Avalon Global Asset Management LLC Invests $8.11 Million in Atlassian Corporation PLC $TEAM

Avalon Global Asset Management LLC acquired a new position in shares of Atlassian Corporation PLC (NASDAQ:TEAM) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 50,000 shares of the technology company’s stock, valued at approximately $8,107,000. Atlassian makes up approximately 1.3% of Avalon Global Asset Management LLC’s investment portfolio, making the stock its 25th largest position.

A number of other hedge funds have also modified their holdings of the business. GAMMA Investing LLC increased its stake in shares of Atlassian by 12.0% during the 4th quarter. GAMMA Investing LLC now owns 615 shares of the technology company’s stock worth $100,000 after purchasing an additional 66 shares in the last quarter. Snowden Capital Advisors LLC increased its stake in shares of Atlassian by 1.6% during the 2nd quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company’s stock worth $907,000 after purchasing an additional 71 shares in the last quarter. Financial Perspectives Inc increased its stake in shares of Atlassian by 11.7% during the 4th quarter. Financial Perspectives Inc now owns 718 shares of the technology company’s stock worth $116,000 after purchasing an additional 75 shares in the last quarter. ABN Amro Investment Solutions increased its stake in shares of Atlassian by 3.4% during the 3rd quarter. ABN Amro Investment Solutions now owns 2,452 shares of the technology company’s stock worth $392,000 after purchasing an additional 80 shares in the last quarter. Finally, Clearstead Advisors LLC increased its stake in shares of Atlassian by 20.5% during the 3rd quarter. Clearstead Advisors LLC now owns 488 shares of the technology company’s stock worth $78,000 after purchasing an additional 83 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on TEAM shares. TD Cowen raised their price objective on shares of Atlassian from $85.00 to $105.00 and gave the stock a “hold” rating in a research note on Friday, May 1st. Raymond James Financial set a $130.00 price objective on shares of Atlassian in a research note on Friday, May 1st. Sanford C. Bernstein reissued an “outperform” rating and set a $295.00 price objective on shares of Atlassian in a research note on Friday, May 1st. Morgan Stanley lowered their target price on shares of Atlassian from $290.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday, April 16th. Finally, BNP Paribas Exane began coverage on shares of Atlassian in a research note on Monday, March 16th. They issued an “outperform” rating and a $95.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $145.63.

Insider Activity at Atlassian

In other Atlassian news, CRO Brian Duffy sold 3,000 shares of Atlassian stock in a transaction on Friday, June 12th. The shares were sold at an average price of $89.71, for a total value of $269,130.00. Following the transaction, the executive owned 227,691 shares in the company, valued at $20,426,159.61. This trade represents a 1.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction on 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 transaction, the chief financial officer owned 288,272 shares in the company, valued at approximately $25,295,868. This trade represents a 2.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 20,041 shares of company stock valued at $1,801,069 over the last ninety days. 36.66% of the stock is owned by corporate insiders.

Atlassian Stock Up 3.4%

TEAM stock opened at $91.55 on Tuesday. The stock has a market capitalization of $23.23 billion, a P/E ratio of -110.30, a PEG ratio of 5.02 and a beta of 1.07. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. Atlassian Corporation PLC has a one year low of $56.01 and a one year high of $222.59. The company has a 50 day moving average price of $81.92 and a two-hundred day moving average price of $103.87.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, topping the consensus estimate of $1.33 by $0.42. The firm had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. Atlassian’s revenue for the quarter was up 31.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.97 EPS. As a group, sell-side analysts expect that Atlassian Corporation PLC will post 0.81 EPS for the current 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.