OP Asset Management Ltd Makes New $10.23 Million Investment in Atlassian Corporation PLC $TEAM

OP Asset Management Ltd acquired a new position in shares of Atlassian Corporation PLC (NASDAQ:TEAM) in the 1st quarter, Holdings Channel reports. The fund acquired 149,935 shares of the technology company’s stock, valued at approximately $10,233,000.

Other large investors have also modified their holdings of the company. MV Capital Management Inc. acquired a new stake in Atlassian during the 4th quarter worth $25,000. Board of the Pension Protection Fund acquired a new position in Atlassian in the fourth quarter valued at $32,000. Basepoint Wealth LLC acquired a new position in Atlassian in the fourth quarter valued at $32,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of Atlassian during the fourth quarter worth about $32,000. Finally, Bogart Wealth LLC grew its holdings in shares of Atlassian by 76.4% during the fourth quarter. Bogart Wealth LLC now owns 217 shares of the technology company’s stock worth $35,000 after purchasing an additional 94 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Wells Fargo & Company reduced their target price on Atlassian from $155.00 to $120.00 and set an “overweight” rating for the company in a report on Tuesday, March 17th. Canaccord Genuity Group dropped their price target on Atlassian from $185.00 to $150.00 and set a “buy” rating on the stock in a research note on Wednesday, April 15th. Cantor Fitzgerald lifted their price target on Atlassian from $98.00 to $107.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Mizuho reduced their price objective on Atlassian from $185.00 to $145.00 and set an “outperform” rating for the company in a research note on Tuesday, April 14th. Finally, BNP Paribas Exane initiated coverage on Atlassian in a report on Monday, March 16th. They issued an “outperform” rating and a $95.00 price objective for the company. 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 given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $145.26.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $74.68 on Friday. Atlassian Corporation PLC has a one year low of $56.01 and a one year high of $222.59. The stock has a market capitalization of $18.95 billion, a price-to-earnings ratio of -89.98, a PEG ratio of 4.62 and a beta of 1.07. The company has a 50-day simple moving average of $84.99 and a 200-day simple moving average of $99.87. 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 (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.42. The firm had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.70 billion. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The business’s revenue was up 31.7% on a year-over-year basis. During the same quarter last year, the company posted $0.97 earnings per share. On average, analysts predict that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Insider Activity at Atlassian

In other Atlassian news, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $775,534.50. Following the transaction, the chief financial officer directly owned 288,272 shares in the company, valued at approximately $25,295,868. This trade represents a 2.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of the business’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 transaction, the executive directly owned 227,691 shares in the company, valued at approximately $20,426,159.61. The trade was a 1.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 20,041 shares of company stock worth $1,801,069 over the last quarter. Company insiders own 36.66% of the company’s stock.

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.