Atlassian Corporation PLC $TEAM Stock: Oppenheimer & Co. Inc. Trims Stake

Oppenheimer & Co. Inc. lessened its holdings in Atlassian Corporation PLC (NASDAQ:TEAM) by 68.6% in the third quarter, HoldingsChannel reports. The fund owned 6,669 shares of the technology company’s stock after selling 14,578 shares during the period. Oppenheimer & Co. Inc.’s holdings in Atlassian were worth $1,196,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Arizona State Retirement System boosted its stake in shares of Atlassian by 6.5% in the second quarter. Arizona State Retirement System now owns 48,629 shares of the technology company’s stock valued at $3,783,000 after buying an additional 2,969 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Atlassian by 69.4% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 62,000 shares of the technology company’s stock valued at $4,232,000 after buying an additional 25,400 shares in the last quarter. Fluent Financial LLC acquired a new stake in shares of Atlassian during the 2nd quarter worth approximately $2,239,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Atlassian during the second quarter valued at approximately $11,584,000. Finally, IFP Advisors Inc lifted its stake in Atlassian by 76.0% during the second quarter. IFP Advisors Inc now owns 9,428 shares of the technology company’s stock worth $733,000 after purchasing an additional 4,071 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on TEAM shares. Citigroup upped their price objective on shares of Atlassian from $225.00 to $245.00 and gave the stock a “buy” rating in a research report on Tuesday, October 20th. FBN Securities reaffirmed an “outperform” rating and set a $170.00 target price on shares of Atlassian in a research report on Monday, August 10th. BMO Capital Markets reaffirmed an “outperform” rating and set a $225.00 target price on shares of Atlassian in a research note on Friday. Mizuho upped their price target on Atlassian from $215.00 to $235.00 and gave the stock an “outperform” rating in a research note on Thursday, October 15th. Finally, BTIG Research boosted their price objective on Atlassian from $230.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, October 20th. Twenty-three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $216.36.

Insider Activity

In other Atlassian news, CFO James Chuong sold 9,054 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the completion of the transaction, the chief financial officer owned 279,218 shares in the company, valued at $48,151,144.10. This trade represents a 3.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Gene Liu sold 1,125 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $175.00, for a total transaction of $196,875.00. Following the completion of the sale, the chief accounting officer owned 56,807 shares in the company, valued at approximately $9,941,225. This trade represents a 1.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 22,475 shares of company stock worth $3,822,643 over the last ninety days. Corporate insiders own 37.63% of the company’s stock.

Atlassian Stock Down 2.4%

Shares of NASDAQ TEAM opened at $187.08 on Tuesday. The stock has a market capitalization of $47.36 billion, a P/E ratio of -984.63, a PEG ratio of 23.47 and a beta of 1.22. The firm’s 50 day simple moving average is $195.53 and its two-hundred day simple moving average is $118.47. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.78 and a quick ratio of 0.78. Atlassian Corporation PLC has a one year low of $56.01 and a one year high of $229.96.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.37. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same period in the previous year, the firm earned $0.98 earnings per share. The business’s revenue was up 27.6% compared to the same quarter last year. As a group, analysts expect that Atlassian Corporation PLC will post 0.69 EPS for the current fiscal year.

About Atlassian

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for team collaboration and knowledge management, Jira Service Management for IT and enterprise service workflows, Trello for organizing tasks and projects, Loom for video messaging and screen recording, and Bitbucket for source-code management and collaboration.