Atlassian had a negative return on equity of 15.19% and a negative net margin of 4.92%. The firm had revenue of $1.38 billion during the quarter, compared to analysts' expectations of $1.36 billion. During the same period in the prior year, the company earned $0.66 earnings per share. The company's quarterly revenue was up 22.3% on a year-over-year basis. On average, research analysts anticipate that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

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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