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

Sands Capital Management LLC reduced its stake in Atlassian Corporation PLC (NASDAQ:TEAM) by 33.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,588,723 shares of the technology company’s stock after selling 1,329,865 shares during the quarter. Atlassian accounts for 1.5% of Sands Capital Management LLC’s investment portfolio, making the stock its 23rd largest position. Sands Capital Management LLC owned 0.99% of Atlassian worth $525,744,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in TEAM. Capco Asset Management LLC purchased a new position in shares of Atlassian during the second quarter worth $25,000. Smithfield Trust Co boosted its holdings in Atlassian by 90.7% during the 1st quarter. Smithfield Trust Co now owns 164 shares of the technology company’s stock valued at $34,000 after acquiring an additional 78 shares during the period. Geneos Wealth Management Inc. grew its position in Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after acquiring an additional 161 shares in the last quarter. State of Wyoming grew its position in Atlassian by 20.3% in the 1st quarter. State of Wyoming now owns 278 shares of the technology company’s stock valued at $59,000 after acquiring an additional 47 shares in the last quarter. Finally, Virtus Advisers LLC purchased a new stake in Atlassian during the second quarter worth about $61,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Insider Transactions at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $175.17, for a total value of $1,342,678.05. Following the transaction, the chief executive officer owned 91,980 shares in the company, valued at approximately $16,112,136.60. This represents a 7.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Anutthara Bharadwaj sold 9,847 shares of the business’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $152.46, for a total value of $1,501,273.62. Following the sale, the president owned 242,092 shares of the company’s stock, valued at approximately $36,909,346.32. The trade was a 3.91% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 581,181 shares of company stock valued at $92,602,385. 36.66% of the stock is currently owned by corporate insiders.

Atlassian Trading Up 1.5%

NASDAQ TEAM opened at $153.91 on Wednesday. Atlassian Corporation PLC has a 52 week low of $139.70 and a 52 week high of $326.00. The firm has a 50 day moving average of $155.61 and a two-hundred day moving average of $178.10. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $40.50 billion, a PE ratio of -216.77, a price-to-earnings-growth ratio of 28.59 and a beta of 0.89.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, October 30th. The technology company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.21. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Atlassian had a negative net margin of 3.38% and a negative return on equity of 7.11%. The company’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.77 EPS. As a group, research analysts expect that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on TEAM shares. Piper Sandler reissued an “overweight” rating and issued a $300.00 price objective on shares of Atlassian in a research note on Friday, October 31st. Citigroup reiterated a “buy” rating on shares of Atlassian in a report on Wednesday, October 22nd. Weiss Ratings reissued a “sell (e+)” rating on shares of Atlassian in a research report on Wednesday, October 8th. TD Cowen dropped their price target on shares of Atlassian from $220.00 to $205.00 and set a “hold” rating for the company in a research note on Monday, October 27th. Finally, Cowen reaffirmed a “hold” rating on shares of Atlassian in a research report on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $240.00.

Atlassian Company Profile

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.