Essential Partners LLC Sells 13,919 Shares of Atlassian Corporation PLC $TEAM

Essential Partners LLC lessened its stake in Atlassian Corporation PLC (NASDAQ:TEAM) by 84.2% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 2,605 shares of the technology company’s stock after selling 13,919 shares during the quarter. Essential Partners LLC’s holdings in Atlassian were worth $178,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TEAM. MV Capital Management Inc. acquired a new position in Atlassian during the fourth quarter worth $25,000. Geneos Wealth Management Inc. lifted its stake in Atlassian by 447.2% in the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after acquiring an additional 161 shares during the last quarter. Basepoint Wealth LLC acquired a new stake in Atlassian in the fourth quarter valued at $32,000. Garton & Associates Financial Advisors LLC bought a new position in shares of Atlassian in the 4th quarter valued at about $32,000. Finally, Bogart Wealth LLC grew its position in shares of Atlassian by 76.4% in the 4th quarter. Bogart Wealth LLC now owns 217 shares of the technology company’s stock valued at $35,000 after acquiring an additional 94 shares during the period. 94.45% of the stock is owned by institutional investors.

Atlassian Price Performance

Shares of TEAM opened at $101.01 on Friday. The firm has a market capitalization of $25.63 billion, a PE ratio of -121.70, a PEG ratio of 7.17 and a beta of 1.11. The company’s 50-day moving average is $90.49 and its 200-day moving average is $87.46. Atlassian Corporation PLC has a fifty-two week low of $56.01 and a fifty-two week high of $199.09. 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 (NASDAQ:TEAM) last posted its 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. The company had revenue of $1.79 billion during 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%. Atlassian’s quarterly revenue was up 31.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.97 EPS. Equities analysts forecast that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Citizens Jmp restated a “market perform” rating on shares of Atlassian in a research note on Wednesday, July 1st. TD Cowen raised their target price on shares of Atlassian from $85.00 to $105.00 and gave the company a “hold” rating in a research note on Friday, May 1st. Truist Financial lifted their price target on Atlassian from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Raymond James Financial reissued an “outperform” rating on shares of Atlassian in a research report on Tuesday, July 21st. Finally, Guggenheim set a $115.00 price objective on Atlassian in a research note on Thursday, April 9th. Twenty-one research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $138.50.

Insider Activity

In other Atlassian news, 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 transaction of $269,130.00. Following the completion of the sale, the executive directly 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 legal filing 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 that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $775,534.50. Following the completion of the transaction, the chief financial officer directly owned 288,272 shares in the company, valued at $25,295,868. The trade was a 2.97% decrease in their position. 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. Over the last three months, insiders sold 20,041 shares of company stock worth $1,801,069. Insiders own 36.66% of the company’s stock.

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.