Westpac Banking Corp Boosts Stock Holdings in Atlassian Corporation PLC $TEAM

Westpac Banking Corp raised its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 242.9% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 17,013 shares of the technology company’s stock after acquiring an additional 12,051 shares during the period. Westpac Banking Corp’s holdings in Atlassian were worth $2,758,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of TEAM. SBI Securities Co. Ltd. increased its position in shares of Atlassian by 50.7% during the third quarter. SBI Securities Co. Ltd. now owns 40,546 shares of the technology company’s stock valued at $6,475,000 after acquiring an additional 13,643 shares in the last quarter. OFI Invest Asset Management lifted its stake in shares of Atlassian by 16.3% during the 4th quarter. OFI Invest Asset Management now owns 254,551 shares of the technology company’s stock valued at $41,273,000 after buying an additional 35,682 shares in the last quarter. Baillie Gifford & Co. lifted its stake in shares of Atlassian by 3.9% during the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock valued at $1,367,132,000 after buying an additional 316,276 shares in the last quarter. Exane Asset Management lifted its stake in shares of Atlassian by 419.9% during the 4th quarter. Exane Asset Management now owns 31,363 shares of the technology company’s stock valued at $5,085,000 after buying an additional 25,330 shares in the last quarter. Finally, Nicholas Company Inc. increased its holdings in Atlassian by 8.7% in the 4th quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company’s stock valued at $49,748,000 after acquiring an additional 24,490 shares during the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Stock Down 6.9%

Shares of NASDAQ TEAM opened at $101.53 on Thursday. The firm’s 50-day moving average price is $77.63 and its 200-day moving average price is $106.86. 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 $25.77 billion, a price-to-earnings ratio of -122.33, a P/E/G ratio of 6.19 and a beta of 1.07. Atlassian Corporation PLC has a 12-month low of $56.01 and a 12-month high of $222.59.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.42. The firm 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 business’s revenue was up 31.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.97 EPS. On average, equities research analysts anticipate that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CRO Brian Duffy sold 1,986 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $174,271.50. Following the transaction, the executive directly owned 236,841 shares in the company, valued at approximately $20,782,797.75. This trade represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the transaction, 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. 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. Over the last quarter, insiders have sold 10,891 shares of company stock worth $955,683. Insiders own 36.66% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on TEAM. Sanford C. Bernstein reiterated an “outperform” rating and issued a $295.00 price target on shares of Atlassian in a research note on Friday, May 1st. Wolfe Research reiterated an “outperform” rating and issued a $100.00 price target on shares of Atlassian in a research note on Thursday, March 12th. Piper Sandler decreased their price target on shares of Atlassian from $200.00 to $175.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. TD Cowen boosted their price target on shares of Atlassian from $85.00 to $105.00 and gave the stock a “hold” rating in a research note on Friday, May 1st. Finally, Robert W. Baird set a $120.00 price target on shares of Atlassian in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus target price of $145.63.

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.