Danica Pension Livsforsikringsaktieselskab Sells 428,402 Shares of Atlassian Corporation PLC $TEAM

Danica Pension Livsforsikringsaktieselskab reduced its stake in Atlassian Corporation PLC (NASDAQ:TEAM) by 60.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 284,655 shares of the technology company’s stock after selling 428,402 shares during the quarter. Danica Pension Livsforsikringsaktieselskab’s holdings in Atlassian were worth $19,428,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. AQR Capital Management LLC grew its holdings in Atlassian by 291.4% during the fourth quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock valued at $1,256,535,000 after purchasing an additional 5,769,788 shares during the last quarter. Norges Bank acquired a new stake in shares of Atlassian in the fourth quarter worth $323,526,000. Morgan Stanley boosted its holdings in shares of Atlassian by 52.4% during the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock worth $781,841,000 after buying an additional 1,657,309 shares during the period. KBC Group NV boosted its holdings in shares of Atlassian by 1,691.2% during the 1st quarter. KBC Group NV now owns 1,440,019 shares of the technology company’s stock worth $98,281,000 after buying an additional 1,359,624 shares during the period. Finally, Carmignac Gestion boosted its holdings in shares of Atlassian by 6,602.0% during 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 period. Institutional investors own 94.45% of the company’s stock.

Atlassian Stock Performance

TEAM opened at $90.60 on Wednesday. The stock has a market cap of $22.99 billion, a PE ratio of -109.16, a P/E/G ratio of 5.94 and a beta of 1.11. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. Atlassian Corporation PLC has a 1 year low of $56.01 and a 1 year high of $206.00. The stock’s 50 day simple moving average is $89.03 and its 200-day simple moving average is $90.43.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results 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 negative net margin of 3.50% and a positive return on equity of 6.22%. The firm 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 company earned $0.97 earnings per share. The business’s revenue was up 31.7% compared to the same quarter last year. Sell-side analysts forecast that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Insider Transactions at Atlassian

In other Atlassian news, CRO Brian Duffy sold 3,000 shares of Atlassian stock in a transaction that occurred on Friday, June 12th. The stock was 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 approximately $20,426,159.61. The trade was a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James Chuong sold 8,838 shares of the company’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 owned 288,272 shares in the company, valued at approximately $25,295,868. This represents 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. In the last 90 days, insiders have sold 20,041 shares of company stock valued at $1,801,069. Corporate insiders own 36.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on TEAM. Canaccord Genuity Group dropped their target price on shares of Atlassian from $185.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday, April 15th. BMO Capital Markets lowered their price target on Atlassian from $105.00 to $95.00 and set an “outperform” rating on the stock in a research report on Thursday, June 25th. KeyCorp cut their price objective on Atlassian from $130.00 to $115.00 and set an “overweight” rating for the company in a research report on Wednesday, July 8th. Mizuho decreased 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. Finally, UBS Group dropped their price target on Atlassian from $105.00 to $95.00 and set a “neutral” rating on the stock in a research report on Friday, May 1st. Twenty-one analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $138.50.

Atlassian 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.