Sterling Capital Management LLC Trims Position in Atlassian Corporation PLC $TEAM

Key Points

• Sterling Capital Management cut its Atlassian stake by 80.7% in the first quarter, selling 17,232 shares and leaving it with 4,109 shares valued at about $280,000.
• Analyst sentiment remains positive overall, with 21 Buy ratings versus seven Hold and one Sell; the consensus rating is “Moderate Buy” and the average price target is $145.26.
• Atlassian reported better-than-expected quarterly results, posting EPS of $1.75 on revenue of $1.79 billion, while revenue jumped 31.7% year over year. The stock also saw insider selling, including recent sales by the CFO and CRO.

Sterling Capital Management LLC decreased its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 80.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,109 shares of the technology company's stock after selling 17,232 shares during the quarter. Sterling Capital Management LLC's holdings in Atlassian were worth $280,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. NewEdge Advisors LLC grew its stake in Atlassian by 71.6% in the first quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company's stock worth $1,153,000 after purchasing an additional 2,267 shares in the last quarter. Empowered Funds LLC lifted its holdings in shares of Atlassian by 39.5% in the 1st quarter. Empowered Funds LLC now owns 4,689 shares of the technology company's stock worth $995,000 after buying an additional 1,328 shares during the period. Focus Partners Wealth lifted its holdings in shares of Atlassian by 32.6% in the 1st quarter. Focus Partners Wealth now owns 4,122 shares of the technology company's stock worth $875,000 after buying an additional 1,014 shares during the period. Geneos Wealth Management Inc. grew its position in shares of Atlassian by 447.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock worth $42,000 after buying an additional 161 shares in the last quarter. Finally, Sivia Capital Partners LLC grew its position in shares of Atlassian by 27.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company's stock worth $380,000 after buying an additional 404 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 recent research reports. BTIG Research lifted their price objective on Atlassian from $120.00 to $130.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Mizuho dropped their target price on shares of Atlassian from $185.00 to $145.00 and set an "outperform" rating on the stock in a report on Tuesday, April 14th. Wolfe Research reissued an "outperform" rating and set a $100.00 target price on shares of Atlassian in a research report on Thursday, March 12th. BNP Paribas Exane began coverage on shares of Atlassian in a report on Monday, March 16th. They issued an "outperform" rating and a $95.00 price target for the company. Finally, Robert W. Baird set a $120.00 price target on shares of Atlassian in a research report on Friday, May 1st. Twenty-one equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $145.26.

Insider Activity

In other Atlassian news, 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 value of $775,534.50. Following the completion of the sale, the chief financial officer directly owned 288,272 shares in the company, valued at approximately $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of the firm's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the completion of the sale, the executive directly owned 227,691 shares of the company's stock, valued at approximately $20,426,159.61. This represents a 1.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 20,041 shares of company stock worth $1,801,069 over the last ninety days. 36.66% of the stock is currently owned by corporate insiders.

Atlassian Stock Performance

NASDAQ:TEAM opened at $83.84 on Friday. Atlassian Corporation PLC has a 52 week low of $56.01 and a 52 week high of $222.59. The firm has a 50 day moving average of $86.35 and a 200 day moving average of $96.91. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13. The stock has a market capitalization of $21.28 billion, a price-to-earnings ratio of -101.01, a PEG ratio of 4.73 and a beta of 1.11.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same period last year, the firm earned $0.97 earnings per share. Atlassian's revenue was up 31.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Atlassian Corporation PLC will post 0.81 earnings per share for the current fiscal year.

Atlassian Company Profile

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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