Weiss Asset Management LP Makes New Investment in Atlassian Corporation PLC $TEAM

Weiss Asset Management LP bought a new position in Atlassian Corporation PLC (NASDAQ:TEAM) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 59,290 shares of the technology company’s stock, valued at approximately $4,047,000.

A number of other institutional investors have also recently made changes to their positions in TEAM. AQR Capital Management LLC lifted its position in Atlassian by 291.4% in the 4th quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock valued at $1,256,535,000 after acquiring an additional 5,769,788 shares in the last quarter. Norges Bank purchased a new stake in Atlassian during the 4th quarter valued at $323,526,000. Morgan Stanley increased its holdings in shares of Atlassian by 52.4% in the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock worth $781,841,000 after purchasing an additional 1,657,309 shares in the last quarter. KBC Group NV raised its stake in shares of Atlassian by 1,691.2% in the first quarter. KBC Group NV now owns 1,440,019 shares of the technology company’s stock worth $98,281,000 after purchasing an additional 1,359,624 shares during the last quarter. Finally, Carmignac Gestion raised its stake in shares of Atlassian by 6,602.0% in the fourth quarter. Carmignac Gestion now owns 1,206,368 shares of the technology company’s stock worth $195,601,000 after purchasing an additional 1,188,368 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on TEAM. Cantor Fitzgerald increased their price objective on Atlassian from $98.00 to $107.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Morgan Stanley decreased their target price on Atlassian from $290.00 to $120.00 and set an “overweight” rating for the company in a research report on Thursday, April 16th. KeyCorp lowered their target price on shares of Atlassian from $130.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 8th. Oppenheimer raised their price target on shares of Atlassian from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, May 11th. Finally, Citizens Jmp reiterated a “market perform” rating on shares of Atlassian in a research note on Wednesday, July 1st. Twenty-one research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $138.50.

Atlassian Price Performance

NASDAQ TEAM opened at $86.88 on Monday. The company has a 50-day moving average price of $89.10 and a 200-day moving average price of $88.89. Atlassian Corporation PLC has a 52 week low of $56.01 and a 52 week high of $206.00. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13. The firm has a market capitalization of $22.05 billion, a P/E ratio of -104.67, a PEG ratio of 6.08 and a beta of 1.11.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $1.70 billion. During the same period in the previous year, the business posted $0.97 earnings per share. The firm’s quarterly revenue was up 31.7% compared to the same quarter last year. Equities research analysts anticipate that Atlassian Corporation PLC will post 0.81 earnings per share for the current year.

Insiders Place Their Bets

In other news, CRO Brian Duffy sold 3,000 shares of the company’s stock in a transaction 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 completion of the sale, the executive directly owned 227,691 shares in the company, valued at $20,426,159.61. This represents a 1.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO James Chuong sold 8,838 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief financial officer directly owned 288,272 shares in the company, valued at approximately $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 have sold 20,041 shares of company stock valued at $1,801,069. Insiders own 36.66% of the company’s stock.

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.