Westpac Banking Corp Boosts Stake in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Westpac Banking Corp increased its stake in Atlassian Corporation PLC by 48.9%, now holding 10,656 shares worth approximately $2.26 million.
• Several other hedge funds have also significantly raised their stakes, indicating strong institutional interest in the company with about 94.45% of shares currently held by institutional investors.
• Atlassian recently reported earnings of $0.98 per share, exceeding estimates, with revenue growth of 22.3% year-over-year, despite a negative net margin.

Westpac Banking Corp grew its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 48.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,656 shares of the technology company's stock after buying an additional 3,499 shares during the period. Westpac Banking Corp's holdings in Atlassian were worth $2,261,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. AIA Group Ltd raised its position in shares of Atlassian by 21.0% during the first quarter. AIA Group Ltd now owns 12,582 shares of the technology company's stock worth $2,670,000 after purchasing an additional 2,183 shares during the period. Nuveen LLC acquired a new stake in Atlassian in the 1st quarter valued at approximately $327,665,000. Aigen Investment Management LP acquired a new stake in Atlassian in the 1st quarter valued at approximately $1,655,000. Strengthening Families & Communities LLC raised its position in Atlassian by 121.1% in the 1st quarter. Strengthening Families & Communities LLC now owns 420 shares of the technology company's stock valued at $89,000 after buying an additional 230 shares during the last quarter. Finally, Virtu Financial LLC raised its position in Atlassian by 65.2% in the 1st quarter. Virtu Financial LLC now owns 11,177 shares of the technology company's stock valued at $2,372,000 after buying an additional 4,410 shares during the last quarter. Institutional investors own 94.45% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on TEAM shares. Cantor Fitzgerald dropped their target price on Atlassian from $256.00 to $240.00 and set an "overweight" rating on the stock in a research report on Friday, August 8th. Stephens dropped their target price on Atlassian from $221.00 to $202.00 and set an "equal weight" rating on the stock in a research report on Monday. Oppenheimer decreased their price target on Atlassian from $300.00 to $275.00 and set an "outperform" rating for the company in a research note on Monday, July 21st. Truist Financial set a $230.00 price target on Atlassian in a research note on Friday, August 8th. Finally, Barclays reduced their target price on Atlassian from $244.00 to $215.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Five analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $259.76.

Atlassian Price Performance

TEAM stock traded up $2.61 during midday trading on Friday, reaching $167.00. 2,742,190 shares of the stock were exchanged, compared to its average volume of 2,409,158. The stock has a market capitalization of $43.84 billion, a PE ratio of -168.69 and a beta of 0.96. Atlassian Corporation PLC has a 52 week low of $145.88 and a 52 week high of $326.00. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The company has a fifty day moving average price of $194.44 and a 200 day moving average price of $222.50.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The technology company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.15. Atlassian had a negative return on equity of 15.19% and a negative net margin of 4.92%. The company had revenue of $1.38 billion during the quarter, compared to analysts' expectations of $1.36 billion. During the same quarter in the prior year, the firm posted $0.66 earnings per share. The business's quarterly revenue was up 22.3% on a year-over-year basis. As a group, analysts expect that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Insider Activity at Atlassian

In related news, CTO Rajeev Bashyam Rajan sold 3,517 shares of Atlassian stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $163.43, for a total transaction of $574,783.31. Following the sale, the chief technology officer directly owned 143,898 shares in the company, valued at approximately $23,517,250.14. This trade represents a 2.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Anutthara Bharadwaj sold 7,728 shares of Atlassian stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $163.43, for a total value of $1,262,987.04. Following the sale, the president owned 182,801 shares in the company, valued at $29,875,167.43. This trade represents a 4.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 532,177 shares of company stock worth $105,031,262 over the last quarter. 38.55% of the stock is owned by company insiders.

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.