Savant Capital LLC Reduces Stake in Atlassian Corporation PLC $TEAM

Savant Capital LLC lessened its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 85.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,126 shares of the technology company’s stock after selling 17,753 shares during the quarter. Savant Capital LLC’s holdings in Atlassian were worth $499,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new stake in Atlassian during the 2nd quarter worth approximately $377,794,000. Artisan Partners Limited Partnership grew its position in shares of Atlassian by 66.3% during the 2nd quarter. Artisan Partners Limited Partnership now owns 3,878,133 shares of the technology company’s stock valued at $787,610,000 after purchasing an additional 1,545,546 shares in the last quarter. Swedbank AB grew its position in shares of Atlassian by 139.6% during the 3rd quarter. Swedbank AB now owns 1,372,976 shares of the technology company’s stock valued at $219,264,000 after purchasing an additional 800,000 shares in the last quarter. DNB Asset Management AS increased its holdings in shares of Atlassian by 2,676.8% in the second quarter. DNB Asset Management AS now owns 765,678 shares of the technology company’s stock worth $155,502,000 after purchasing an additional 738,104 shares during the period. Finally, Marshall Wace LLP raised 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 worth $176,864,000 after buying an additional 583,697 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Stock Performance

NASDAQ:TEAM opened at $86.48 on Friday. The company has a market capitalization of $22.75 billion, a price-to-earnings ratio of -120.11, a PEG ratio of 72.60 and a beta of 0.88. The business has a 50 day moving average of $139.28 and a 200 day moving average of $155.36. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.89 and a quick ratio of 1.26. Atlassian Corporation PLC has a 1-year low of $83.17 and a 1-year high of $320.88.

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

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of the company’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $94.81, for a total transaction of $726,718.65. Following the completion of the sale, the chief executive officer directly owned 275,940 shares in the company, valued at $26,161,871.40. This represents a 2.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the firm’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $94.81, for a total value of $726,718.65. Following the transaction, the director directly owned 275,940 shares in the company, valued at $26,161,871.40. This trade represents a 2.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 513,177 shares of company stock valued at $74,514,517 over the last three months. 36.66% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently commented on TEAM. Canaccord Genuity Group set a $185.00 target price on Atlassian in a research report on Friday, February 6th. Cantor Fitzgerald dropped their price target on Atlassian from $240.00 to $146.00 and set an “overweight” rating for the company in a research report on Wednesday, February 4th. BMO Capital Markets set a $130.00 price objective on shares of Atlassian and gave the stock an “outperform” rating in a research report on Friday, February 6th. Robert W. Baird set a $140.00 target price on shares of Atlassian in a research note on Friday, February 6th. Finally, Mizuho cut their price target on shares of Atlassian from $225.00 to $205.00 and set an “outperform” rating for the company in a research note on Friday, February 6th. Twenty equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $189.32.

About Atlassian

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.