Strs Ohio Sells 60,990 Shares of Atlassian Corporation PLC $TEAM

Key Points

• Strs Ohio cut its Atlassian stake by 63.3% in the first quarter, selling 60,990 shares and leaving it with 35,391 shares worth about $2.42 million.
• Atlassian reported better-than-expected quarterly results, posting $1.75 EPS on revenue of $1.79 billion, with revenue up 31.7% from a year earlier.
• Despite recent insider selling and mixed analyst moves, the stock has a Moderate Buy consensus rating, with 21 Buy ratings and a Street price target of $145.26.

Strs Ohio trimmed its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 63.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 35,391 shares of the technology company's stock after selling 60,990 shares during the quarter. Strs Ohio's holdings in Atlassian were worth $2,415,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. OFI Invest Asset Management raised its holdings in shares of Atlassian by 16.3% in the 4th quarter. OFI Invest Asset Management now owns 254,551 shares of the technology company's stock worth $41,273,000 after acquiring an additional 35,682 shares during the last quarter. Baillie Gifford & Co. boosted 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 during the last quarter. Exane Asset Management boosted its stake in Atlassian by 419.9% during the 4th quarter. Exane Asset Management now owns 31,363 shares of the technology company's stock valued at $5,085,000 after purchasing an additional 25,330 shares during the last quarter. Nicholas Company Inc. increased its holdings in Atlassian by 8.7% during the 4th quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company's stock worth $49,748,000 after purchasing an additional 24,490 shares in the last quarter. Finally, Fisher Funds Management LTD raised its stake in shares of Atlassian by 11.1% in the fourth quarter. Fisher Funds Management LTD now owns 334,011 shares of the technology company's stock worth $54,440,000 after purchasing an additional 33,485 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors.

Atlassian Stock Performance

NASDAQ:TEAM traded up $2.83 during trading on Tuesday, reaching $88.33. The company's stock had a trading volume of 531,234 shares, compared to its average volume of 6,629,706. Atlassian Corporation PLC has a 12 month low of $56.01 and a 12 month high of $222.59. The firm has a market cap of $22.42 billion, a price-to-earnings ratio of -106.58, a price-to-earnings-growth ratio of 4.73 and a beta of 1.11. The firm has a 50 day moving average of $86.71 and a 200-day moving average of $95.95. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70.

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

Insider Activity

In other news, CRO Brian Duffy sold 3,000 shares of the stock in a transaction that occurred on 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 transaction, the executive directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Chuong sold 8,838 shares of the firm's stock in a transaction that occurred on 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 of the company's stock, valued at approximately $25,295,868. The trade was a 2.97% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 20,041 shares of company stock worth $1,801,069. Insiders own 36.66% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TEAM. Wall Street Zen lowered Atlassian from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 30th. Cantor Fitzgerald upped their price target on Atlassian from $98.00 to $107.00 and gave the stock an "overweight" rating in a report on Friday, May 1st. Zacks Research lowered Atlassian from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 29th. Guggenheim set a $115.00 price objective on Atlassian in a research note on Thursday, April 9th. Finally, UBS Group cut their price objective on shares of Atlassian from $105.00 to $95.00 and set a "neutral" rating on the stock in a report on Friday, May 1st. Twenty-one analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $145.26.

Atlassian 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.