Atlassian Corporation PLC $TEAM Shares Sold by Westpac Banking Corp

Westpac Banking Corp lowered its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 56.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor 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 filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. MV Capital Management Inc. purchased a new position in Atlassian in the 4th quarter valued at approximately $25,000. Basepoint Wealth LLC purchased a new stake in Atlassian during the fourth quarter worth $32,000. Garton & Associates Financial Advisors LLC purchased a new stake in Atlassian during the fourth quarter worth $32,000. Bogart Wealth LLC grew its holdings in Atlassian by 76.4% in the fourth quarter. Bogart Wealth LLC now owns 217 shares of the technology company’s stock valued at $35,000 after purchasing an additional 94 shares during the last quarter. Finally, VSM Wealth Advisory LLC acquired a new stake in Atlassian in the fourth quarter valued at $41,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Atlassian

In other Atlassian news, CRO Brian Duffy sold 3,000 shares of the 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 transaction, the executive owned 227,691 shares of the company’s stock, valued at $20,426,159.61. This represents a 1.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO James Chuong sold 8,838 shares of the firm’s 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 sale, the chief financial officer owned 288,272 shares in the company, 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 sold a total of 20,041 shares of company stock valued at $1,801,069 over the last quarter. 36.66% of the stock is currently owned by insiders.

Atlassian Price Performance

NASDAQ:TEAM opened at $80.15 on Friday. The firm has a market cap of $20.34 billion, a price-to-earnings ratio of -96.57, a price-to-earnings-growth ratio of 5.97 and a beta of 1.11. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. The company’s 50-day moving average is $89.11 and its two-hundred day moving average is $89.36. Atlassian Corporation PLC has a 12-month low of $56.01 and a 12-month high of $206.00.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.42. The business had revenue of $1.79 billion during the quarter, compared to the consensus estimate 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 previous year, the firm posted $0.97 earnings per share. Research analysts expect that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Wall Street Analyst Weigh In

TEAM has been the subject of several research reports. Barclays lifted their price target on Atlassian from $106.00 to $112.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Zacks Research cut shares of Atlassian from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th. UBS Group dropped their target price on shares of Atlassian from $105.00 to $95.00 and set a “neutral” rating for the company in a report on Friday, May 1st. Citigroup cut their target price on shares of Atlassian from $160.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Atlassian in a research note on Friday, July 17th. Twenty-one research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus 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.