Federated Hermes Inc. Has $14.98 Million Position in Atlassian Corporation PLC $TEAM

Federated Hermes Inc. lessened its holdings in Atlassian Corporation PLC (NASDAQ:TEAM) by 9.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 73,760 shares of the technology company’s stock after selling 7,469 shares during the period. Federated Hermes Inc.’s holdings in Atlassian were worth $14,980,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Formula Growth Ltd. boosted its holdings in shares of Atlassian by 18.4% during the 2nd quarter. Formula Growth Ltd. now owns 29,000 shares of the technology company’s stock worth $5,890,000 after buying an additional 4,500 shares during the period. Jump Financial LLC raised its holdings in Atlassian by 30.4% in the 2nd quarter. Jump Financial LLC now owns 168,006 shares of the technology company’s stock valued at $34,120,000 after acquiring an additional 39,209 shares during the period. Qtron Investments LLC acquired a new stake in Atlassian during the second quarter worth approximately $304,000. Amundi boosted its holdings in shares of Atlassian by 26.4% during the second quarter. Amundi now owns 1,582,734 shares of the technology company’s stock worth $327,278,000 after acquiring an additional 330,177 shares during the period. Finally, Marshall Wace LLP grew its position in shares of Atlassian by 203.3% in the second quarter. Marshall Wace LLP now owns 870,867 shares of the technology company’s stock valued at $176,864,000 after purchasing an additional 583,697 shares during the last quarter. 94.45% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TEAM. The Goldman Sachs Group reissued a “buy” rating and set a $260.00 price target on shares of Atlassian in a report on Friday, October 31st. TD Cowen lowered their price objective on Atlassian from $220.00 to $205.00 and set a “hold” rating on the stock in a research report on Monday, October 27th. Sanford C. Bernstein boosted their target price on shares of Atlassian from $290.00 to $304.00 and gave the company an “outperform” rating in a research report on Tuesday, November 18th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $230.00 price target on shares of Atlassian in a research report on Wednesday, October 22nd. Finally, Piper Sandler reiterated an “overweight” rating and issued a $300.00 price objective on shares of Atlassian in a research note on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Atlassian currently has a consensus rating of “Moderate Buy” and an average price target of $240.00.

Atlassian Price Performance

TEAM stock opened at $161.73 on Thursday. The company’s 50-day moving average price is $155.39 and its two-hundred day moving average price is $176.17. The firm has a market cap of $42.55 billion, a P/E ratio of -227.79, a P/E/G ratio of 30.44 and a beta of 0.89. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. Atlassian Corporation PLC has a 12 month low of $139.70 and a 12 month high of $326.00.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, October 30th. The technology company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.21. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Atlassian had a negative net margin of 3.38% and a negative return on equity of 7.11%. The firm’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same quarter last year, the business posted $0.77 EPS. On average, analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Scott Farquhar sold 7,665 shares of the business’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $160.70, for a total transaction of $1,231,765.50. Following the completion of the transaction, the director owned 114,975 shares of the company’s stock, valued at approximately $18,476,482.50. The trade was a 6.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the company’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $160.70, for a total value of $1,231,765.50. Following the sale, the chief executive officer owned 114,975 shares of the company’s stock, valued at approximately $18,476,482.50. This represents a 6.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 581,181 shares of company stock worth $91,943,348. Company insiders own 36.66% of the company’s stock.

Atlassian Profile

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.