Renaissance Technologies LLC Sells 421,151 Shares of Atlassian Corporation PLC $TEAM

Renaissance Technologies LLC lessened its holdings in Atlassian Corporation PLC (NASDAQ:TEAM) by 46.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 495,224 shares of the technology company’s stock after selling 421,151 shares during the period. Renaissance Technologies LLC’s holdings in Atlassian were worth $33,799,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. NewEdge Advisors LLC boosted its stake in shares of Atlassian by 71.6% during the first quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company’s stock valued at $1,153,000 after purchasing an additional 2,267 shares in the last quarter. Empowered Funds LLC raised its stake in Atlassian by 39.5% in the first quarter. Empowered Funds LLC now owns 4,689 shares of the technology company’s stock worth $995,000 after buying an additional 1,328 shares in the last quarter. Focus Partners Wealth raised its stake in Atlassian by 32.6% in the first quarter. Focus Partners Wealth now owns 4,122 shares of the technology company’s stock worth $875,000 after buying an additional 1,014 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings 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 buying an additional 161 shares during the period. Finally, Sivia Capital Partners LLC lifted its holdings in Atlassian by 27.5% during the second quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company’s stock worth $380,000 after buying an additional 404 shares during the period. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Guggenheim set a $115.00 price target on Atlassian in a report on Thursday, April 9th. Bank of America reduced their price target on Atlassian from $110.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, July 16th. Weiss Ratings restated a “sell (e+)” rating on shares of Atlassian in a research note on Friday, July 17th. BTIG Research reaffirmed a “buy” rating and set a $130.00 price objective on shares of Atlassian in a research report on Friday, July 10th. Finally, Raymond James Financial reiterated an “outperform” rating on shares of Atlassian in a research note on Tuesday, July 21st. Twenty-one investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Atlassian presently has a consensus rating of “Moderate Buy” and an average price target of $138.50.

Atlassian Price Performance

Shares of TEAM opened at $99.98 on Wednesday. The company has a 50 day moving average of $89.50 and a two-hundred day moving average of $88.02. 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 twelve month low of $56.01 and a twelve month high of $204.61. The company has a market cap of $25.37 billion, a price-to-earnings ratio of -120.46, a price-to-earnings-growth ratio of 6.76 and a beta of 1.11.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 in the prior year, the firm posted $0.97 earnings per share. The business’s quarterly revenue was up 31.7% on a year-over-year basis. As a group, analysts predict that Atlassian Corporation PLC will post 0.81 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In related news, CFO James Chuong sold 8,838 shares of the company’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the transaction, the chief financial officer directly owned 288,272 shares of the company’s stock, valued at $25,295,868. This represents a 2.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at 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 stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $89.71, for a total value of $269,130.00. Following the completion of the sale, the executive owned 227,691 shares of the company’s stock, valued at approximately $20,426,159.61. This trade represents a 1.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 20,041 shares of company stock worth $1,801,069. 36.66% of the stock is owned by company insiders.

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.