James Chuong Sells 8,838 Shares of Atlassian (NASDAQ:TEAM) Stock

Atlassian Corporation PLC (NASDAQ:TEAM) CFO James Chuong sold 8,838 shares of the business’s 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 completion of the transaction, the chief financial officer directly owned 288,272 shares in the company, valued at approximately $25,295,868. This represents a 2.97% decrease in their position. The transaction was disclosed in a legal filing 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.

Atlassian Stock Performance

TEAM stock traded down $4.05 during midday trading on Thursday, hitting $82.18. The company’s stock had a trading volume of 4,842,111 shares, compared to its average volume of 7,119,340. Atlassian Corporation PLC has a 1 year low of $56.01 and a 1 year high of $222.59. The stock’s 50-day moving average price is $73.52 and its 200 day moving average price is $111.47. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13. The stock has a market cap of $20.85 billion, a price-to-earnings ratio of -99.01, a PEG ratio of 4.91 and a beta of 0.90.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data 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. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The business had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter last year, the company posted $0.97 earnings per share. The firm’s quarterly revenue was up 31.7% compared to the same quarter last year. On average, equities analysts forecast that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Hedge Funds Weigh In On Atlassian

Several hedge funds have recently made changes to their positions in TEAM. NewEdge Advisors LLC grew its position in shares of Atlassian by 71.6% in the first quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company’s stock valued at $1,153,000 after purchasing an additional 2,267 shares in the last quarter. Empowered Funds LLC grew its position in shares of Atlassian by 39.5% in the first quarter. Empowered Funds LLC now owns 4,689 shares of the technology company’s stock valued at $995,000 after purchasing an additional 1,328 shares in the last quarter. Focus Partners Wealth grew its position in shares of Atlassian by 32.6% in the first quarter. Focus Partners Wealth now owns 4,122 shares of the technology company’s stock valued at $875,000 after purchasing an additional 1,014 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of Atlassian by 447.2% in 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 in the last quarter. Finally, Sivia Capital Partners LLC lifted its holdings in shares of Atlassian by 27.5% in the second quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company’s stock worth $380,000 after buying an additional 404 shares in the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on TEAM shares. BTIG Research upped their price objective on Atlassian from $120.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Wolfe Research reissued an “outperform” rating and issued a $100.00 price objective on shares of Atlassian in a report on Thursday, March 12th. BNP Paribas Exane started coverage on Atlassian in a report on Monday, March 16th. They issued an “outperform” rating and a $95.00 price objective for the company. Robert W. Baird set a $120.00 price objective on Atlassian in a report on Friday, May 1st. Finally, Guggenheim set a $115.00 price objective on Atlassian in a report on Thursday, April 9th. One 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 assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $145.63.

About Atlassian

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.