Totem Point Management LLC Takes $546,000 Position in Atlassian Corporation PLC $TEAM

Key Points

• Totem Point Management LLC has invested approximately $546,000 in Atlassian Corporation PLC, acquiring 2,575 shares, which now accounts for 0.7% of its investment portfolio.
• Atlassian reported a 22.3% year-over-year increase in quarterly revenue, totaling $1.38 billion, while earnings per share (EPS) for the quarter were $0.98, exceeding analysts' forecasts.
• Insider transactions included Scott Farquhar and CEO Michael Cannon-Brookes each selling 7,665 shares at an average price of $171.13, indicating a 4.17% decrease in their shareholdings.

Totem Point Management LLC acquired a new stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,575 shares of the technology company's stock, valued at approximately $546,000. Atlassian makes up about 0.7% of Totem Point Management LLC's portfolio, making the stock its 13th largest position.

A number of other institutional investors and hedge funds have also made changes to their positions in TEAM. State of Wyoming grew its position in shares of Atlassian by 20.3% in the first quarter. State of Wyoming now owns 278 shares of the technology company's stock valued at $59,000 after purchasing an additional 47 shares during the last quarter. Covenant Partners LLC raised its stake in shares of Atlassian by 4.2% in the 4th quarter. Covenant Partners LLC now owns 1,328 shares of the technology company's stock valued at $323,000 after acquiring an additional 53 shares during the period. First Citizens Bank & Trust Co. increased its stake in Atlassian by 4.7% during the 1st quarter. First Citizens Bank & Trust Co. now owns 1,192 shares of the technology company's stock worth $253,000 after buying an additional 54 shares during the period. First Horizon Advisors Inc. increased its stake in Atlassian by 25.9% during the 1st quarter. First Horizon Advisors Inc. now owns 267 shares of the technology company's stock worth $57,000 after buying an additional 55 shares during the period. Finally, Fulton Bank N.A. grew its holdings in Atlassian by 3.1% during the 1st quarter. Fulton Bank N.A. now owns 1,892 shares of the technology company's stock worth $402,000 after acquiring an additional 57 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on TEAM. KeyCorp decreased their price target on shares of Atlassian from $275.00 to $250.00 and set an "overweight" rating for the company in a report on Thursday, July 17th. Cantor Fitzgerald cut their target price on shares of Atlassian from $256.00 to $240.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Oppenheimer lowered their price objective on shares of Atlassian from $300.00 to $275.00 and set an "outperform" rating on the stock in a research report on Monday, July 21st. Canaccord Genuity Group decreased their target price on shares of Atlassian from $255.00 to $230.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Finally, UBS Group reaffirmed a "hold" rating on shares of Atlassian in a report on Monday, July 7th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $256.90.

Atlassian Trading Down 2.9%

Atlassian stock traded down $5.10 during midday trading on Tuesday, hitting $172.68. 2,077,712 shares of the stock were exchanged, compared to its average volume of 2,385,870. The company has a fifty day simple moving average of $187.95 and a two-hundred day simple moving average of $210.65. Atlassian Corporation PLC has a 52 week low of $154.07 and a 52 week high of $326.00. The stock has a market capitalization of $45.30 billion, a PE ratio of -174.42 and a beta of 0.95. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.73.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The technology company reported $0.98 earnings per share for the quarter, beating analysts' consensus estimates of $0.83 by $0.15. Atlassian had a negative net margin of 4.92% and a negative return on equity of 14.77%. The firm had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.36 billion. During the same quarter in the previous year, the firm posted $0.66 earnings per share. The business's revenue was up 22.3% on a year-over-year basis. Atlassian has set its Q1 2026 guidance at EPS. FY 2026 guidance at EPS. Equities research analysts anticipate that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In related news, President Anutthara Bharadwaj sold 7,728 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $163.43, for a total value of $1,262,987.04. Following the transaction, the president directly owned 182,801 shares in the company, valued at approximately $29,875,167.43. This represents a 4.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $216.09, for a total transaction of $1,717,483.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 523,766 shares of company stock worth $100,295,342. Insiders own 38.55% of the company's stock.

Atlassian Profile

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.