Essential Partners LLC Sells 13,919 Shares of Atlassian Corporation PLC $TEAM

Essential Partners LLC lessened its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 84.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,605 shares of the technology company’s stock after selling 13,919 shares during the quarter. Essential Partners LLC’s holdings in Atlassian were worth $178,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Atlassian by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 18,541,267 shares of the technology company’s stock worth $3,006,281,000 after purchasing an additional 61,706 shares during the period. Baillie Gifford & Co. lifted its holdings 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 purchasing an additional 316,276 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Atlassian by 291.4% in the 4th 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 period. Pictet Asset Management Holding SA grew its position in shares of Atlassian by 27.4% in the 1st quarter. Pictet Asset Management Holding SA now owns 5,031,413 shares of the technology company’s stock valued at $343,344,000 after purchasing an additional 1,080,561 shares during the period. Finally, Morgan Stanley increased its stake in 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 purchasing an additional 1,657,309 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CFO James Chuong sold 8,838 shares of the firm’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 owned 288,272 shares of the company’s stock, valued at approximately $25,295,868. This trade represents a 2.97% 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 hyperlink. 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 Atlassian 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 completion of the sale, the executive owned 227,691 shares in the company, valued at $20,426,159.61. The trade was a 1.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 20,041 shares of company stock valued at $1,801,069. 36.66% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Barclays raised their target price on shares of Atlassian from $106.00 to $112.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Sanford C. Bernstein reissued an “outperform” rating on shares of Atlassian in a research report on Monday, June 29th. BMO Capital Markets dropped their price objective on shares of Atlassian from $105.00 to $95.00 and set an “outperform” rating on the stock in a report on Thursday, June 25th. Citigroup cut their price objective on shares of Atlassian from $160.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. Finally, Citizens Jmp reaffirmed a “market perform” rating on shares of Atlassian in a research note on Wednesday, July 1st. Twenty-one analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $138.50.

Atlassian Trading Up 2.9%

NASDAQ:TEAM opened at $101.01 on Friday. The company has a market cap of $25.63 billion, a P/E ratio of -121.70, a price-to-earnings-growth ratio of 7.17 and a beta of 1.11. Atlassian Corporation PLC has a twelve month low of $56.01 and a twelve month high of $199.09. The business has a 50 day moving average price of $90.49 and a two-hundred day moving average price of $87.46. 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 (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.42. The company had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The firm’s revenue was up 31.7% compared to the same quarter last year. During the same period last year, the company earned $0.97 earnings per share. As a group, analysts expect that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

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.