Headlands Technologies LLC Sells 50,559 Shares of Atlassian Corporation PLC $TEAM

Headlands Technologies LLC decreased its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 76.3% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 15,731 shares of the technology company’s stock after selling 50,559 shares during the period. Headlands Technologies LLC’s holdings in Atlassian were worth $1,224,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. AQR Capital Management LLC boosted its stake in shares of Atlassian by 291.4% during the 4th quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock worth $1,256,535,000 after buying an additional 5,769,788 shares during the last quarter. Norges Bank bought a new stake in Atlassian during the fourth quarter worth about $323,526,000. Morgan Stanley raised its holdings in 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 acquiring an additional 1,657,309 shares in the last quarter. Carmignac Gestion boosted its position in Atlassian by 115.8% during the first quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company’s stock valued at $177,707,000 after purchasing an additional 1,397,402 shares during the last quarter. Finally, KBC Group NV boosted its position in Atlassian by 1,691.2% during the first quarter. KBC Group NV now owns 1,440,019 shares of the technology company’s stock valued at $98,281,000 after purchasing an additional 1,359,624 shares during the last quarter. Institutional investors own 94.45% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on TEAM. Jefferies Financial Group reaffirmed a “buy” rating and set a $200.00 price target on shares of Atlassian in a research report on Friday, August 7th. BTIG Research increased their price objective on Atlassian from $130.00 to $180.00 and gave the company a “buy” rating in a report on Friday, August 7th. Morgan Stanley raised their target price on shares of Atlassian from $120.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Raymond James Financial set a $180.00 target price on shares of Atlassian in a report on Friday, August 7th. Finally, Barclays upped their price target on shares of Atlassian from $112.00 to $172.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Twenty-five investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Atlassian has a consensus rating of “Moderate Buy” and a consensus target price of $179.93.

Atlassian Price Performance

NASDAQ:TEAM opened at $194.17 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93. The stock’s 50 day moving average price is $117.19 and its two-hundred day moving average price is $92.76. The firm has a market capitalization of $49.27 billion, a price-to-earnings ratio of -1,021.95, a P/E/G ratio of 14.96 and a beta of 1.05. Atlassian Corporation PLC has a 12-month low of $56.01 and a 12-month high of $197.30.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.37. The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%.The business’s revenue was up 27.6% on a year-over-year basis. During the same period last year, the firm posted $0.98 earnings per share. On average, analysts anticipate that Atlassian Corporation PLC will post 0.94 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CFO James Chuong sold 9,054 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the completion of the sale, the chief financial officer owned 279,218 shares of the company’s stock, valued at $48,151,144.10. This trade represents a 3.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Gene Liu sold 939 shares of Atlassian stock in a transaction on Friday, August 28th. The stock was sold at an average price of $190.00, for a total transaction of $178,410.00. Following the transaction, the chief accounting officer directly owned 55,868 shares of the company’s stock, valued at approximately $10,614,920. This trade represents a 1.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 31,288 shares of company stock valued at $4,597,259 in the last quarter. 36.66% of the stock is currently 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.