Sands Capital Management LLC Cuts Stock Position in Atlassian Corporation PLC $TEAM

Sands Capital Management LLC lessened its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 94.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 136,534 shares of the technology company’s stock after selling 2,505,196 shares during the period. Sands Capital Management LLC owned approximately 0.05% of Atlassian worth $22,138,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. OFI Invest Asset Management grew its position in Atlassian by 16.3% during the 4th quarter. OFI Invest Asset Management now owns 254,551 shares of the technology company’s stock worth $41,273,000 after purchasing an additional 35,682 shares during the last quarter. Baillie Gifford & Co. grew its position in Atlassian by 3.9% during the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock worth $1,367,132,000 after purchasing an additional 316,276 shares during the last quarter. Exane Asset Management grew its position in Atlassian by 419.9% during the 4th quarter. Exane Asset Management now owns 31,363 shares of the technology company’s stock worth $5,085,000 after purchasing an additional 25,330 shares during the last quarter. Nicholas Company Inc. grew its position in Atlassian by 8.7% during the 4th quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company’s stock worth $49,748,000 after purchasing an additional 24,490 shares during the last quarter. Finally, Intech Investment Management LLC grew its position in Atlassian by 180.3% during the 3rd quarter. Intech Investment Management LLC now owns 140,984 shares of the technology company’s stock worth $22,515,000 after purchasing an additional 90,692 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Stock Performance

TEAM opened at $88.52 on Monday. 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 firm has a fifty day moving average price of $81.45 and a 200 day moving average price of $104.28. Atlassian Corporation PLC has a 1 year low of $56.01 and a 1 year high of $222.59. The stock has a market cap of $22.46 billion, a P/E ratio of -106.65, a P/E/G ratio of 5.02 and a beta of 1.07.

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

Insider Buying and Selling at Atlassian

In related news, CRO Brian Duffy sold 3,000 shares of the business’s stock in a transaction on 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 transaction, the executive directly owned 227,691 shares in the company, valued at $20,426,159.61. The trade was a 1.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO James Chuong sold 8,838 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the transaction, the chief financial officer owned 288,272 shares of the company’s stock, valued at approximately $25,295,868. This represents a 2.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 20,041 shares of company stock valued at $1,801,069. Company insiders own 36.66% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. KeyCorp dropped their target price on shares of Atlassian from $170.00 to $130.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 1st. Raymond James Financial set a $130.00 price objective on shares of Atlassian in a report on Friday, May 1st. Wells Fargo & Company dropped their price objective on shares of Atlassian from $155.00 to $120.00 and set an “overweight” rating on the stock in a report on Tuesday, March 17th. BMO Capital Markets dropped their price objective on shares of Atlassian from $130.00 to $105.00 and set an “outperform” rating on the stock in a report on Friday, May 1st. Finally, Canaccord Genuity Group dropped their price objective on shares of Atlassian from $185.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and a consensus price target of $145.63.

Atlassian 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.