Atlassian Corporation PLC $TEAM Stock Position Raised by USS Investment Management Ltd

USS Investment Management Ltd increased its stake in Atlassian Corporation PLC (NASDAQ:TEAM) by 439.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 170,281 shares of the technology company’s stock after acquiring an additional 138,695 shares during the quarter. USS Investment Management Ltd’s holdings in Atlassian were worth $11,624,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. MV Capital Management Inc. acquired a new position in Atlassian during the fourth quarter valued at $25,000. Board of the Pension Protection Fund purchased a new stake in shares of Atlassian in the fourth quarter worth approximately $32,000. Basepoint Wealth LLC acquired a new stake in shares of Atlassian during the fourth quarter worth approximately $32,000. Garton & Associates Financial Advisors LLC acquired a new stake in shares of Atlassian during the fourth quarter worth approximately $32,000. Finally, Bogart Wealth LLC grew its position in Atlassian by 76.4% during the fourth quarter. Bogart Wealth LLC now owns 217 shares of the technology company’s stock valued at $35,000 after purchasing an additional 94 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on TEAM. Piper Sandler dropped their price objective 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. Truist Financial boosted their price target on shares of Atlassian from $90.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 1st. KeyCorp dropped their price target on shares of Atlassian from $170.00 to $130.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 1st. Morgan Stanley cut their price objective on Atlassian from $290.00 to $120.00 and set an “overweight” rating for the company in a report on Thursday, April 16th. Finally, Wells Fargo & Company reduced their price objective on Atlassian from $155.00 to $120.00 and set an “overweight” rating for the company in a research report on Tuesday, March 17th. Twenty-one analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $145.26.

Atlassian Price Performance

NASDAQ TEAM opened at $83.17 on Thursday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13. The stock has a market capitalization of $21.11 billion, a PE ratio of -100.20, a price-to-earnings-growth ratio of 4.41 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. The company has a 50 day moving average price of $85.90 and a two-hundred day moving average price of $97.56.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results 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. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The business had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter last year, the firm earned $0.97 EPS. Atlassian’s revenue for the quarter was up 31.7% on a year-over-year basis. As a group, equities analysts predict that Atlassian Corporation PLC will post 0.81 earnings per share for the current fiscal year.

Insider Activity

In other Atlassian news, CFO James Chuong sold 8,838 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the transaction, the chief financial officer directly owned 288,272 shares in the company, valued at $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the completion of the sale, the executive directly owned 227,691 shares of the company’s stock, valued at $20,426,159.61. This represents a 1.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 20,041 shares of company stock worth $1,801,069. Corporate 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.