Fifth Third Bancorp Purchases 13,940 Shares of Atlassian Corporation PLC $TEAM

Fifth Third Bancorp increased its position in Atlassian Corporation PLC (NASDAQ:TEAM) by 7,744.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,120 shares of the technology company’s stock after buying an additional 13,940 shares during the period. Fifth Third Bancorp’s holdings in Atlassian were worth $964,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. OFI Invest Asset Management increased its position in Atlassian by 16.3% in the fourth quarter. OFI Invest Asset Management now owns 254,551 shares of the technology company’s stock worth $41,273,000 after purchasing an additional 35,682 shares during the last quarter. Baillie Gifford & Co. lifted its position in Atlassian by 3.9% during the fourth quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock valued at $1,367,132,000 after purchasing an additional 316,276 shares during the last quarter. Exane Asset Management lifted its position in Atlassian by 419.9% during the fourth quarter. Exane Asset Management now owns 31,363 shares of the technology company’s stock valued at $5,085,000 after purchasing an additional 25,330 shares during the last quarter. Nicholas Company Inc. grew its stake in shares of Atlassian by 8.7% in the 4th quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company’s stock worth $49,748,000 after buying an additional 24,490 shares in the last quarter. Finally, Fisher Funds Management LTD increased its holdings in shares of Atlassian by 11.1% in the 4th quarter. Fisher Funds Management LTD now owns 334,011 shares of the technology company’s stock worth $54,440,000 after buying an additional 33,485 shares during the last quarter. 94.45% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on TEAM shares. Zacks Research downgraded Atlassian from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. UBS Group lowered their price target on Atlassian from $105.00 to $95.00 and set a “neutral” rating for the company in a research report on Friday, May 1st. Piper Sandler dropped their price objective 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. Cantor Fitzgerald boosted their price objective on shares of Atlassian from $98.00 to $107.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Finally, Raymond James Financial reissued an “outperform” rating on shares of Atlassian in a research note on Tuesday, July 21st. Twenty-one investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $138.50.

Insider Buying and Selling at Atlassian

In other news, CRO Brian Duffy sold 3,000 shares of the business’s stock in a transaction 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 sale, the executive directly owned 227,691 shares of the company’s stock, valued at $20,426,159.61. The trade was a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO James Chuong sold 8,838 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $775,534.50. Following the completion of the sale, the chief financial officer owned 288,272 shares in the company, valued at approximately $25,295,868. This 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. Insiders have sold 20,041 shares of company stock valued at $1,801,069 over the last quarter. Insiders own 36.66% of the company’s stock.

Atlassian Stock Performance

NASDAQ TEAM opened at $86.88 on Monday. The company has a market capitalization of $22.05 billion, a price-to-earnings ratio of -104.67, a price-to-earnings-growth ratio of 6.08 and a beta of 1.11. Atlassian Corporation PLC has a one year low of $56.01 and a one year high of $206.00. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. The company’s 50-day simple moving average is $89.10 and its two-hundred day simple moving average is $88.89.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the previous year, the company posted $0.97 earnings per share. The firm’s revenue was up 31.7% on a year-over-year basis. Equities analysts forecast that Atlassian Corporation PLC will post 0.81 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.