Swedbank AB Trims Stake in Atlassian Corporation PLC $TEAM

Key Points

• Swedbank AB slashed its Atlassian stake by 99.2% in the first quarter, selling 1.26 million shares and leaving it with 10,641 shares worth about $726,000.
• Atlassian shares fell 2.0% to $88.86, with the company valued at $22.55 billion and trading well below its 12-month high of $206.00.
• The company beat quarterly expectations, reporting EPS of $1.75 and revenue of $1.79 billion, while analysts currently rate the stock a Moderate Buy with an average target price of $144.70.

Swedbank AB lowered its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 99.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,641 shares of the technology company's stock after selling 1,262,335 shares during the period. Swedbank AB's holdings in Atlassian were worth $726,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. MV Capital Management Inc. purchased a new stake in shares of Atlassian in the fourth quarter worth approximately $25,000. Board of the Pension Protection Fund purchased a new position in Atlassian during the 4th quarter valued at $32,000. Basepoint Wealth LLC purchased a new position in Atlassian during the 4th quarter valued at $32,000. Garton & Associates Financial Advisors LLC bought a new position in Atlassian in the 4th quarter valued at $32,000. Finally, Bogart Wealth LLC grew its position in Atlassian by 76.4% in the 4th quarter. Bogart Wealth LLC now owns 217 shares of the technology company's stock valued at $35,000 after acquiring an additional 94 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

Atlassian Stock Down 2.0%

Shares of TEAM stock traded down $1.85 during mid-day trading on Friday, hitting $88.86. The stock had a trading volume of 2,457,167 shares, compared to its average volume of 3,884,947. Atlassian Corporation PLC has a 12-month low of $56.01 and a 12-month high of $206.00. The firm has a market capitalization of $22.55 billion, a P/E ratio of -107.06, a price-to-earnings-growth ratio of 5.01 and a beta of 1.11. The firm's 50-day moving average is $88.16 and its two-hundred day moving average is $94.34. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.33 by $0.42. The business had revenue of $1.79 billion for the quarter, compared to the consensus estimate 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 was up 31.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.97 EPS. On average, analysts predict that Atlassian Corporation PLC will post 0.81 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on TEAM. BTIG Research reiterated a "buy" rating and set a $130.00 target price on shares of Atlassian in a research report on Friday. Truist Financial upped their price target on shares of Atlassian from $90.00 to $100.00 and gave the stock a "buy" rating in a report on Friday, May 1st. Mizuho reduced their price target on shares of Atlassian from $185.00 to $145.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 14th. Zacks Research downgraded shares of Atlassian from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 29th. Finally, Piper Sandler decreased their price objective on shares of Atlassian from $200.00 to $175.00 and set an "overweight" rating for the company in a report on Friday, May 1st. Twenty-one investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Atlassian presently has a consensus rating of "Moderate Buy" and an average price target of $144.70.

Insider Activity

In other Atlassian news, CRO Brian Duffy sold 3,000 shares of the firm'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 transaction, the executive owned 227,691 shares of the company's stock, valued at approximately $20,426,159.61. This trade represents a 1.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO James Chuong sold 8,838 shares of the business's stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the sale, the chief financial officer owned 288,272 shares of the company's stock, valued at approximately $25,295,868. This 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 quarter, insiders have sold 20,041 shares of company stock worth $1,801,069. 36.66% of the stock is owned by company insiders.

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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