Atlassian Corporation PLC $TEAM Shares Sold by Sands Capital Management LLC

Sands Capital Management LLC cut its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 94.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 136,534 shares of the technology company’s stock after selling 2,505,196 shares during the period. Sands Capital Management LLC’s holdings in Atlassian were worth $22,138,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. raised its position in Atlassian by 447.2% during the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after acquiring an additional 161 shares during the period. Board of the Pension Protection Fund acquired a new position in Atlassian during the fourth quarter worth $32,000. Basepoint Wealth LLC acquired a new position in Atlassian during the fourth quarter worth $32,000. Bogart Wealth LLC raised its position in Atlassian by 76.4% during the fourth quarter. Bogart Wealth LLC now owns 217 shares of the technology company’s stock worth $35,000 after acquiring an additional 94 shares during the period. Finally, VSM Wealth Advisory LLC acquired a new position in Atlassian during the fourth quarter worth $41,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO James Chuong sold 8,838 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the sale, the chief financial officer directly owned 288,272 shares in the company, 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 document filed with the Securities & Exchange Commission, 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 firm’s stock in a transaction dated 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 owned 227,691 shares of the company’s stock, valued at approximately $20,426,159.61. The trade was a 1.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 20,041 shares of company stock valued at $1,801,069. 36.66% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Wolfe Research restated an “outperform” rating and set a $100.00 price objective on shares of Atlassian in a research report on Thursday, March 12th. Sanford C. Bernstein restated an “outperform” rating and set a $295.00 price objective on shares of Atlassian in a research report on Friday, May 1st. Piper Sandler dropped their target price on shares of Atlassian from $200.00 to $175.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Canaccord Genuity Group reduced their target price on shares of Atlassian from $185.00 to $150.00 and set a “buy” rating for the company in a research report on Wednesday, April 15th. Finally, BNP Paribas Exane initiated coverage on shares of Atlassian in a research report on Monday, March 16th. They issued an “outperform” rating and a $95.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $145.63.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $88.52 on Monday. The firm has a 50-day simple moving average of $81.45 and a 200-day simple moving average of $104.28. The stock has a market capitalization of $22.46 billion, a price-to-earnings ratio of -106.65, a price-to-earnings-growth ratio of 5.02 and a beta of 1.07. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13. Atlassian Corporation PLC has a 52 week low of $56.01 and a 52 week high of $222.59.

Atlassian (NASDAQ:TEAM) last issued 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 business had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The company’s quarterly revenue was up 31.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.97 earnings per share. On average, equities 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.