Cinctive Capital Management LP Takes $25.13 Million Position in Atlassian Corporation PLC $TEAM

Key Points

• Cinctive Capital Management LP initiated a new stake in Atlassian, buying 154,988 shares valued at about $25.13 million. The position represented roughly 1.4% of its portfolio and made Atlassian its 9th largest holding.
• Atlassian’s latest quarterly results beat expectations, with EPS of $1.75 versus the $1.33 consensus and revenue of $1.79 billion versus $1.70 billion estimated. Revenue rose 31.7% year over year.
• Wall Street remains broadly positive but mixed on the stock: the consensus rating is “Moderate Buy” with a $145.63 price target, while recent analyst moves included both price-target cuts and a few target increases. Insider activity also showed recent executive share sales, including by the CRO and CFO.

Cinctive Capital Management LP bought a new stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 154,988 shares of the technology company's stock, valued at approximately $25,130,000. Atlassian comprises about 1.4% of Cinctive Capital Management LP's investment portfolio, making the stock its 9th biggest holding. Cinctive Capital Management LP owned approximately 0.06% of Atlassian at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in TEAM. AQR Capital Management LLC increased its position in shares of Atlassian by 291.4% during 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 purchasing an additional 5,769,788 shares during the last quarter. DNB Asset Management AS increased its position in shares of Atlassian by 266.6% during 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 last quarter. Norges Bank purchased a new stake in shares of Atlassian during the 4th quarter valued at $323,526,000. Morgan Stanley grew its stake in shares of Atlassian by 52.4% during the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company's stock worth $781,841,000 after acquiring an additional 1,657,309 shares during the period. Finally, Carmignac Gestion grew its stake in shares of Atlassian by 6,602.0% during the 4th quarter. Carmignac Gestion now owns 1,206,368 shares of the technology company's stock worth $195,601,000 after acquiring an additional 1,188,368 shares during the period. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Stock Performance

NASDAQ:TEAM opened at $84.39 on Thursday. The business has a 50 day moving average of $82.64 and a 200 day moving average of $103.00. The company has a market capitalization of $21.42 billion, a price-to-earnings ratio of -101.67, a PEG ratio of 4.99 and a beta of 1.07. Atlassian Corporation PLC has a 1-year low of $56.01 and a 1-year high of $222.59. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, topping analysts' consensus estimates of $1.33 by $0.42. The company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.70 billion. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.Atlassian's quarterly revenue was up 31.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.97 EPS. On average, sell-side analysts predict that Atlassian Corporation PLC will post 0.81 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. UBS Group cut their price target on Atlassian from $105.00 to $95.00 and set a "neutral" rating for the company in a research note on Friday, May 1st. Piper Sandler cut their price target on Atlassian from $200.00 to $175.00 and set an "overweight" rating for the company in a research note on Friday, May 1st. Raymond James Financial set a $130.00 price target on Atlassian in a research note on Friday, May 1st. Barclays increased their price target on Atlassian from $106.00 to $112.00 and gave the stock an "overweight" rating in a research note on Thursday, May 7th. Finally, Canaccord Genuity Group cut their price target on Atlassian from $185.00 to $150.00 and set a "buy" rating for the company in a research note on Wednesday, April 15th. One research 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 issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $145.63.

Insider Buying and Selling

In other Atlassian news, CRO Brian Duffy sold 3,000 shares of Atlassian 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 transaction, the executive directly owned 227,691 shares of the company's stock, valued at $20,426,159.61. The trade was a 1.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction that occurred 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 $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 20,041 shares of company stock worth $1,801,069 over the last ninety days. 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.

Want to see what other hedge funds are holding TEAM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Atlassian Corporation PLC (NASDAQ:TEAM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.