The Vanguard Group, Inc. recently announced the acquisition of new stake in Atlassian Corporation (NASDAQ:TEAM). The institutional investor has increased its shareholding in the Technology company by 2,211.04% to 13.31 million shares with purchase of 12.73 million shares. This fresh investment now brings its stake to 8.87% valued currently at $1.97 billion. In addition, WCM Investment Management LLC raised its holdings by 3.62 million to 9.5 million shares. And Artisan Partners LP has lifted its position by 5.11% or 0.28 million shares – to 5.78 million shares.
With over 3.09 million Atlassian Corporation (TEAM) shares trading Monday and a closing price of $158.38 on the day, the dollar volume was approximately $489.93 million. The shares have shown a positive half year performance of 30.15% and its price on 05/22/23 gained nearly 7.75%. Currently, there are 255.87M common shares owned by the public and among those 144.16M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 26 analysts who have offered their price forecasts for TEAM have a consensus price objective of $184.15. The analysts have set the share’s price value over the next 12 months at a high of $420.00 and a low of $130.00. The average price target is 15.0% above its recent price level and a downside to the estimated low will see the stock lose -21.83% over that period. But an upside of 62.29% will see the stock hit the forecast high price target while median target price for the stock is $175.00.
Insiders at the company have transacted a total of 2338 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 15 of these insider trades were purchases, accounting for 2,323,726 shares. Insider sales of the common stock occurred on 2,323 occasions, with total insider shares sold totaling 2,477,910 shares.
The top 3 mutual fund holders in Atlassian Corporation are Vanguard Total Stock Market ETF, Vanguard Mid Cap Index Fund, and WCM Focused International Growth. Vanguard Total Stock Market ETF owns 4.65 million shares of the company’s stock, all valued at over $685.97 million. The company bought an additional 84830.0 shares recently to bring their total holdings to about 3.10% of the shares outstanding. Vanguard Mid Cap Index Fund bought 45043.0 shares to see its total holdings expand to 3.51 million shares valued at over $517.71 million and representing 2.34% of the shares outstanding. WCM Focused International Growth bought 1.1 million shares to bring its total holdings to over 3.09 million shares at a value of $456.36 million. WCM Focused International Growth now owns shares totaling to 2.06% of the shares outstanding.
Shares of Atlassian Corporation (NASDAQ: TEAM) opened at $146.22, down -$0.77 from a prior closing price of $146.99. However, the script later moved the day high at 161.18, up 7.75%. The company’s stock has a 5-day price change of 8.96% and -4.10% over the past three months. TEAM shares are trading 23.08% year to date (YTD), with the 12-month market performance down to -9.37% lower. It has a 12-month low price of $113.86 and touched a high of $300.29 over the same period. TEAM has an average intraday trading volume of 2.04 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 10.23%, 3.55%, and -10.37% respectively.
Institutional ownership of Atlassian Corporation (NASDAQ: TEAM) shares accounts for 82.60% of the company’s 255.87M shares outstanding. Mutual fund holders own 41.71%, while other institutional holders and individual stakeholders account for 51.69% and 1.07% respectively.
It has a market capitalization of $41.01B and a beta (3y monthly) value of 0.81. The earnings-per-share (ttm) stands at -$2.08. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.24% over the week and 4.66% over the month.
Analysts forecast that Atlassian Corporation (TEAM) will achieve an EPS of $0.45 for the current quarter, $0.46 for the next quarter and $2.16 for 2024. The lowest estimate earnings-per-share for the quarter is $0.38 while analysts give the company a high EPS estimate of $0.76. Comparatively, EPS for the current quarter was $0.27 a year ago. Earnings per share for the fiscal year are expected to increase by 13.10%, and 21.45% over the next financial year. EPS should shrink at an annualized rate of 23.70% over the next five years, compared to 27.37% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 26 brokerage firm advisors rate Atlassian Corporation (TEAM) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 13 Wall Street analysts polled rate the stock as a buy, while 10 of the 26 advise that investors “hold,” and 0 rated it as a “Sell.”
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