Atlassian Corporation PLC $TEAM Shares Sold by Ardmore Road Asset Management LP

Ardmore Road Asset Management LP reduced its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 30.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 183,900 shares of the technology company’s stock after selling 82,201 shares during the period. Ardmore Road Asset Management LP owned 0.07% of Atlassian worth $12,551,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in TEAM. Vanguard Group Inc. increased its holdings in shares of Atlassian by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 18,541,267 shares of the technology company’s stock valued at $3,006,281,000 after purchasing an additional 61,706 shares during the last quarter. Baillie Gifford & Co. grew its holdings in Atlassian by 3.9% in the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock valued at $1,367,132,000 after buying an additional 316,276 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Atlassian by 291.4% in 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 acquiring an additional 5,769,788 shares during the last quarter. Pictet Asset Management Holding SA increased its stake in shares of Atlassian by 27.4% in the 1st quarter. Pictet Asset Management Holding SA now owns 5,031,413 shares of the technology company’s stock worth $343,344,000 after acquiring an additional 1,080,561 shares during the last quarter. Finally, Morgan Stanley raised its holdings in shares of Atlassian by 52.4% during the 4th 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 during the period. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Price Performance

Shares of TEAM opened at $86.88 on Monday. The company’s 50-day moving average price is $89.10 and its 200 day moving average price is $88.89. Atlassian Corporation PLC has a 12-month low of $56.01 and a 12-month high of $206.00. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. The firm has a market cap of $22.05 billion, a P/E ratio of -104.67, a price-to-earnings-growth ratio of 6.08 and a beta of 1.11.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.42. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The company had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same quarter last year, the firm posted $0.97 earnings per share. Atlassian’s revenue was up 31.7% compared to the same quarter last year. On average, sell-side analysts forecast that Atlassian Corporation PLC will post 0.81 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Oppenheimer boosted their price target on shares of Atlassian from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, May 11th. Mizuho reduced their target price on shares of Atlassian from $185.00 to $145.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 14th. KeyCorp decreased their target price on shares of Atlassian from $130.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday, July 8th. Piper Sandler dropped their price target on shares of Atlassian from $200.00 to $175.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. Finally, Wall Street Zen downgraded shares of Atlassian from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 30th. Twenty-one research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and a consensus price target of $138.50.

Insider Activity at Atlassian

In related news, CRO Brian Duffy sold 3,000 shares of the 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 transaction, the executive owned 227,691 shares of the company’s stock, valued at approximately $20,426,159.61. This trade represents a 1.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the sale, the chief financial officer owned 288,272 shares of the company’s stock, valued at $25,295,868. This trade represents a 2.97% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 20,041 shares of company stock worth $1,801,069. Company insiders own 36.66% of the company’s stock.

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.