Franklin Resources Inc. cut its stake in Atlassian Co. PLC (NASDAQ:TEAM) by 40.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 516,020 shares of the technology company’s stock after selling 353,582 shares during the period. Franklin Resources Inc. owned approximately 0.49% of Atlassian worth $49,610,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Motley Fool Asset Management LLC purchased a new position in Atlassian in the second quarter valued at about $8,253,000. Zacks Investment Management increased its holdings in Atlassian by 5.5% in the second quarter. Zacks Investment Management now owns 17,490 shares of the technology company’s stock valued at $1,093,000 after buying an additional 918 shares in the last quarter. Creative Planning purchased a new position in Atlassian in the third quarter valued at about $247,000. Morgan Stanley increased its holdings in Atlassian by 44.9% in the second quarter. Morgan Stanley now owns 917,941 shares of the technology company’s stock valued at $57,391,000 after buying an additional 284,450 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Atlassian by 39.9% in the second quarter. Bank of New York Mellon Corp now owns 1,655,435 shares of the technology company’s stock valued at $103,497,000 after buying an additional 471,860 shares in the last quarter. 89.02% of the stock is owned by institutional investors.
Shares of TEAM opened at $80.46 on Friday. The company has a debt-to-equity ratio of 1.16, a current ratio of 4.17 and a quick ratio of 4.17. Atlassian Co. PLC has a 1-year low of $45.06 and a 1-year high of $98.21. The company has a market cap of $9.10 billion, a PE ratio of -1,137.43, a price-to-earnings-growth ratio of 72.15 and a beta of 2.75.
Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, October 18th. The technology company reported $0.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.01. Atlassian had a negative net margin of 36.71% and a negative return on equity of 0.75%. The business had revenue of $267.30 million during the quarter, compared to analysts’ expectations of $259.67 million. During the same period last year, the company posted $0.12 EPS. The company’s revenue was up 36.7% on a year-over-year basis. As a group, sell-side analysts expect that Atlassian Co. PLC will post 0.09 earnings per share for the current fiscal year.
A number of brokerages have issued reports on TEAM. Jefferies Financial Group increased their target price on shares of Atlassian to $83.00 and gave the company a “hold” rating in a report on Tuesday, September 4th. Needham & Company LLC began coverage on shares of Atlassian in a report on Monday, October 22nd. They issued a “hold” rating for the company. They noted that the move was a valuation call. BidaskClub cut shares of Atlassian from a “strong-buy” rating to a “buy” rating in a report on Friday, October 5th. BTIG Research raised shares of Atlassian from a “neutral” rating to a “buy” rating in a report on Tuesday, November 13th. Finally, Cowen increased their target price on shares of Atlassian from $95.00 to $105.00 and gave the company an “outperform” rating in a report on Thursday, September 13th. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. Atlassian currently has a consensus rating of “Buy” and an average target price of $82.00.
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Atlassian Company Profile
Atlassian Corporation Plc, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. It provides project tracking, content creation and sharing, and service management products. The company's products include JIRA, a workflow management system that enables teams to plan, organize, track, and manage their work and projects; Confluence, a content collaboration platform that is used to create, share, organize, and discuss projects; and Trello, a Web-based project management application for capturing and adding structure to fluid, fast-forming work for teams.
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