Andra AP fonden Cuts Stake in Atlassian Corporation PLC $TEAM

Andra AP fonden trimmed its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 59.7% during the first quarter, HoldingsChannel reports. The fund owned 35,166 shares of the technology company’s stock after selling 52,195 shares during the quarter. Andra AP fonden’s holdings in Atlassian were worth $2,400,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in TEAM. MV Capital Management Inc. acquired a new stake in Atlassian in the fourth quarter valued at about $25,000. Basepoint Wealth LLC purchased a new stake in Atlassian in the 4th quarter valued at approximately $32,000. Garton & Associates Financial Advisors LLC acquired a new position in Atlassian during the 4th quarter worth approximately $32,000. Bogart Wealth LLC increased its position in Atlassian by 76.4% during the 4th quarter. Bogart Wealth LLC now owns 217 shares of the technology company’s stock worth $35,000 after purchasing an additional 94 shares during the period. Finally, VSM Wealth Advisory LLC purchased a new position in Atlassian in the fourth quarter worth $41,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on TEAM shares. BMO Capital Markets cut their price target on shares of Atlassian from $105.00 to $95.00 and set an “outperform” rating for the company in a report on Thursday, June 25th. TD Cowen boosted their price objective on shares of Atlassian from $85.00 to $105.00 and gave the stock a “hold” rating in a report on Friday, May 1st. Guggenheim set a $115.00 target price on shares of Atlassian in a research report on Thursday, April 9th. Bank of America lowered their target price on Atlassian from $110.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, July 16th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a research report on Friday, July 17th. Twenty-one research 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’s stock. According to MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and an average price target of $138.50.

Atlassian Stock Performance

NASDAQ:TEAM opened at $80.15 on Friday. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a market cap of $20.34 billion, a PE ratio of -96.57, a P/E/G ratio of 5.97 and a beta of 1.11. The firm has a 50 day simple moving average of $89.11 and a 200-day simple moving average of $89.36. Atlassian Corporation PLC has a 1-year low of $56.01 and a 1-year high of $206.00.

Atlassian (NASDAQ:TEAM) last announced its earnings results 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. The firm had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. Atlassian’s revenue was up 31.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.97 earnings per share. On average, equities analysts expect that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Insider Activity

In related news, CFO James Chuong sold 8,838 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer directly 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 the stock in a transaction that occurred 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 sale, 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 20,041 shares of company stock worth $1,801,069. Insiders own 36.66% of the company’s stock.

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.