Sterling Capital Management LLC Reduces Position in Atlassian Corporation PLC $TEAM

Sterling Capital Management LLC trimmed its position in Atlassian Corporation PLC (NASDAQ:TEAM) by 80.7% during the 1st quarter, Holdings Channel.com reports. The fund owned 4,109 shares of the technology company’s stock after selling 17,232 shares during the period. Sterling Capital Management LLC’s holdings in Atlassian were worth $280,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its holdings in shares of Atlassian by 291.4% in the fourth quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock valued at $1,256,535,000 after purchasing an additional 5,769,788 shares during the period. Norges Bank purchased a new position in shares of Atlassian in the fourth quarter worth about $323,526,000. Morgan Stanley lifted its holdings in shares of Atlassian by 52.4% during the fourth quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock worth $781,841,000 after purchasing an additional 1,657,309 shares during the period. Carmignac Gestion lifted its holdings in shares of Atlassian by 6,602.0% during the fourth quarter. Carmignac Gestion now owns 1,206,368 shares of the technology company’s stock worth $195,601,000 after purchasing an additional 1,188,368 shares during the period. Finally, DNB Asset Management AS boosted its position in Atlassian by 42.2% in the fourth quarter. DNB Asset Management AS now owns 3,990,216 shares of the technology company’s stock valued at $646,974,000 after buying an additional 1,183,328 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Insider Buying and Selling at Atlassian

In other news, CRO Brian Duffy sold 3,000 shares of Atlassian 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 sale, the executive owned 227,691 shares in the company, valued at $20,426,159.61. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO James Chuong sold 8,838 shares of the business’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 sale, 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. 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. Over the last ninety days, insiders have sold 20,041 shares of company stock worth $1,801,069. Insiders own 36.66% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Wall Street Zen downgraded shares of Atlassian from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 30th. Mizuho decreased their price objective on shares of Atlassian from $185.00 to $145.00 and set an “outperform” rating for the company in a research note on Tuesday, April 14th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Atlassian in a report on Monday, April 20th. Citizens Jmp reiterated a “market perform” rating on shares of Atlassian in a research note on Wednesday. Finally, Barclays raised their target price on shares of Atlassian from $106.00 to $112.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Twenty-one investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and a consensus price target of $145.26.

Atlassian Stock Performance

Shares of TEAM stock opened at $83.84 on Friday. 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 company has a market cap of $21.28 billion, a price-to-earnings ratio of -101.01, a PEG ratio of 4.73 and a beta of 1.11. The stock has a 50 day simple moving average of $86.35 and a 200-day simple moving average of $96.91. Atlassian Corporation PLC has a 1-year low of $56.01 and a 1-year high of $222.59.

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

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.