Neo Ivy Capital Management Makes New Investment in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Neo Ivy Capital Management has acquired a new stake in Atlassian Corporation PLC, purchasing 9,198 shares valued at approximately $1,952,000.
• Atlassian reported a 14.1% revenue increase year-over-year, with earnings per share of $0.97, surpassing analyst estimates.
• Insider transactions indicate significant selling activity, with 469,871 shares sold over the past 90 days by company executives.

Neo Ivy Capital Management bought a new stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 9,198 shares of the technology company's stock, valued at approximately $1,952,000.

Several other large investors also recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC grew its position in shares of Atlassian by 37.7% during the 1st quarter. Farther Finance Advisors LLC now owns 369 shares of the technology company's stock worth $80,000 after buying an additional 101 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its position in Atlassian by 42.2% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,240 shares of the technology company's stock worth $900,000 after purchasing an additional 1,259 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Atlassian by 350.1% during the first quarter. Principal Financial Group Inc. now owns 51,900 shares of the technology company's stock valued at $11,014,000 after buying an additional 40,369 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Atlassian by 47,387.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,799 shares of the technology company's stock valued at $822,000 after purchasing an additional 3,791 shares during the last quarter. Finally, Amalgamated Bank increased its holdings in Atlassian by 6.1% in the 1st quarter. Amalgamated Bank now owns 11,360 shares of the technology company's stock worth $2,411,000 after buying an additional 650 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 $199.83 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. Atlassian Corporation PLC has a 12 month low of $135.29 and a 12 month high of $326.00. The firm has a market capitalization of $52.46 billion, a PE ratio of -120.38 and a beta of 0.94. The business's fifty day moving average price is $204.25 and its 200 day moving average price is $230.61.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.93 by $0.04. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period last year, the business earned $0.89 EPS. Atlassian's revenue for the quarter was up 14.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Scott Farquhar sold 7,948 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $206.80, for a total transaction of $1,643,646.40. Following the completion of the sale, the director owned 174,856 shares in the company, valued at approximately $36,160,220.80. This represents a 4.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $222.47, for a total value of $1,768,191.56. Following the completion of the transaction, the chief executive officer owned 143,064 shares in the company, valued at $31,827,448.08. This trade represents a 5.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 469,871 shares of company stock worth $97,195,068. Insiders own 38.55% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on TEAM shares. Barclays dropped their price objective on shares of Atlassian from $260.00 to $244.00 and set an "overweight" rating on the stock in a research note on Monday. BMO Capital Markets cut their price objective on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. KeyCorp cut their target price on Atlassian from $275.00 to $250.00 and set an "overweight" rating for the company in a research note on Thursday, July 17th. Capital One Financial lowered shares of Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 price target on the stock. in a research report on Wednesday, July 16th. Finally, Morgan Stanley reduced their price objective on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Five equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $274.05.

About Atlassian

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.

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