Swedbank AB Decreases Stock Holdings in Atlassian Corporation PLC $TEAM

Swedbank AB lowered its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 99.2% during the first quarter, Holdings Channel.com reports. The firm owned 10,641 shares of the technology company’s stock after selling 1,262,335 shares during the quarter. Swedbank AB’s holdings in Atlassian were worth $726,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TEAM. AQR Capital Management LLC raised its holdings in Atlassian by 291.4% in the fourth quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock worth $1,256,535,000 after purchasing an additional 5,769,788 shares in the last quarter. Norges Bank bought a new stake in shares of Atlassian in the 4th quarter valued at about $323,526,000. Morgan Stanley boosted its holdings in shares of Atlassian by 52.4% in the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock valued at $781,841,000 after buying an additional 1,657,309 shares in the last quarter. Carmignac Gestion grew its position in shares of Atlassian by 6,602.0% in the 4th quarter. Carmignac Gestion now owns 1,206,368 shares of the technology company’s stock worth $195,601,000 after buying an additional 1,188,368 shares during the last quarter. Finally, DNB Asset Management AS grew its position in shares of Atlassian by 42.2% in the 4th quarter. DNB Asset Management AS now owns 3,990,216 shares of the technology company’s stock worth $646,974,000 after buying an additional 1,183,328 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Stock Performance

Shares of Atlassian stock traded down $1.85 during midday trading on Friday, hitting $88.86. The company had a trading volume of 2,457,167 shares, compared to its average volume of 3,884,947. The company has a fifty day simple moving average of $88.16 and a 200 day simple moving average of $94.34. The stock has a market cap of $22.55 billion, a price-to-earnings ratio of -107.06, a PEG ratio of 5.01 and a beta of 1.11. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13. Atlassian Corporation PLC has a 12-month low of $56.01 and a 12-month high of $206.00.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the previous year, the firm earned $0.97 EPS. Atlassian’s revenue was up 31.7% compared to the same quarter last year. As a group, analysts predict that Atlassian Corporation PLC will post 0.81 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on TEAM shares. Barclays increased their target price on shares of Atlassian from $106.00 to $112.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Atlassian in a report on Monday, June 29th. TD Cowen upped their price target on Atlassian from $85.00 to $105.00 and gave the stock a “hold” rating in a research report on Friday, May 1st. Oppenheimer increased their price objective on Atlassian from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, May 11th. Finally, Canaccord Genuity Group lowered their price objective on Atlassian from $185.00 to $150.00 and set a “buy” rating for the company in a research report on Wednesday, April 15th. Twenty-one investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and a consensus target price of $144.70.

Insider Buying and Selling at Atlassian

In other news, CRO Brian Duffy sold 3,000 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $89.71, for a total transaction of $269,130.00. Following the sale, the executive directly owned 227,691 shares of the company’s stock, valued at $20,426,159.61. The trade was a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO James Chuong sold 8,838 shares of the company’s stock in a transaction 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 transaction, the chief financial officer directly owned 288,272 shares in the company, valued at approximately $25,295,868. The trade was a 2.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 20,041 shares of company stock valued at $1,801,069 over the last quarter. Insiders own 36.66% of the company’s stock.

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.