Hsbc Holdings PLC Buys 35,631 Shares of Atlassian Corporation PLC $TEAM

Hsbc Holdings PLC grew its stake in Atlassian Corporation PLC (NASDAQ:TEAM) by 25.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 173,242 shares of the technology company’s stock after buying an additional 35,631 shares during the period. Hsbc Holdings PLC’s holdings in Atlassian were worth $11,856,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Atlassian by 0.3% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 407,661 shares of the technology company’s stock worth $27,823,000 after acquiring an additional 1,352 shares during the period. Saxon Interests Inc. bought a new position in Atlassian during the 1st quarter worth approximately $674,000. Bogart Wealth LLC raised its holdings in Atlassian by 139.6% during the 1st quarter. Bogart Wealth LLC now owns 520 shares of the technology company’s stock worth $35,000 after purchasing an additional 303 shares during the last quarter. QRG Capital Management Inc. lifted its position in shares of Atlassian by 2.7% in the 1st quarter. QRG Capital Management Inc. now owns 9,838 shares of the technology company’s stock worth $671,000 after purchasing an additional 256 shares during the period. Finally, HB Wealth Management LLC boosted its stake in shares of Atlassian by 10.1% in the 1st quarter. HB Wealth Management LLC now owns 6,061 shares of the technology company’s stock valued at $414,000 after purchasing an additional 558 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TEAM has been the subject of several recent analyst reports. KeyCorp decreased their price objective on shares of Atlassian from $130.00 to $115.00 and set an “overweight” rating for the company in a research report on Wednesday, July 8th. Truist Financial increased their price target on Atlassian from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Piper Sandler lowered their price objective on Atlassian from $200.00 to $175.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Mizuho dropped their price objective on Atlassian from $185.00 to $145.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 14th. Finally, UBS Group cut their target price on Atlassian from $105.00 to $95.00 and set a “neutral” rating on the stock in a research report on Friday, May 1st. Twenty-one investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $138.50.

Insider Activity at Atlassian

In other Atlassian news, CRO Brian Duffy sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO James Chuong sold 8,838 shares of the business’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 sale, the chief financial officer owned 288,272 shares of the company’s stock, valued at approximately $25,295,868. This represents a 2.97% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 20,041 shares of company stock worth $1,801,069. Corporate insiders own 36.66% of the company’s stock.

Atlassian Trading Down 5.7%

TEAM opened at $85.40 on Thursday. The company has a fifty day moving average price of $89.13 and a two-hundred day moving average price of $89.89. Atlassian Corporation PLC has a 1-year low of $56.01 and a 1-year high of $206.00. The company has a market cap of $21.67 billion, a P/E ratio of -102.89, a price-to-earnings-growth ratio of 5.67 and a beta of 1.11. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share (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 company had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter in the prior year, the firm earned $0.97 EPS. The business’s revenue was up 31.7% on a year-over-year basis. Analysts predict that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

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.