50,000 Shares in Atlassian Corporation PLC $TEAM Purchased by Avalon Global Asset Management LLC

Key Points

• Avalon Global Asset Management opened a new position in Atlassian, buying 50,000 shares worth about $8.1 million in the fourth quarter. The stake represents roughly 1.3% of Avalon’s holdings.
• Atlassian’s latest quarterly results beat expectations, with EPS of $1.75 versus the $1.33 consensus and revenue of $1.79 billion, up 31.7% year over year. The company also reported a positive return on equity despite a negative net margin.
• Institutional ownership remains very high, with hedge funds and other investors holding 94.45% of shares, while several analysts maintain a Moderate Buy consensus and an average price target of $145.63.

Avalon Global Asset Management LLC purchased a new position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 50,000 shares of the technology company's stock, valued at approximately $8,107,000. Atlassian comprises approximately 1.3% of Avalon Global Asset Management LLC's holdings, making the stock its 25th biggest position.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TEAM. DNB Asset Management AS lifted its position in Atlassian by 266.6% in the third quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company's stock valued at $448,260,000 after purchasing an additional 2,041,210 shares during the period. Norges Bank acquired a new stake in Atlassian in the fourth quarter valued at about $323,526,000. Morgan Stanley lifted its position in Atlassian by 52.4% in the fourth quarter. Morgan Stanley now owns 4,822,007 shares of the technology company's stock valued at $781,841,000 after purchasing an additional 1,657,309 shares during the period. Carmignac Gestion lifted its position in Atlassian by 6,602.0% in the fourth quarter. Carmignac Gestion now owns 1,206,368 shares of the technology company's stock valued at $195,601,000 after purchasing an additional 1,188,368 shares during the period. Finally, Pictet Asset Management Holding SA lifted its position in Atlassian by 38.1% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,950,852 shares of the technology company's stock valued at $640,628,000 after purchasing an additional 1,090,787 shares during the period. Hedge funds and other institutional investors own 94.45% of the company's stock.

Atlassian Price Performance

TEAM stock opened at $91.55 on Tuesday. The firm has a 50 day moving average of $81.92 and a 200-day moving average of $103.87. Atlassian Corporation PLC has a 12-month low of $56.01 and a 12-month high of $222.59. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. The company has a market cap of $23.23 billion, a price-to-earnings ratio of -110.30, a PEG ratio of 5.02 and a beta of 1.07.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $1.70 billion. During the same period last year, the firm earned $0.97 EPS. The company's revenue for the quarter was up 31.7% on a year-over-year basis. As a group, equities analysts expect that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction that occurred on Tuesday, May 19th. The shares were 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 in the company, valued at approximately $25,295,868. This trade represents a 2.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 Atlassian stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $89.71, for a total transaction of $269,130.00. Following the sale, the executive owned 227,691 shares of the company's stock, valued at approximately $20,426,159.61. The trade was a 1.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 20,041 shares of company stock valued at $1,801,069. Insiders own 36.66% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on TEAM. KeyCorp reduced their price objective on shares of Atlassian from $170.00 to $130.00 and set an "overweight" rating for the company in a research report on Wednesday, April 1st. UBS Group reduced their price objective on shares of Atlassian from $105.00 to $95.00 and set a "neutral" rating for the company in a research report on Friday, May 1st. TD Cowen raised their price objective on shares of Atlassian from $85.00 to $105.00 and gave the company a "hold" rating in a research report on Friday, May 1st. BNP Paribas Exane began coverage on shares of Atlassian in a research report on Monday, March 16th. They issued an "outperform" rating and a $95.00 price objective for the company. Finally, Mizuho reduced their price objective on shares of Atlassian from $185.00 to $145.00 and set an "outperform" rating for the company in a research report on Tuesday, April 14th. One investment 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $145.63.

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.

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