Harber Asset Management LLC Makes New Investment in Atlassian Corporation PLC $TEAM

Key Points

• Harber Asset Management opened a new position in Atlassian, buying 56,092 shares worth about $9.1 million. The stake makes up roughly 3.8% of the firm’s portfolio and is its 9th largest holding.
• Institutional interest remains high, with 94.45% of Atlassian’s shares owned by institutions and hedge funds. Several other investors also increased their holdings in the latest filings.
• Atlassian insiders have been selling shares, including CFO James Chuong and CRO Brian Duffy, though the company says Chuong’s sale was tied to tax withholding on equity awards. Analysts currently rate the stock a Moderate Buy with an average target price of $145.63.

Harber Asset Management LLC purchased a new position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 56,092 shares of the technology company's stock, valued at approximately $9,095,000. Atlassian accounts for approximately 3.8% of Harber Asset Management LLC's investment portfolio, making the stock its 9th biggest position.

A number of other large investors have also bought and sold shares of the stock. NewEdge Advisors LLC raised its holdings in Atlassian by 71.6% during the first quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company's stock worth $1,153,000 after buying an additional 2,267 shares during the last quarter. Empowered Funds LLC raised its holdings in Atlassian by 39.5% during the first quarter. Empowered Funds LLC now owns 4,689 shares of the technology company's stock worth $995,000 after buying an additional 1,328 shares during the last quarter. Focus Partners Wealth raised its holdings in Atlassian by 32.6% during the first quarter. Focus Partners Wealth now owns 4,122 shares of the technology company's stock worth $875,000 after buying an additional 1,014 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in Atlassian by 447.2% during the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock worth $42,000 after buying an additional 161 shares during the last quarter. Finally, Sivia Capital Partners LLC raised its holdings in Atlassian by 27.5% during the second quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company's stock worth $380,000 after buying an additional 404 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Atlassian

In other Atlassian news, CFO James Chuong sold 8,838 shares of the stock in a transaction dated 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 transaction, the chief financial officer 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 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 transaction, the executive owned 227,691 shares of the company's stock, valued at $20,426,159.61. This represents a 1.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 20,041 shares of company stock valued at $1,801,069 in the last quarter. Company insiders own 36.66% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on TEAM. Zacks Research upgraded shares of Atlassian from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 6th. Wall Street Zen downgraded shares of Atlassian from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 30th. BTIG Research upped their price objective on shares of Atlassian from $120.00 to $130.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Morgan Stanley lowered their price objective on shares of Atlassian from $290.00 to $120.00 and set an "overweight" rating on the stock in a report on Thursday, April 16th. Finally, UBS Group lowered their target price on shares of Atlassian from $105.00 to $95.00 and set a "neutral" rating for the company in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $145.63.

Atlassian Price Performance

TEAM opened at $88.52 on Friday. The firm has a market cap of $22.46 billion, a P/E ratio of -106.65, a PEG ratio of 5.02 and a beta of 1.07. The firm has a 50-day moving average of $81.45 and a 200 day moving average of $104.57. 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 Corporation PLC has a fifty-two week low of $56.01 and a fifty-two week high of $222.59.

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 for the quarter, beating the consensus estimate of $1.33 by $0.42. The company had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The firm's revenue for the quarter was up 31.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.97 earnings per share. On average, research analysts expect that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Atlassian 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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