AMF Tjanstepension AB Takes Position in Atlassian Corporation PLC $TEAM

Key Points

• AMF Tjanstepension AB disclosed a new fourth-quarter stake in Atlassian, buying 28,799 shares worth about $4.67 million.
• Atlassian reported better-than-expected quarterly results, with EPS of $1.75 versus $1.33 expected and revenue of $1.79 billion, up 31.7% year over year.
• Wall Street remains cautiously positive on TEAM: the stock has a Moderate Buy consensus rating and an average target price of $145.63, even as some firms trimmed their price targets.

AMF Tjanstepension AB acquired a new stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 28,799 shares of the technology company's stock, valued at approximately $4,669,000.

Several other hedge funds also recently modified their holdings of TEAM. DNB Asset Management AS grew its position in Atlassian by 266.6% in the 3rd 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. Pictet Asset Management Holding SA grew its position in Atlassian by 38.1% in the 4th 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. Vanguard Group Inc. grew its position in Atlassian by 6.0% in the 3rd quarter. Vanguard Group Inc. now owns 18,479,561 shares of the technology company's stock valued at $2,951,186,000 after purchasing an additional 1,049,483 shares during the period. Voyager Global Management LP grew its position in Atlassian by 181.8% in the 3rd quarter. Voyager Global Management LP now owns 1,550,000 shares of the technology company's stock valued at $247,535,000 after purchasing an additional 1,000,000 shares during the period. Finally, Ontario Teachers Pension Plan Board acquired a new stake in Atlassian in the 3rd quarter valued at $106,461,000. Institutional investors own 94.45% of the company's stock.

Atlassian Trading Up 2.3%

Shares of Atlassian stock opened at $89.43 on Tuesday. Atlassian Corporation PLC has a 52-week low of $56.01 and a 52-week high of $222.59. The stock's 50-day simple moving average is $73.38 and its 200 day simple moving average is $112.51. The stock has a market capitalization of $22.69 billion, a P/E ratio of -107.75, a P/E/G ratio of 4.96 and a beta of 0.90. 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 - Get Free Report) last announced its quarterly earnings data 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 positive return on equity of 6.22% and a negative net margin of 3.50%.The business 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 business posted $0.97 EPS. The firm's quarterly revenue was up 31.7% compared to the same quarter last year. As a group, research analysts anticipate that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Analyst Ratings Changes

A number of research firms have issued reports on TEAM. Jefferies Financial Group set a $150.00 price objective on shares of Atlassian in a report on Friday, February 6th. UBS Group cut their price objective on shares of Atlassian from $105.00 to $95.00 and set a "neutral" rating on the stock in a report on Friday, May 1st. Wolfe Research reaffirmed an "outperform" rating and set a $100.00 price objective on shares of Atlassian in a report on Thursday, March 12th. BNP Paribas Exane began coverage on shares of Atlassian in a report on Monday, March 16th. They set an "outperform" rating and a $95.00 price objective on the stock. Finally, Citigroup cut their price objective on shares of Atlassian from $160.00 to $110.00 and set a "buy" rating on the stock in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Atlassian currently has a consensus rating of "Moderate Buy" and an average target price of $145.63.

Insider Transactions at Atlassian

In other news, CFO Joseph Leo Binz sold 1,653 shares of the stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $81.35, for a total transaction of $134,471.55. Following the completion of the sale, the chief financial officer owned 208,639 shares of the company's stock, valued at approximately $16,972,782.65. This represents a 0.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Rajeev Bashyam Rajan sold 3,072 shares of the stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $81.35, for a total value of $249,907.20. Following the sale, the chief technology officer directly owned 212,916 shares of the company's stock, valued at approximately $17,320,716.60. This trade represents a 1.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 6,013 shares of company stock valued at $489,158. 36.66% of the stock is owned by corporate insiders.

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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