Weiss Asset Management LP Buys New Shares in Atlassian Corporation PLC $TEAM

Weiss Asset Management LP purchased a new position in Atlassian Corporation PLC (NASDAQ:TEAM) in the first quarter, Holdings Channel.com reports. The firm purchased 59,290 shares of the technology company’s stock, valued at approximately $4,047,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. OFI Invest Asset Management boosted its stake in Atlassian by 16.3% in the 4th quarter. OFI Invest Asset Management now owns 254,551 shares of the technology company’s stock worth $41,273,000 after purchasing an additional 35,682 shares during the period. Baillie Gifford & Co. grew its holdings in Atlassian by 3.9% during the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock valued at $1,367,132,000 after buying an additional 316,276 shares in the last quarter. Exane Asset Management raised 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 valued at $5,085,000 after buying an additional 25,330 shares during the last quarter. Nicholas Company Inc. raised 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 valued at $49,748,000 after buying an additional 24,490 shares during the last quarter. Finally, Fisher Funds Management LTD lifted its holdings in shares of Atlassian by 11.1% in the fourth quarter. Fisher Funds Management LTD now owns 334,011 shares of the technology company’s stock worth $54,440,000 after buying an additional 33,485 shares in the last quarter. 94.45% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

TEAM has been the subject of several research analyst reports. BMO Capital Markets cut their target price on shares of Atlassian from $105.00 to $95.00 and set an “outperform” rating for the company in a research note on Thursday, June 25th. Robert W. Baird set a $120.00 price objective on shares of Atlassian in a report on Friday, May 1st. Guggenheim set a $115.00 price objective on Atlassian in a research report on Thursday, April 9th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Atlassian in a report on Friday, July 17th. Finally, Mizuho decreased their target price on Atlassian from $185.00 to $145.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 14th. Twenty-one research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Atlassian presently has a consensus rating of “Moderate Buy” and an average target price of $138.50.

Insiders Place Their Bets

In other news, CFO James Chuong sold 8,838 shares of the stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $775,534.50. Following the sale, the chief financial officer owned 288,272 shares of the company’s stock, valued at approximately $25,295,868. This represents a 2.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $89.71, for a total transaction of $269,130.00. Following the completion of the sale, the executive owned 227,691 shares of the company’s stock, valued at $20,426,159.61. This trade represents a 1.30% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 20,041 shares of company stock valued at $1,801,069. 36.66% of the stock is owned by corporate insiders.

Atlassian Stock Performance

Shares of NASDAQ:TEAM opened at $86.88 on Monday. The firm has a fifty day simple moving average of $89.10 and a two-hundred day simple moving average 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 stock 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 issued its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The company had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same period in the previous year, the firm posted $0.97 earnings per share. The firm’s revenue for the quarter was up 31.7% on a year-over-year basis. On average, analysts expect that Atlassian Corporation PLC will post 0.81 earnings per share for the current fiscal year.

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.