First Trust Advisors LP Purchases 71,891 Shares of Atlassian Corporation PLC $TEAM

First Trust Advisors LP raised its position in Atlassian Corporation PLC (NASDAQ:TEAM) by 5.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,395,765 shares of the technology company’s stock after purchasing an additional 71,891 shares during the quarter. First Trust Advisors LP’s holdings in Atlassian were worth $222,904,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in TEAM. Vanguard Group Inc. lifted its stake in shares of Atlassian by 6.0% during the 3rd 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 last quarter. Artisan Partners Limited Partnership grew its position in Atlassian by 66.3% in 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 acquiring an additional 1,545,546 shares during the last quarter. DNB Asset Management AS increased its stake in Atlassian by 266.6% in the third quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company’s stock worth $448,260,000 after purchasing an additional 2,041,210 shares during the period. Geode Capital Management LLC increased its stake in Atlassian by 1.9% in the second 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 during the period. Finally, AQR Capital Management LLC lifted its position in shares of Atlassian by 12.7% during the second 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 last quarter. Institutional investors own 94.45% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. KeyCorp lowered their target price on shares of Atlassian from $210.00 to $170.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Morgan Stanley decreased their price objective on shares of Atlassian from $320.00 to $290.00 and set an “overweight” rating for the company in a report on Friday, February 6th. Piper Sandler reissued an “overweight” rating and issued a $200.00 price objective (down from $280.00) on shares of Atlassian in a research 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 on the stock in a research note on Friday, February 6th. Finally, BMO Capital Markets set a $130.00 target price on shares of Atlassian and gave the stock an “outperform” rating in a research report on Friday, February 6th. Twenty equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Atlassian currently has a consensus rating of “Moderate Buy” and a consensus target price of $189.32.

Atlassian Stock Performance

TEAM stock opened at $83.62 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.89 and a quick ratio of 0.89. The business has a 50-day moving average price of $112.62 and a 200 day moving average price of $144.11. The company has a market capitalization of $22.05 billion, a P/E ratio of -116.14, a PEG ratio of 331.24 and a beta of 0.94. Atlassian Corporation PLC has a 1-year low of $67.85 and a 1-year high of $251.00.

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

Insider Transactions at Atlassian

In other news, CFO Joseph Leo Binz sold 1,653 shares of the stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $81.35, for a total transaction of $134,471.55. Following the transaction, the chief financial officer directly owned 208,639 shares in the company, valued at approximately $16,972,782.65. This trade represents a 0.79% 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. Also, CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $94.81, for a total transaction of $726,718.65. Following the transaction, the chief executive officer directly owned 275,940 shares in the company, valued at approximately $26,161,871.40. The trade was a 2.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 389,791 shares of company stock worth $55,616,361. Insiders own 36.66% of the company’s stock.

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.