Havemeyer Place LP Invests $1.18 Million in Atlassian Corporation PLC $TEAM

Havemeyer Place LP purchased a new position in shares of Atlassian Corporation PLC (NASDAQ:TEAM) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 7,265 shares of the technology company’s stock, valued at approximately $1,178,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. 111 Capital increased its stake in shares of Atlassian by 14.9% during the fourth quarter. 111 Capital now owns 1,864 shares of the technology company’s stock worth $302,000 after acquiring an additional 242 shares during the period. BI Asset Management Fondsmaeglerselskab A S increased its stake in shares of Atlassian by 49.8% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 10,667 shares of the technology company’s stock worth $1,730,000 after acquiring an additional 3,546 shares during the period. Pinebridge Investments LLC acquired a new position in shares of Atlassian during the fourth quarter worth about $6,346,000. WINTON GROUP Ltd acquired a new position in shares of Atlassian during the fourth quarter worth about $12,650,000. Finally, J.W. Cole Advisors Inc. increased its stake in shares of Atlassian by 7.3% during the fourth quarter. J.W. Cole Advisors Inc. now owns 5,483 shares of the technology company’s stock worth $889,000 after acquiring an additional 372 shares during the period. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Atlassian news, CRO Brian Duffy sold 1,986 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $174,271.50. Following the sale, the executive owned 236,841 shares of the company’s stock, valued at $20,782,797.75. This represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 8,838 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the sale, the chief financial officer directly owned 288,272 shares in the company, valued at $25,295,868. This trade 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. Insiders have sold 10,891 shares of company stock worth $955,683 over the last 90 days. 36.66% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TEAM. Piper Sandler dropped their price target on shares of Atlassian from $200.00 to $175.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Cantor Fitzgerald boosted their price target on shares of Atlassian from $98.00 to $107.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Zacks Research upgraded shares of Atlassian from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 6th. KeyCorp lowered their target price on shares of Atlassian from $170.00 to $130.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 1st. Finally, BMO Capital Markets lowered their target price on shares of Atlassian from $130.00 to $105.00 and set an “outperform” rating on the stock in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $145.63.

Atlassian Stock Performance

Shares of TEAM opened at $99.47 on Monday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. The firm’s 50-day moving average is $78.95 and its two-hundred day moving average is $106.17. Atlassian Corporation PLC has a twelve month low of $56.01 and a twelve month high of $222.59. The firm has a market capitalization of $25.24 billion, a P/E ratio of -119.84, a PEG ratio of 5.64 and a beta of 1.07.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $1.70 billion. During the same period in the prior year, the business posted $0.97 earnings per share. The firm’s revenue for the quarter was up 31.7% compared to the same quarter last year. On average, research analysts predict that Atlassian Corporation PLC will post 0.81 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.