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

Renaissance Technologies LLC trimmed its stake in Atlassian Corporation PLC (NASDAQ:TEAM) by 46.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 495,224 shares of the technology company’s stock after selling 421,151 shares during the period. Renaissance Technologies LLC owned approximately 0.20% of Atlassian worth $33,799,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of TEAM. NewEdge Advisors LLC boosted its stake in Atlassian by 71.6% during the first quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company’s stock worth $1,153,000 after buying an additional 2,267 shares during the period. Empowered Funds LLC lifted its holdings in shares of Atlassian by 39.5% in the 1st quarter. Empowered Funds LLC now owns 4,689 shares of the technology company’s stock worth $995,000 after acquiring an additional 1,328 shares during the last quarter. Focus Partners Wealth lifted its holdings in shares of Atlassian by 32.6% in the 1st quarter. Focus Partners Wealth now owns 4,122 shares of the technology company’s stock worth $875,000 after acquiring an additional 1,014 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of Atlassian by 447.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after purchasing an additional 161 shares during the period. Finally, Sivia Capital Partners LLC boosted its stake in shares of Atlassian by 27.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company’s stock worth $380,000 after purchasing an additional 404 shares during the period. Institutional investors own 94.45% of the company’s stock.

Atlassian Price Performance

Atlassian stock opened at $99.98 on Wednesday. The stock 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. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70. Atlassian Corporation PLC has a 1 year low of $56.01 and a 1 year high of $204.61. The firm has a 50-day moving average of $89.50 and a two-hundred day moving average of $88.02.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates 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 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 earned $0.97 EPS. The company’s revenue for the quarter was up 31.7% compared to the same quarter last year. On average, research analysts forecast that Atlassian Corporation PLC will post 0.81 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Barclays increased their price objective on shares of Atlassian from $106.00 to $112.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Guggenheim set a $115.00 target price on Atlassian in a research report on Thursday, April 9th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a report on Friday, July 17th. Truist Financial raised their price target on Atlassian from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Finally, Wall Street Zen lowered Atlassian from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 30th. Twenty-one investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $138.50.

Insider Activity at Atlassian

In other Atlassian news, CRO Brian Duffy sold 3,000 shares of Atlassian stock in a transaction on Friday, June 12th. The stock was sold at an average price of $89.71, for a total transaction of $269,130.00. Following the completion of the sale, the executive directly owned 227,691 shares of the company’s stock, valued at $20,426,159.61. The trade was a 1.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO James Chuong sold 8,838 shares of the company’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $775,534.50. Following the completion of the sale, the chief financial officer owned 288,272 shares of the company’s stock, valued at $25,295,868. This represents a 2.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 20,041 shares of company stock worth $1,801,069. 36.66% of the stock is owned by insiders.

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.