Capital International Investors Sells 71,990 Shares of Atlassian Corporation PLC $TEAM

Capital International Investors cut its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 2.0% during the third quarter, Holdings Channel.com reports. The fund owned 3,560,524 shares of the technology company’s stock after selling 71,990 shares during the period. Capital International Investors’ holdings in Atlassian were worth $568,863,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in TEAM. Vanguard Group Inc. boosted its stake in shares of Atlassian by 6.0% in the third quarter. Vanguard Group Inc. now owns 18,479,561 shares of the technology company’s stock worth $2,951,186,000 after acquiring an additional 1,049,483 shares during the period. Artisan Partners Limited Partnership raised its stake in Atlassian by 66.3% during the 2nd quarter. Artisan Partners Limited Partnership now owns 3,878,133 shares of the technology company’s stock valued at $787,610,000 after purchasing an additional 1,545,546 shares during the period. DNB Asset Management AS raised its stake in Atlassian by 266.6% during the 3rd quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company’s stock valued at $448,260,000 after purchasing an additional 2,041,210 shares during the period. Geode Capital Management LLC lifted its holdings in Atlassian by 1.9% in the 2nd quarter. Geode Capital Management LLC now owns 2,356,798 shares of the technology company’s stock worth $476,800,000 after purchasing an additional 43,899 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in Atlassian by 12.7% in the 2nd quarter. AQR Capital Management LLC now owns 1,933,851 shares of the technology company’s stock worth $392,282,000 after purchasing an additional 218,564 shares during the period. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Price Performance

Atlassian stock opened at $78.01 on Wednesday. Atlassian Corporation PLC has a 52-week low of $67.85 and a 52-week high of $242.00. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.62. The firm’s fifty day moving average is $109.29 and its 200 day moving average is $142.72. The company has a market cap of $20.57 billion, a price-to-earnings ratio of -108.35, a PEG ratio of 324.98 and a beta of 0.94.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, February 5th. The technology company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.10. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.33%. The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period last year, the company posted $0.96 EPS. The business’s revenue was up 23.3% on a year-over-year basis. Sell-side analysts forecast that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Analysts Set New Price Targets

TEAM has been the subject of a number of research analyst reports. Oppenheimer cut their price objective on shares of Atlassian from $275.00 to $150.00 and set an “outperform” rating for the company in a report on Friday, February 6th. Barclays dropped their target price on shares of Atlassian from $215.00 to $165.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. Sanford C. Bernstein raised their target price on shares of Atlassian from $290.00 to $304.00 and gave the company an “outperform” rating in a research note on Tuesday, November 18th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a report on Wednesday, January 21st. Finally, Piper Sandler reiterated an “overweight” rating and issued a $200.00 price target (down from $280.00) on shares of Atlassian in a research note on Friday, February 6th. Twenty investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $189.32.

Insider Activity

In other news, CEO Michael Cannon-Brookes sold 7,665 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $162.40, for a total value of $1,244,796.00. Following the completion of the sale, the chief executive officer directly owned 53,655 shares of the company’s stock, valued at $8,713,572. This trade represents a 12.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Scott Farquhar sold 7,665 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $162.40, for a total value of $1,244,796.00. Following the transaction, the director directly owned 53,655 shares in the company, valued at approximately $8,713,572. This represents a 12.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 359,131 shares of company stock valued at $50,672,589. 36.66% of the stock is currently owned by company insiders.

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.