Optimus Prime Fund Management Co. Ltd. Boosts Holdings in Atlassian Corporation PLC $TEAM

Key Points

• Optimus Prime Fund Management doubled its Atlassian stake in the fourth quarter, buying 40,000 additional shares to bring its total to 80,000 shares worth about $13 million.
• Several other institutional investors also adjusted their positions, and overall 94.45% of Atlassian’s stock is now held by hedge funds and other institutions.
• Atlassian reported better-than-expected quarterly results, with $1.75 EPS beating estimates and revenue of $1.79 billion topping forecasts, while analysts currently rate the stock a Moderate Buy with a consensus price target of $145.63.

Optimus Prime Fund Management Co. Ltd. boosted its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 100.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 80,000 shares of the technology company's stock after acquiring an additional 40,000 shares during the period. Atlassian accounts for about 1.0% of Optimus Prime Fund Management Co. Ltd.'s holdings, making the stock its 16th biggest position. Optimus Prime Fund Management Co. Ltd.'s holdings in Atlassian were worth $12,971,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Board of the Pension Protection Fund purchased a new stake in shares of Atlassian during the 4th quarter worth approximately $32,000. Basepoint Wealth LLC purchased a new position in Atlassian in the fourth quarter valued at approximately $32,000. Bogart Wealth LLC grew its holdings in Atlassian by 76.4% during the fourth quarter. Bogart Wealth LLC now owns 217 shares of the technology company's stock valued at $35,000 after purchasing an additional 94 shares during the period. VSM Wealth Advisory LLC bought a new position in Atlassian during the fourth quarter valued at $41,000. Finally, Geneos Wealth Management Inc. increased its position in Atlassian by 447.2% in 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. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Atlassian

In other news, 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 transaction of $269,130.00. Following the completion of the sale, the executive owned 227,691 shares in the company, valued at approximately $20,426,159.61. This trade represents a 1.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO James Chuong sold 8,838 shares of the business's stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $775,534.50. Following the transaction, the chief financial officer directly owned 288,272 shares of the company's stock, valued at $25,295,868. The trade was a 2.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 20,041 shares of company stock worth $1,801,069. Insiders own 36.66% of the company's stock.

Atlassian Stock Performance

NASDAQ:TEAM opened at $87.95 on Wednesday. Atlassian Corporation PLC has a 52-week low of $56.01 and a 52-week high of $222.59. The business's fifty day moving average is $82.31 and its 200 day moving average is $103.45. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a market cap of $22.32 billion, a price-to-earnings ratio of -105.96, a PEG ratio of 5.19 and a beta of 1.07.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced 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 firm had revenue of $1.79 billion for the quarter, compared to analysts' expectations of $1.70 billion. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The company's revenue was up 31.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.97 earnings per share. Research analysts predict that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on TEAM shares. Oppenheimer upped their price target on Atlassian from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Monday, May 11th. Barclays lifted their price objective on Atlassian from $106.00 to $112.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. Cantor Fitzgerald upped their price objective on shares of Atlassian from $98.00 to $107.00 and gave the company an "overweight" rating in a report on Friday, May 1st. Wolfe Research reiterated an "outperform" rating and set a $100.00 target price on shares of Atlassian in a research report on Thursday, March 12th. Finally, TD Cowen lifted their target price on shares of Atlassian from $85.00 to $105.00 and gave the stock a "hold" rating in a research note 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 given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $145.63.

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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