OP Asset Management Ltd Makes New Investment in Atlassian Corporation PLC $TEAM

Key Points

• OP Asset Management disclosed a new first-quarter stake in Atlassian, buying 149,935 shares valued at about $10.2 million. The position represented roughly 0.06% of the company.
• Atlassian continues to draw heavy institutional interest, with hedge funds and other institutions owning 94.45% of the stock. Several other funds also recently initiated or increased positions.
• Analyst sentiment remains positive overall despite some price-target cuts: the stock carries a Moderate Buy consensus and an average target of $145.26. Meanwhile, Atlassian reported better-than-expected quarterly results, including $1.75 EPS and $1.79 billion in revenue.

OP Asset Management Ltd acquired a new stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 149,935 shares of the technology company's stock, valued at approximately $10,233,000. OP Asset Management Ltd owned approximately 0.06% of Atlassian at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. MV Capital Management Inc. acquired a new position in Atlassian during the 4th quarter worth about $25,000. Board of the Pension Protection Fund acquired a new position in Atlassian in the 4th quarter valued at about $32,000. Basepoint Wealth LLC purchased a new stake in Atlassian during the fourth quarter worth about $32,000. Garton & Associates Financial Advisors LLC purchased a new stake in Atlassian during the fourth quarter worth about $32,000. Finally, Bogart Wealth LLC lifted its position in shares of Atlassian by 76.4% during the fourth quarter. Bogart Wealth LLC now owns 217 shares of the technology company's stock worth $35,000 after purchasing an additional 94 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

Analyst Ratings Changes

TEAM has been the subject of several recent research reports. Zacks Research raised shares of Atlassian from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 6th. Robert W. Baird set a $120.00 target price on shares of Atlassian in a research note on Friday, May 1st. Citigroup decreased their price target on shares of Atlassian from $160.00 to $110.00 and set a "buy" rating for the company in a research report on Friday, May 1st. KeyCorp dropped their price target on shares of Atlassian from $170.00 to $130.00 and set an "overweight" rating for the company in a research note on Wednesday, April 1st. Finally, TD Cowen upped their price objective on Atlassian from $85.00 to $105.00 and gave the stock a "hold" rating in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Atlassian has a consensus rating of "Moderate Buy" and an average price target of $145.26.

Insider Buying and Selling at Atlassian

In other Atlassian news, CFO James Chuong sold 8,838 shares of the firm's stock in a transaction 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 sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 dated Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the sale, the executive directly owned 227,691 shares of the company's stock, valued at $20,426,159.61. This trade represents a 1.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 20,041 shares of company stock valued at $1,801,069. Corporate insiders own 36.66% of the company's stock.

Atlassian Stock Down 8.4%

Shares of NASDAQ:TEAM opened at $74.68 on Friday. The firm's 50 day moving average price is $84.99 and its 200 day moving average price is $99.87. The stock has a market cap of $18.95 billion, a price-to-earnings ratio of -89.98, a price-to-earnings-growth ratio of 4.62 and a beta of 1.07. Atlassian Corporation PLC has a fifty-two week low of $56.01 and a fifty-two week high of $222.59. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13.

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

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.

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.