Victory Capital Management Inc. Cuts Stake in Atlassian Corporation PLC $TEAM

Victory Capital Management Inc. cut its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 6.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 150,017 shares of the technology company’s stock after selling 10,964 shares during the quarter. Victory Capital Management Inc. owned 0.06% of Atlassian worth $23,958,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Physician Wealth Advisors Inc. raised its position in Atlassian by 60.4% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock worth $26,000 after purchasing an additional 61 shares during the period. Snowden Capital Advisors LLC grew its stake in shares of Atlassian by 1.6% during the second quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company’s stock valued at $907,000 after buying an additional 71 shares during the last quarter. Cetera Investment Advisers increased its holdings in shares of Atlassian by 0.3% in the second quarter. Cetera Investment Advisers now owns 24,808 shares of the technology company’s stock worth $5,038,000 after buying an additional 79 shares during the period. ABN Amro Investment Solutions lifted its stake in shares of Atlassian by 3.4% in the 3rd quarter. ABN Amro Investment Solutions now owns 2,452 shares of the technology company’s stock valued at $392,000 after acquiring an additional 80 shares during the last quarter. Finally, Allegiance Financial Group Advisory Services LLC boosted its holdings in Atlassian by 6.6% during the 3rd quarter. Allegiance Financial Group Advisory Services LLC now owns 1,307 shares of the technology company’s stock valued at $209,000 after acquiring an additional 81 shares during the period. 94.45% of the stock is currently owned by institutional investors.

Insider Transactions at Atlassian

In other news, CFO Joseph Leo Binz sold 1,653 shares of the stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $81.35, for a total value of $134,471.55. Following the sale, the chief financial officer directly owned 208,639 shares of the company’s stock, valued at approximately $16,972,782.65. This represents a 0.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Rajeev Bashyam Rajan sold 3,072 shares of the firm’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $81.35, for a total value of $249,907.20. Following the transaction, the chief technology officer owned 212,916 shares of the company’s stock, valued at $17,320,716.60. The trade was a 1.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 374,461 shares of company stock worth $53,152,830. Company insiders own 36.66% of the company’s stock.

Wall Street Analyst Weigh In

TEAM has been the topic of a number of analyst reports. Canaccord Genuity Group set a $185.00 price target on Atlassian in a research note on Friday, February 6th. Zacks Research cut shares of Atlassian from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 11th. Robert W. Baird set a $140.00 target price on shares of Atlassian in a research note on Friday, February 6th. Citigroup dropped their price target on shares of Atlassian from $210.00 to $160.00 and set a “buy” rating for the company in a research report on Monday, February 9th. Finally, Piper Sandler restated an “overweight” rating and issued a $200.00 price objective (down from $280.00) on shares of Atlassian in a research report on Friday, February 6th. Twenty research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $189.32.

Atlassian Stock Performance

Shares of TEAM opened at $82.04 on Tuesday. Atlassian Corporation PLC has a one year low of $67.85 and a one year high of $242.00. The firm has a market capitalization of $21.64 billion, a PE ratio of -113.94, a price-to-earnings-growth ratio of 331.23 and a beta of 0.94. The company has a 50-day simple moving average of $110.98 and a two-hundred day simple moving average of $143.37. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.89 and a quick ratio of 0.89.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, February 5th. The technology company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.10. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.54 billion. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.The firm’s revenue was up 23.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.96 earnings per share. On average, analysts anticipate that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

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.