Caerus Investment Advisors LLC Cuts Stake in Atlassian Corporation PLC $TEAM

Caerus Investment Advisors LLC cut its holdings in Atlassian Corporation PLC (NASDAQ:TEAM) by 48.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,465 shares of the technology company’s stock after selling 5,158 shares during the period. Caerus Investment Advisors LLC’s holdings in Atlassian were worth $373,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Western Wealth Management LLC bought a new stake in shares of Atlassian during the first quarter valued at approximately $30,000. Ariadne Wealth Management LP bought a new position in shares of Atlassian during the first quarter worth $202,000. Oddo BHF Asset Management Sas grew its stake in Atlassian by 171.3% during the first quarter. Oddo BHF Asset Management Sas now owns 289,808 shares of the technology company’s stock valued at $19,779,000 after acquiring an additional 182,973 shares in the last quarter. Bull Harbor Capital LLC purchased a new position in Atlassian during the first quarter valued at $614,000. Finally, Quantinno Capital Management LP increased its holdings in Atlassian by 947.7% in the 1st quarter. Quantinno Capital Management LP now owns 283,427 shares of the technology company’s stock valued at $19,344,000 after acquiring an additional 256,374 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors.

Atlassian Stock Performance

Atlassian stock opened at $101.01 on Friday. The company’s 50-day moving average price is $90.49 and its 200-day moving average price is $87.46. Atlassian Corporation PLC has a twelve month low of $56.01 and a twelve month high of $199.09. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13. The company has a market cap of $25.63 billion, a PE ratio of -121.70, a price-to-earnings-growth ratio of 7.17 and a beta of 1.11.

Atlassian (NASDAQ:TEAM) last announced 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. 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 business’s revenue was up 31.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.97 EPS. On average, equities research analysts forecast that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on TEAM shares. Citizens Jmp reiterated a “market perform” rating on shares of Atlassian in a research note on Wednesday, July 1st. Citigroup cut their price objective on Atlassian from $160.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Atlassian in a report on Monday, June 29th. BTIG Research reiterated a “buy” rating and issued a $130.00 target price on shares of Atlassian in a research report on Friday, July 10th. Finally, KeyCorp cut their price target on Atlassian from $130.00 to $115.00 and set an “overweight” rating for the company in a report on Wednesday, July 8th. Twenty-one equities research 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $138.50.

Insider Activity at Atlassian

In other Atlassian news, CFO James Chuong sold 8,838 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $25,295,868. This represents a 2.97% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 firm’s stock in a transaction that occurred 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 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 20,041 shares of company stock worth $1,801,069 over the last three months. 36.66% of the stock is currently owned by 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.