Cullinan Associates Inc. Decreases Stake in Atlassian Corporation PLC $TEAM

Cullinan Associates Inc. trimmed its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 49.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,058 shares of the technology company’s stock after selling 8,959 shares during the quarter. Cullinan Associates Inc.’s holdings in Atlassian were worth $618,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TEAM. Citizens Financial Group Inc. RI boosted its stake in shares of Atlassian by 154.6% during the 1st quarter. Citizens Financial Group Inc. RI now owns 3,768 shares of the technology company’s stock valued at $257,000 after buying an additional 2,288 shares during the last quarter. Fifth Third Bancorp boosted its stake in Atlassian by 7,744.4% during the 1st quarter. Fifth Third Bancorp now owns 14,120 shares of the technology company’s stock valued at $964,000 after acquiring an additional 13,940 shares during the last quarter. Candriam S.C.A. boosted its stake in Atlassian by 6.1% during the 1st quarter. Candriam S.C.A. now owns 55,699 shares of the technology company’s stock valued at $3,801,000 after acquiring an additional 3,212 shares during the last quarter. Sequoia Financial Advisors LLC grew its holdings in Atlassian by 26.1% during the 1st quarter. Sequoia Financial Advisors LLC now owns 8,370 shares of the technology company’s stock worth $571,000 after acquiring an additional 1,733 shares in the last quarter. Finally, Hsbc Holdings PLC increased its position in shares of Atlassian by 25.9% in the 1st quarter. Hsbc Holdings PLC now owns 173,242 shares of the technology company’s stock worth $11,856,000 after purchasing an additional 35,631 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Piper Sandler cut their target price 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. BTIG Research restated a “buy” rating and set a $130.00 price objective on shares of Atlassian in a research note on Friday. Wall Street Zen downgraded Atlassian from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 30th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a report on Monday, April 20th. Finally, Barclays lifted their price objective on shares of Atlassian from $106.00 to $112.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Twenty-one equities research 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $144.70.

Insider Activity at Atlassian

In other Atlassian news, CRO Brian Duffy sold 3,000 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $89.71, for a total transaction of $269,130.00. Following the completion of the transaction, the executive directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO James Chuong sold 8,838 shares of Atlassian 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 transaction, the chief financial officer directly owned 288,272 shares in the company, valued at approximately $25,295,868. The trade was a 2.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 20,041 shares of company stock worth $1,801,069. 36.66% of the stock is owned by corporate insiders.

Atlassian Stock Performance

NASDAQ:TEAM traded down $1.85 during mid-day trading on Friday, hitting $88.86. The stock had a trading volume of 2,457,167 shares, compared to its average volume of 3,884,947. Atlassian Corporation PLC has a 52 week low of $56.01 and a 52 week high of $206.00. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. The stock has a market capitalization of $22.55 billion, a price-to-earnings ratio of -107.06, a P/E/G ratio of 5.01 and a beta of 1.11. The company has a 50 day simple moving average of $88.16 and a 200-day simple moving average of $94.34.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same period in the prior year, the company posted $0.97 EPS. The business’s revenue for the quarter was up 31.7% compared to the same quarter last year. On average, research analysts expect that Atlassian Corporation PLC will post 0.81 earnings per share 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.