Arrowstreet Capital Limited Partnership Cuts Position in Atlassian Corporation PLC $TEAM

Arrowstreet Capital Limited Partnership trimmed its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 9.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,056,433 shares of the technology company’s stock after selling 107,680 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Atlassian were worth $171,290,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Atlassian by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 18,541,267 shares of the technology company’s stock worth $3,006,281,000 after buying an additional 61,706 shares during the period. Baillie Gifford & Co. increased its stake in 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 purchasing an additional 316,276 shares during the last quarter. Morgan Stanley increased its stake in Atlassian by 52.4% in the fourth quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock valued at $781,841,000 after purchasing an additional 1,657,309 shares during the last quarter. State Street Corp increased its stake in Atlassian by 3.3% in the fourth quarter. State Street Corp now owns 3,995,100 shares of the technology company’s stock valued at $647,766,000 after purchasing an additional 127,105 shares during the last quarter. Finally, DNB Asset Management AS increased its stake in Atlassian by 42.2% in the fourth quarter. DNB Asset Management AS now owns 3,990,216 shares of the technology company’s stock valued at $646,974,000 after purchasing an additional 1,183,328 shares during the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on TEAM shares. Weiss Ratings restated a “sell (e+)” rating on shares of Atlassian in a research report on Monday, April 20th. UBS Group lowered their target price on shares of Atlassian from $105.00 to $95.00 and set a “neutral” rating on the stock in a research report on Friday, May 1st. Robert W. Baird set a $120.00 target price on shares of Atlassian in a research report on Friday, May 1st. BMO Capital Markets lowered their target price on shares of Atlassian from $130.00 to $105.00 and set an “outperform” rating on the stock in a research report on Friday, May 1st. Finally, Raymond James Financial set a $130.00 price target on Atlassian in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $145.63.

Insider Buying and Selling at Atlassian

In other news, CRO Brian Duffy sold 3,000 shares of Atlassian 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 owned 227,691 shares of the company’s stock, valued at $20,426,159.61. The trade was a 1.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction on 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 of the company’s stock, valued at $25,295,868. This trade represents a 2.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 20,041 shares of company stock valued at $1,801,069 in the last ninety days. Corporate insiders own 36.66% of the company’s stock.

Atlassian Price Performance

Atlassian stock opened at $88.52 on Monday. Atlassian Corporation PLC has a one year low of $56.01 and a one year high of $222.59. 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 business has a fifty day moving average of $81.45 and a two-hundred day moving average of $104.28. The company has a market cap of $22.46 billion, a P/E ratio of -106.65, a price-to-earnings-growth ratio of 5.02 and a beta of 1.07.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.42. The company 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%.Atlassian’s quarterly revenue was up 31.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.97 earnings per share. As a group, analysts predict 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.