TD Waterhouse Canada Inc. Acquires 57,631 Shares of Atlassian Corporation PLC $TEAM

Key Points

• TD Waterhouse Canada increased its Atlassian stake by 660.3% in the third quarter, acquiring 57,631 additional shares and bringing its total holdings to 66,359 shares valued at approximately $12.6 million.
• Atlassian reported quarterly earnings of $1.87 per share, exceeding estimates of $1.50, while revenue rose 27.6% year over year to $1.77 billion.
• Analyst sentiment remains favorable, with 25 Buy ratings, four Holds and one Sell; the consensus rating is “Moderate Buy,” with an average price target of $196.74.

TD Waterhouse Canada Inc. lifted its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 660.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 66,359 shares of the technology company's stock after purchasing an additional 57,631 shares during the quarter. TD Waterhouse Canada Inc.'s holdings in Atlassian were worth $12,610,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Activest Wealth Management lifted its position in shares of Atlassian by 372.4% during the 3rd quarter. Activest Wealth Management now owns 137 shares of the technology company's stock worth $25,000 after buying an additional 108 shares during the last quarter. MV Capital Management Inc. acquired a new position in shares of Atlassian in the 4th quarter valued at $25,000. Reflection Asset Management purchased a new position in shares of Atlassian in the 4th quarter valued at $44,000. Fortitude Family Office LLC grew its position in shares of Atlassian by 23.0% in the 3rd quarter. Fortitude Family Office LLC now owns 289 shares of the technology company's stock valued at $52,000 after buying an additional 54 shares during the last quarter. Finally, Manning & Napier Advisors LLC purchased a new position in shares of Atlassian in the 2nd quarter valued at $27,000. Institutional investors and hedge funds own 94.45% of the company's stock.

Atlassian Stock Performance

NASDAQ:TEAM opened at $207.82 on Monday. Atlassian Corporation PLC has a 1-year low of $56.01 and a 1-year high of $223.70. The stock has a market cap of $52.74 billion, a P/E ratio of -1,093.79, a PEG ratio of 16.33 and a beta of 1.22. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a 50-day moving average of $184.80 and a two-hundred day moving average of $120.50.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, beating analysts' consensus estimates of $1.50 by $0.37. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.66 billion. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%. Atlassian's revenue for the quarter was up 27.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.98 earnings per share. On average, research analysts expect that Atlassian Corporation PLC will post 0.94 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Bank of America boosted their price target on shares of Atlassian from $175.00 to $210.00 and gave the company a "buy" rating in a research report on Monday, August 31st. Raymond James Financial set a $180.00 target price on shares of Atlassian in a report on Friday, August 7th. BTIG Research raised their price target on Atlassian from $180.00 to $230.00 and gave the stock a "buy" rating in a report on Thursday, September 3rd. Mizuho boosted their price target on Atlassian from $215.00 to $235.00 and gave the company an "outperform" rating in a research report on Thursday. Finally, Morgan Stanley boosted their price target on Atlassian from $120.00 to $180.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Twenty-five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Atlassian has an average rating of "Moderate Buy" and a consensus target price of $196.74.

Insider Transactions at Atlassian

In other news, CRO Brian Duffy sold 7,617 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $163.00, for a total transaction of $1,241,571.00. Following the transaction, the executive owned 220,074 shares of the company's stock, valued at approximately $35,872,062. This trade represents a 3.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 9,054 shares of Atlassian stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the completion of the transaction, the chief financial officer directly owned 279,218 shares of the company's stock, valued at approximately $48,151,144.10. This represents a 3.14% 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 90 days, insiders have sold 22,475 shares of company stock valued at $3,822,643. Insiders own 37.63% of the company's stock.

Atlassian Company Profile

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for team collaboration and knowledge management, Jira Service Management for IT and enterprise service workflows, Trello for organizing tasks and projects, Loom for video messaging and screen recording, and Bitbucket for source-code management and collaboration.

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