Strs Ohio reduced its position in Atlassian Corporation PLC (NASDAQ:TEAM – Free Report) by 63.3% during the first quarter, HoldingsChannel reports. The fund owned 35,391 shares of the technology company’s stock after selling 60,990 shares during the quarter. Strs Ohio’s holdings in Atlassian were worth $2,415,000 as of its most recent filing with the SEC.
Several other institutional investors have also added to or reduced their stakes in the business. MV Capital Management Inc. bought a new position in Atlassian during the fourth quarter worth about $25,000. Geneos Wealth Management Inc. raised its position in shares of Atlassian by 447.2% in the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after purchasing an additional 161 shares during the period. Board of the Pension Protection Fund bought a new stake in shares of Atlassian in the fourth quarter valued at approximately $32,000. Basepoint Wealth LLC purchased a new stake in shares of Atlassian during the 4th quarter valued at approximately $32,000. Finally, Garton & Associates Financial Advisors LLC purchased a new stake in shares of Atlassian during the 4th quarter valued at approximately $32,000. 94.45% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on TEAM shares. Wall Street Zen lowered shares of Atlassian from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 30th. Mizuho dropped their target price on Atlassian from $185.00 to $145.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 14th. Canaccord Genuity Group cut their price target on Atlassian from $185.00 to $150.00 and set a “buy” rating for the company in a report on Wednesday, April 15th. Piper Sandler reduced their price target on Atlassian from $200.00 to $175.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Finally, Raymond James Financial set a $130.00 price objective on Atlassian in a research note on Friday, May 1st. Twenty-one research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Atlassian presently has a consensus rating of “Moderate Buy” and an average target price of $145.26.
Atlassian Price Performance
Atlassian stock traded up $2.83 during midday trading on Tuesday, reaching $88.33. 531,234 shares of the stock were exchanged, compared to its average volume of 6,629,706. The company’s fifty day moving average is $86.71 and its 200-day moving average is $95.95. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a market cap of $22.42 billion, a PE ratio of -106.58, a PEG ratio of 4.73 and a beta of 1.11. Atlassian Corporation PLC has a 52 week low of $56.01 and a 52 week high of $222.59.
Atlassian (NASDAQ:TEAM – Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.33 by $0.42. The firm had revenue of $1.79 billion during 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 business’s quarterly revenue was up 31.7% compared to the same quarter last year. During the same period last year, the firm earned $0.97 EPS. On average, sell-side analysts forecast that Atlassian Corporation PLC will post 0.81 EPS for the current year.
Insider Buying and Selling at Atlassian
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 value of $775,534.50. Following 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 dated Friday, June 12th. The shares were sold at an average price of $89.71, for a total value of $269,130.00. Following the sale, the executive owned 227,691 shares of the company’s stock, valued at approximately $20,426,159.61. This trade represents a 1.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 20,041 shares of company stock valued at $1,801,069 in the last three months. 36.66% of the stock is owned by corporate insiders.
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.
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