Atlassian Corporation PLC $TEAM Stake Boosted by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lifted its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 27.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,031,413 shares of the technology company’s stock after purchasing an additional 1,080,561 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Atlassian were worth $343,344,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. MV Capital Management Inc. acquired a new position in Atlassian during the 4th quarter valued at approximately $25,000. Board of the Pension Protection Fund bought a new position in Atlassian during the 4th quarter worth $32,000. Basepoint Wealth LLC acquired a new stake in Atlassian in the fourth quarter worth $32,000. Garton & Associates Financial Advisors LLC acquired a new stake in Atlassian in the fourth quarter worth $32,000. Finally, Bogart Wealth LLC lifted its stake in Atlassian by 76.4% in the fourth quarter. Bogart Wealth LLC now owns 217 shares of the technology company’s stock valued at $35,000 after buying an additional 94 shares during the last quarter. Institutional investors own 94.45% of the company’s stock.

Atlassian Trading Up 5.4%

NASDAQ:TEAM opened at $78.74 on Friday. Atlassian Corporation PLC has a 1 year low of $56.01 and a 1 year high of $222.59. The stock has a market cap of $19.98 billion, a price-to-earnings ratio of -94.87, a PEG ratio of 4.46 and a beta of 1.07. The business has a fifty day moving average of $85.24 and a 200-day moving average of $99.72. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70.

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

Insider Activity

In other Atlassian news, CRO Brian Duffy sold 3,000 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $20,426,159.61. The trade was a 1.30% decrease in their position. The transaction was disclosed in a filing 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 stock was 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 of the company’s stock, valued at $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 20,041 shares of company stock worth $1,801,069. 36.66% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on TEAM shares. Canaccord Genuity Group reduced their price target on shares of Atlassian from $185.00 to $150.00 and set a “buy” rating for the company in a report on Wednesday, April 15th. Morgan Stanley dropped their price objective on shares of Atlassian from $290.00 to $120.00 and set an “overweight” rating on the stock in a report on Thursday, April 16th. Raymond James Financial set a $130.00 price objective on shares of Atlassian in a research report on Friday, May 1st. Guggenheim set a $115.00 target price on shares of Atlassian in a research note on Thursday, April 9th. Finally, Wells Fargo & Company decreased their target price on shares of Atlassian from $155.00 to $120.00 and set an “overweight” rating for the company in a research report on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $145.26.

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.