Vestcor Inc Reduces Stake in Atlassian Corporation PLC $TEAM

Vestcor Inc lowered its holdings in Atlassian Corporation PLC (NASDAQ:TEAM) by 57.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 6,056 shares of the technology company’s stock after selling 8,336 shares during the quarter. Vestcor Inc’s holdings in Atlassian were worth $982,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Atlantic Union Bankshares Corp increased its holdings in shares of Atlassian by 19,900.0% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock valued at $32,000 after acquiring an additional 199 shares during the last quarter. Board of the Pension Protection Fund acquired a new stake in shares of Atlassian in the 4th quarter valued at about $32,000. Basepoint Wealth LLC acquired a new stake in shares of Atlassian in the 4th quarter valued at about $32,000. Bogart Wealth LLC boosted its position in shares of Atlassian by 76.4% in the 4th quarter. Bogart Wealth LLC now owns 217 shares of the technology company’s stock valued at $35,000 after purchasing an additional 94 shares during the period. Finally, VSM Wealth Advisory LLC acquired a new stake in shares of Atlassian in the 4th quarter valued at about $41,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Stock Down 1.6%

Atlassian stock opened at $97.89 on Tuesday. Atlassian Corporation PLC has a twelve month low of $56.01 and a twelve month high of $222.59. The stock has a 50 day moving average of $79.55 and a two-hundred day moving average of $105.82. 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 $24.84 billion, a price-to-earnings ratio of -117.94, a PEG ratio of 5.64 and a beta of 1.07.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The company had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period last year, the firm earned $0.97 EPS. The firm’s revenue for the quarter was up 31.7% on a year-over-year basis. As a group, research analysts expect that Atlassian Corporation PLC will post 0.81 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on TEAM shares. TD Cowen upped their target price on Atlassian from $85.00 to $105.00 and gave the company a “hold” rating in a research report on Friday, May 1st. Barclays upped their target price on Atlassian from $106.00 to $112.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Robert W. Baird set a $120.00 target price on Atlassian in a research report on Friday, May 1st. Wolfe Research reissued an “outperform” rating and issued a $100.00 target price on shares of Atlassian in a research report on Thursday, March 12th. Finally, BTIG Research upped their target price on Atlassian from $120.00 to $130.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $145.63.

Insider Buying and Selling

In other news, CRO Brian Duffy sold 1,986 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $174,271.50. Following the completion of the sale, the executive directly owned 236,841 shares of the company’s stock, valued at $20,782,797.75. This trade represents a 0.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 8,838 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $775,534.50. Following the completion of the sale, the chief financial officer directly 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 SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 10,891 shares of company stock valued at $955,683 over the last ninety days. 36.66% of the stock is owned by insiders.

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.