Atlassian Corporation PLC $TEAM Shares Sold by Ardmore Road Asset Management LP

Ardmore Road Asset Management LP cut its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 30.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 183,900 shares of the technology company’s stock after selling 82,201 shares during the period. Ardmore Road Asset Management LP’s holdings in Atlassian were worth $12,551,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in TEAM. OFI Invest Asset Management grew its stake in shares of Atlassian by 16.3% in the fourth quarter. OFI Invest Asset Management now owns 254,551 shares of the technology company’s stock worth $41,273,000 after acquiring an additional 35,682 shares in the last quarter. Baillie Gifford & Co. raised its stake in shares of Atlassian by 3.9% in the fourth quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock valued at $1,367,132,000 after acquiring an additional 316,276 shares in the last quarter. Exane Asset Management boosted its holdings in Atlassian by 419.9% in the fourth quarter. Exane Asset Management now owns 31,363 shares of the technology company’s stock valued at $5,085,000 after purchasing an additional 25,330 shares during the period. Nicholas Company Inc. boosted its holdings in Atlassian by 8.7% in the fourth quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company’s stock valued at $49,748,000 after purchasing an additional 24,490 shares during the period. Finally, Fisher Funds Management LTD grew its stake in Atlassian by 11.1% during the 4th quarter. Fisher Funds Management LTD now owns 334,011 shares of the technology company’s stock worth $54,440,000 after purchasing an additional 33,485 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $86.88 on Monday. The stock’s 50-day simple moving average is $89.10 and its 200-day simple moving average is $88.89. The firm has a market capitalization of $22.05 billion, a PE ratio of -104.67, a price-to-earnings-growth ratio of 6.08 and a beta of 1.11. Atlassian Corporation PLC has a fifty-two week low of $56.01 and a fifty-two week high of $206.00. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 positive return on equity of 6.22% and a negative net margin of 3.50%.The firm’s quarterly revenue was up 31.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.97 earnings per share. As a group, equities research analysts forecast that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

Insider Activity at Atlassian

In other news, CFO James Chuong sold 8,838 shares of the company’s stock in a transaction 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 completion of the transaction, the chief financial officer owned 288,272 shares in the company, valued at approximately $25,295,868. This represents a 2.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through 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 the stock in a transaction on Friday, June 12th. The shares were 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 in the company, valued at $20,426,159.61. This trade represents a 1.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 20,041 shares of company stock valued at $1,801,069 in the last 90 days. Insiders own 36.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Bank of America cut their price target on Atlassian from $110.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, July 16th. Truist Financial boosted their price objective on Atlassian from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Canaccord Genuity Group cut their target price on shares of Atlassian from $185.00 to $150.00 and set a “buy” rating on the stock in a research note on Wednesday, April 15th. TD Cowen raised their target price on shares of Atlassian from $85.00 to $105.00 and gave the company a “hold” rating in a report on Friday, May 1st. Finally, Oppenheimer lifted their price target on shares of Atlassian from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, May 11th. Twenty-one investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $138.50.

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.