Atlassian Corporation PLC (NASDAQ:TEAM) Stake Lessened by Sustainable Growth Advisers LP

Sustainable Growth Advisers LP reduced its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 87.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,223 shares of the technology company's stock after selling 355,783 shares during the quarter. Sustainable Growth Advisers LP's holdings in Atlassian were worth $10,658,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in TEAM. Murphy & Mullick Capital Management Corp acquired a new position in shares of Atlassian in the fourth quarter valued at approximately $27,000. Clean Yield Group boosted its holdings in shares of Atlassian by 372.0% during the first quarter. Clean Yield Group now owns 118 shares of the technology company's stock worth $25,000 after purchasing an additional 93 shares during the last quarter. Colonial Trust Co SC grew its position in shares of 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 purchasing an additional 69 shares during the period. Summit Securities Group LLC purchased a new position in Atlassian during the fourth quarter worth about $38,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in Atlassian in the 4th quarter worth about $39,000. Institutional investors and hedge funds own 94.45% of the company's stock.

Insider Activity

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $222.47, for a total value of $1,768,191.56. Following the transaction, the chief executive officer owned 143,064 shares of the company's stock, valued at $31,827,448.08. This trade represents a 5.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Scott Farquhar sold 7,948 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $206.80, for a total value of $1,643,646.40. Following the transaction, the director directly owned 174,856 shares of the company's stock, valued at $36,160,220.80. This trade represents a 4.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 477,819 shares of company stock valued at $99,016,035 over the last ninety days. Company insiders own 38.55% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on TEAM shares. Cantor Fitzgerald upgraded shares of Atlassian from a "neutral" rating to an "overweight" rating and cut their price objective for the stock from $304.00 to $272.00 in a report on Wednesday, April 2nd. Capital One Financial lowered shares of Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 price target for the company. in a research report on Wednesday, July 16th. Raymond James Financial reiterated an "outperform" rating and issued a $300.00 price target (down previously from $330.00) on shares of Atlassian in a report on Friday, May 2nd. Stephens lowered their price objective on shares of Atlassian from $255.00 to $221.00 and set an "equal weight" rating for the company in a research note on Friday, May 2nd. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $300.00 target price (down from $365.00) on shares of Atlassian in a research report on Friday, May 2nd. Five investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $274.05.

Atlassian Stock Down 1.4%

Shares of TEAM stock traded down $2.74 during trading hours on Thursday, hitting $199.83. 1,468,094 shares of the company were exchanged, compared to its average volume of 2,117,042. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. The stock has a market capitalization of $52.46 billion, a price-to-earnings ratio of -120.38 and a beta of 0.94. Atlassian Corporation PLC has a one year low of $135.29 and a one year high of $326.00. The business's 50-day simple moving average is $204.67 and its two-hundred day simple moving average is $230.98.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, beating analysts' consensus estimates of $0.93 by $0.04. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Atlassian had a negative return on equity of 23.41% and a negative net margin of 8.66%. The business's quarterly revenue was up 14.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.89 EPS. Sell-side analysts predict 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.