Carmignac Gestion Sells 1,026,770 Shares of Atlassian Corporation PLC $TEAM

Carmignac Gestion trimmed its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 39.4% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,577,000 shares of the technology company’s stock after selling 1,026,770 shares during the period. Atlassian comprises about 1.6% of Carmignac Gestion’s portfolio, making the stock its 17th biggest holding. Carmignac Gestion’s holdings in Atlassian were worth $122,675,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Snowden Capital Advisors LLC lifted its position in shares of Atlassian by 1.6% in the second quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company’s stock worth $907,000 after buying an additional 71 shares during the last quarter. New York Life Investment Management LLC increased its holdings in shares of Atlassian by 6.7% during the 4th quarter. New York Life Investment Management LLC now owns 2,199 shares of the technology company’s stock valued at $357,000 after acquiring an additional 139 shares during the last quarter. ICICI Prudential Asset Management Co Ltd increased its holdings in shares of Atlassian by 5.6% during the 4th quarter. ICICI Prudential Asset Management Co Ltd now owns 2,696 shares of the technology company’s stock valued at $437,000 after acquiring an additional 143 shares during the last quarter. Lido Advisors LLC raised its stake in shares of Atlassian by 5.1% in the 4th quarter. Lido Advisors LLC now owns 3,070 shares of the technology company’s stock valued at $492,000 after acquiring an additional 149 shares in the last quarter. Finally, Coldstream Capital Management Inc. raised its stake in shares of Atlassian by 10.7% in the 4th quarter. Coldstream Capital Management Inc. now owns 1,588 shares of the technology company’s stock valued at $257,000 after acquiring an additional 153 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors.

Insider Transactions at Atlassian

In other Atlassian news, CRO Brian Duffy sold 1,851 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $319,204.95. Following the completion of the sale, the executive directly owned 218,223 shares of the company’s stock, valued at $37,632,556.35. This represents a 0.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 9,054 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the completion of the sale, the chief financial officer owned 279,218 shares in the company, valued at $48,151,144.10. This represents a 3.14% decrease in their ownership of the stock. 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 quarter, insiders have sold 28,383 shares of company stock worth $4,316,379. Insiders own 36.66% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on TEAM. Guggenheim boosted their target price on Atlassian from $115.00 to $165.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Sanford C. Bernstein reissued an “outperform” rating on shares of Atlassian in a research report on Monday, June 29th. Jefferies Financial Group restated a “buy” rating and issued a $200.00 price objective on shares of Atlassian in a research note on Friday, August 7th. Royal Bank Of Canada started coverage on shares of Atlassian in a report on Tuesday, August 25th. They set an “outperform” rating and a $215.00 price objective for the company. Finally, Citizens Jmp reiterated a “market perform” rating on shares of Atlassian in a research note on Wednesday, July 1st. Twenty-five investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $183.81.

Atlassian Stock Performance

NASDAQ:TEAM traded down $13.16 during mid-day trading on Tuesday, hitting $176.42. 3,872,998 shares of the company’s stock traded hands, compared to its average volume of 6,128,567. The firm has a market capitalization of $44.77 billion, a price-to-earnings ratio of -928.53, a price-to-earnings-growth ratio of 14.90 and a beta of 1.15. The firm has a 50 day moving average of $128.22 and a two-hundred day moving average of $96.44. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.93. Atlassian Corporation PLC has a 12 month low of $56.01 and a 12 month high of $198.60.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.50 by $0.37. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%.The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the previous year, the business posted $0.98 EPS. The company’s revenue for the quarter was up 27.6% on a year-over-year basis. On average, equities analysts forecast that Atlassian Corporation PLC will post 0.94 earnings per share 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.