Panagora Asset Management Inc. Takes Position in Atlassian Corporation PLC $TEAM

Panagora Asset Management Inc. bought a new stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 149,435 shares of the technology company’s stock, valued at approximately $24,229,000.

Several other large investors have also recently made changes to their positions in TEAM. NewEdge Advisors LLC lifted its holdings in shares of Atlassian by 71.6% during the first quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company’s stock valued at $1,153,000 after purchasing an additional 2,267 shares during the last quarter. Empowered Funds LLC grew its position in Atlassian by 39.5% in the 1st quarter. Empowered Funds LLC now owns 4,689 shares of the technology company’s stock worth $995,000 after purchasing an additional 1,328 shares during the period. Focus Partners Wealth grew its position in Atlassian by 32.6% in the 1st quarter. Focus Partners Wealth now owns 4,122 shares of the technology company’s stock worth $875,000 after purchasing an additional 1,014 shares during the period. Geneos Wealth Management Inc. grew its position in Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after purchasing an additional 161 shares during the period. Finally, Sivia Capital Partners LLC grew its position in Atlassian by 27.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company’s stock worth $380,000 after purchasing an additional 404 shares during the period. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Atlassian

In other news, CRO Brian Duffy sold 3,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the executive owned 227,691 shares of the company’s stock, valued at approximately $20,426,159.61. This represents a 1.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO James Chuong sold 8,838 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The stock was 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 of the company’s stock, valued at $25,295,868. The trade was 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 in the last ninety days. Corporate insiders own 36.66% of the company’s stock.

Atlassian Price Performance

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

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TEAM. Zacks Research raised shares of Atlassian from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 6th. KeyCorp decreased their price target on shares of Atlassian from $170.00 to $130.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 1st. Oppenheimer boosted their price target on shares of Atlassian from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, May 11th. Wells Fargo & Company decreased their price target on shares of Atlassian from $155.00 to $120.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 17th. Finally, Cantor Fitzgerald upped their target price on shares of Atlassian from $98.00 to $107.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and a consensus target price of $145.63.

Atlassian Profile

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.