Atlassian Corporation PLC $TEAM Shares Sold by Westpac Banking Corp

Westpac Banking Corp cut its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 56.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 7,342 shares of the technology company’s stock after selling 9,671 shares during the period. Westpac Banking Corp’s holdings in Atlassian were worth $501,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Parallel Advisors LLC raised its position in shares of Atlassian by 43.8% in the 1st quarter. Parallel Advisors LLC now owns 1,799 shares of the technology company’s stock worth $123,000 after buying an additional 548 shares during the period. KBC Group NV grew its position in Atlassian by 1,691.2% during the first quarter. KBC Group NV now owns 1,440,019 shares of the technology company’s stock valued at $98,281,000 after acquiring an additional 1,359,624 shares during the period. SEB Asset Management AB purchased a new stake in Atlassian during the first quarter valued at about $4,406,000. Swiss National Bank increased its stake in Atlassian by 8.2% during the first quarter. Swiss National Bank now owns 493,267 shares of the technology company’s stock worth $33,665,000 after acquiring an additional 37,500 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC increased its stake in Atlassian by 224.2% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 4,960 shares of the technology company’s stock worth $339,000 after acquiring an additional 3,430 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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 directly owned 288,272 shares in the company, valued at approximately $25,295,868. This represents a 2.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 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 sale, 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 position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 20,041 shares of company stock worth $1,801,069. Corporate insiders own 36.66% of the company’s stock.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $80.15 on Friday. Atlassian Corporation PLC has a 1-year low of $56.01 and a 1-year high of $206.00. The business has a 50-day moving average of $89.11 and a 200-day moving average of $89.36. 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 company has a market capitalization of $20.34 billion, a price-to-earnings ratio of -96.57, a PEG ratio of 5.97 and a beta of 1.11.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The business had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period last year, the business posted $0.97 EPS. The company’s revenue was up 31.7% on a year-over-year basis. On average, equities analysts anticipate that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Morgan Stanley reduced their price objective on Atlassian from $290.00 to $120.00 and set an “overweight” rating on the stock in a research note on Thursday, April 16th. 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 research report on Friday, May 1st. Mizuho cut their price target on shares of Atlassian from $185.00 to $145.00 and set an “outperform” rating on the stock in a report on Tuesday, April 14th. Zacks Research cut shares of Atlassian from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. Finally, Guggenheim set a $115.00 price objective on shares of Atlassian in a research note on Thursday, April 9th. Twenty-one equities 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 stock. Based on data from MarketBeat.com, Atlassian has a consensus rating of “Moderate Buy” and an average price target of $138.50.

About Atlassian

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.