Westpac Banking Corp Purchases 12,051 Shares of Atlassian Corporation PLC $TEAM

Key Points

• Westpac Banking Corp increased its Atlassian stake by 242.9% in the fourth quarter, buying 12,051 additional shares and lifting its total to 17,013 shares worth about $2.76 million.
• Atlassian reported better-than-expected quarterly results, with earnings of $1.75 per share and revenue of $1.79 billion, both above analyst estimates. Revenue rose 31.7% year over year.
• The stock was down 6.9% in Thursday trading, while analysts still view it favorably overall with a consensus rating of Moderate Buy and an average price target of $145.63.

Westpac Banking Corp boosted its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 242.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,013 shares of the technology company's stock after buying an additional 12,051 shares during the quarter. Westpac Banking Corp's holdings in Atlassian were worth $2,758,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Physician Wealth Advisors Inc. increased its position in Atlassian by 60.4% during the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company's stock worth $26,000 after buying an additional 61 shares during the last quarter. Geneos Wealth Management Inc. increased its position in Atlassian by 447.2% during the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock worth $42,000 after buying an additional 161 shares during the last quarter. Atlantic Union Bankshares Corp increased its position in Atlassian by 19,900.0% during the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company's stock worth $32,000 after buying an additional 199 shares during the last quarter. Board of the Pension Protection Fund acquired a new position in Atlassian during the fourth quarter worth approximately $32,000. Finally, Basepoint Wealth LLC acquired a new position in Atlassian during the fourth quarter worth approximately $32,000. Institutional investors and hedge funds own 94.45% of the company's stock.

Atlassian Trading Down 6.9%

NASDAQ:TEAM opened at $101.53 on Thursday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. The stock has a market capitalization of $25.77 billion, a PE ratio of -122.33, a price-to-earnings-growth ratio of 6.19 and a beta of 1.07. The firm's 50 day moving average is $77.63 and its 200 day moving average is $106.86. Atlassian Corporation PLC has a 12 month low of $56.01 and a 12 month high of $222.59.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.42. The company had revenue of $1.79 billion during 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 firm's quarterly revenue was up 31.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.97 earnings per share. Sell-side analysts expect that Atlassian Corporation PLC will post 0.81 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO James Chuong sold 8,838 shares of the stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $775,534.50. Following the transaction, the chief financial officer owned 288,272 shares of the company's stock, valued at $25,295,868. This represents a 2.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 1,986 shares of the company'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 $174,271.50. Following the sale, the executive owned 236,841 shares of the company's stock, valued at approximately $20,782,797.75. The trade was a 0.83% decrease in their ownership of the stock. 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 three months, insiders sold 10,891 shares of company stock worth $955,683. 36.66% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. BNP Paribas Exane assumed coverage on Atlassian in a research report on Monday, March 16th. They set an "outperform" rating and a $95.00 price target on the stock. Mizuho reduced their target price on Atlassian from $185.00 to $145.00 and set an "outperform" rating for the company in a research note on Tuesday, April 14th. KeyCorp decreased their target price on Atlassian from $170.00 to $130.00 and set an "overweight" rating for the company in a research report on Wednesday, April 1st. Truist Financial lifted their price target on Atlassian from $90.00 to $100.00 and gave the company a "buy" rating in a research note on Friday, May 1st. Finally, Robert W. Baird set a $120.00 target price on Atlassian in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $145.63.

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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