Saxon Interests Inc. Invests $674,000 in Atlassian Corporation PLC $TEAM

Saxon Interests Inc. acquired a new position in shares of Atlassian Corporation PLC (NASDAQ:TEAM) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 9,873 shares of the technology company’s stock, valued at approximately $674,000.

Several other hedge funds have also recently added to or reduced their stakes in TEAM. OFI Invest Asset Management grew its holdings in Atlassian by 16.3% during the fourth quarter. OFI Invest Asset Management now owns 254,551 shares of the technology company’s stock valued at $41,273,000 after purchasing an additional 35,682 shares during the period. Baillie Gifford & Co. raised its holdings in Atlassian by 3.9% in the fourth quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock worth $1,367,132,000 after purchasing an additional 316,276 shares during the period. Exane Asset Management boosted its position in shares of Atlassian by 419.9% during the fourth quarter. Exane Asset Management now owns 31,363 shares of the technology company’s stock worth $5,085,000 after purchasing an additional 25,330 shares in the last quarter. Nicholas Company Inc. boosted its position in shares of Atlassian by 8.7% during the fourth quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company’s stock worth $49,748,000 after purchasing an additional 24,490 shares in the last quarter. Finally, Fisher Funds Management LTD grew its holdings in shares of Atlassian by 11.1% in the 4th quarter. Fisher Funds Management LTD now owns 334,011 shares of the technology company’s stock valued at $54,440,000 after buying an additional 33,485 shares during the period. Institutional investors and hedge funds own 94.45% of the company’s stock.

Atlassian Price Performance

TEAM stock opened at $88.39 on Wednesday. The stock has a 50-day moving average price of $87.05 and a two-hundred day moving average price of $95.44. The stock has a market cap of $22.43 billion, a PE ratio of -106.49, a price-to-earnings-growth ratio of 4.82 and a beta of 1.11. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. Atlassian Corporation PLC has a 1 year low of $56.01 and a 1 year high of $222.59.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.42. The company 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 company’s quarterly revenue was up 31.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.97 earnings per share. Equities analysts forecast that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

Insider Buying and Selling

In other Atlassian news, CRO Brian Duffy sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the sale, the executive 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO James Chuong sold 8,838 shares of the firm’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 transaction, the chief financial officer directly owned 288,272 shares of the company’s stock, valued at $25,295,868. This represents a 2.97% decrease in their ownership of the stock. 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. In the last three months, insiders sold 20,041 shares of company stock worth $1,801,069. 36.66% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts recently commented on the company. Zacks Research downgraded Atlassian from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th. BTIG Research increased their price target on Atlassian from $120.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Cantor Fitzgerald lifted their price objective on Atlassian from $98.00 to $107.00 and gave the company an “overweight” rating in a report on Friday, May 1st. BNP Paribas Exane initiated coverage on Atlassian in a research report on Monday, March 16th. They issued an “outperform” rating and a $95.00 price objective for the company. Finally, KeyCorp lowered their target price on Atlassian from $170.00 to $130.00 and set an “overweight” rating for the company in a research note on Wednesday, April 1st. Twenty-one equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Atlassian has an average rating of “Moderate Buy” and a consensus price target of $145.26.

Atlassian Company 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.