TimesSquare Capital Management LLC Sells 38,800 Shares of Atlassian Co. PLC (NASDAQ:TEAM)

TimesSquare Capital Management LLC decreased its stake in Atlassian Co. PLC (NASDAQ:TEAM) by 9.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 377,200 shares of the technology company’s stock after selling 38,800 shares during the period. TimesSquare Capital Management LLC owned about 0.36% of Atlassian worth $49,353,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of TEAM. BlackRock Inc. increased its position in Atlassian by 24.8% in the 1st quarter. BlackRock Inc. now owns 3,197,364 shares of the technology company’s stock valued at $359,352,000 after acquiring an additional 636,089 shares during the period. Pendal Group Ltd acquired a new position in Atlassian in the 2nd quarter valued at approximately $347,020,000. JPMorgan Chase & Co. increased its position in Atlassian by 2.9% in the 1st quarter. JPMorgan Chase & Co. now owns 2,030,860 shares of the technology company’s stock valued at $228,249,000 after acquiring an additional 57,776 shares during the period. Acadian Asset Management LLC increased its position in Atlassian by 8.5% in the 1st quarter. Acadian Asset Management LLC now owns 931,830 shares of the technology company’s stock valued at $104,727,000 after acquiring an additional 73,126 shares during the period. Finally, OppenheimerFunds Inc. increased its position in Atlassian by 0.3% in the 1st quarter. OppenheimerFunds Inc. now owns 771,005 shares of the technology company’s stock valued at $86,653,000 after acquiring an additional 1,969 shares during the period. 95.04% of the stock is owned by institutional investors and hedge funds.

Shares of TEAM traded up $3.07 during trading hours on Friday, hitting $142.57. 931,800 shares of the stock were exchanged, compared to its average volume of 1,553,560. Atlassian Co. PLC has a fifty-two week low of $65.17 and a fifty-two week high of $149.80. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.88 and a quick ratio of 3.34. The business has a 50-day moving average of $138.47 and a 200-day moving average of $120.87. The firm has a market capitalization of $14.81 billion, a P/E ratio of -838.65, a price-to-earnings-growth ratio of 101.04 and a beta of 1.30.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, July 25th. The technology company reported $0.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.06) by $0.26. Atlassian had a negative net margin of 52.69% and a negative return on equity of 2.45%. The company had revenue of $334.59 million during the quarter, compared to analysts’ expectations of $330.60 million. During the same period in the prior year, the company posted $0.14 earnings per share. Atlassian’s revenue for the quarter was up 35.7% compared to the same quarter last year. As a group, analysts forecast that Atlassian Co. PLC will post 0.09 earnings per share for the current fiscal year.

Several equities analysts have issued reports on TEAM shares. KeyCorp upped their price target on shares of Atlassian from $142.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. BMO Capital Markets upped their price target on shares of Atlassian from $110.00 to $150.00 and gave the company a “market perform” rating in a research report on Friday, July 26th. They noted that the move was a valuation call. Bank of America restated a “neutral” rating and issued a $147.00 price target (up from $138.00) on shares of Atlassian in a research report on Friday, July 26th. BidaskClub upgraded shares of Atlassian from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 10th. Finally, Goldman Sachs Group upgraded shares of Atlassian from a “neutral” rating to a “buy” rating and upped their price target for the company from $115.00 to $125.00 in a research report on Thursday, May 9th. Nine investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $138.27.

Atlassian Company Profile

Atlassian Corporation Plc, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. It provides project tracking, content creation and sharing, and service management products. The company's products include JIRA, a workflow management system that enables teams to plan, organize, track, and manage their work and projects; Confluence, a content collaboration platform that is used to create, share, organize, and discuss projects; and Trello, a Web-based project management application for capturing and adding structure to fluid, fast-forming work for teams.

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Institutional Ownership by Quarter for Atlassian (NASDAQ:TEAM)

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