FORA Capital LLC Cuts Position in Atlassian Corporation PLC $TEAM

FORA Capital LLC reduced its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 55.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,770 shares of the technology company’s stock after selling 19,897 shares during the quarter. FORA Capital LLC’s holdings in Atlassian were worth $3,203,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in TEAM. State of Wyoming raised its holdings in Atlassian by 20.3% in the first quarter. State of Wyoming now owns 278 shares of the technology company’s stock worth $59,000 after purchasing an additional 47 shares in the last quarter. EP Wealth Advisors LLC raised its stake in shares of Atlassian by 2.8% during the 1st quarter. EP Wealth Advisors LLC now owns 2,641 shares of the technology company’s stock worth $561,000 after acquiring an additional 71 shares in the last quarter. Snowden Capital Advisors LLC raised its stake in shares of Atlassian by 1.6% during the 2nd quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company’s stock worth $907,000 after acquiring an additional 71 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in Atlassian by 11.5% during the first quarter. Smartleaf Asset Management LLC now owns 716 shares of the technology company’s stock valued at $156,000 after acquiring an additional 74 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC boosted its stake in Atlassian by 5.5% in the first quarter. Ashton Thomas Private Wealth LLC now owns 1,412 shares of the technology company’s stock valued at $300,000 after acquiring an additional 74 shares in the last quarter. Institutional investors own 94.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on TEAM shares. Citigroup reiterated a “buy” rating on shares of Atlassian in a report on Wednesday, October 22nd. Macquarie decreased their price target on Atlassian from $250.00 to $240.00 and set an “outperform” rating for the company in a research note on Monday, November 3rd. Piper Sandler restated an “overweight” rating and set a $300.00 price objective on shares of Atlassian in a report on Friday, October 31st. KeyCorp decreased their price objective on shares of Atlassian from $250.00 to $210.00 and set an “overweight” rating for the company in a research report on Thursday, October 23rd. Finally, Wells Fargo & Company initiated coverage on shares of Atlassian in a research report on Tuesday, September 30th. They set an “overweight” rating and a $216.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $240.00.

Insider Buying and Selling at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of the firm’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $161.79, for a total transaction of $1,240,120.35. Following the sale, the chief executive officer directly owned 107,310 shares of the company’s stock, valued at $17,361,684.90. This trade represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $161.79, for a total value of $1,240,120.35. Following the transaction, the director owned 99,645 shares of the company’s stock, valued at approximately $16,121,564.55. This represents a 7.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 581,181 shares of company stock worth $91,738,233. 36.66% of the stock is owned by corporate insiders.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $162.04 on Friday. Atlassian Corporation PLC has a 52 week low of $139.70 and a 52 week high of $326.00. The business’s 50 day moving average price is $155.86 and its 200 day moving average price is $175.53. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. The firm has a market cap of $42.63 billion, a P/E ratio of -228.22, a P/E/G ratio of 30.56 and a beta of 0.89.

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 analysts’ consensus estimates of $0.83 by $0.21. The company had revenue of $1.43 billion during 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%. Atlassian’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same period last year, the firm posted $0.77 EPS. On average, sell-side analysts expect that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

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.