Panagora Asset Management Inc. Buys New Holdings in Atlassian Corporation PLC $TEAM

Key Points

• Panagora Asset Management opened a new position in Atlassian during the fourth quarter, buying 149,435 shares worth about $24.2 million.
• Atlassian reported a strong fiscal quarter, with EPS of $1.75 versus the $1.33 consensus estimate and revenue of $1.79 billion, up 31.7% year over year.
• Several insiders sold shares recently, including CFO James Chuong and CRO Brian Duffy, while analysts currently rate the stock a Moderate Buy with an average target price of $145.63.

Panagora Asset Management Inc. acquired a new position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 149,435 shares of the technology company's stock, valued at approximately $24,229,000. Panagora Asset Management Inc. owned approximately 0.06% of Atlassian as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. MYDA Advisors LLC purchased a new position in shares of Atlassian in the 4th quarter worth approximately $567,000. Mariner LLC lifted its stake in Atlassian by 461.5% in the fourth quarter. Mariner LLC now owns 169,794 shares of the technology company's stock valued at $27,545,000 after purchasing an additional 139,555 shares during the last quarter. Focus Partners Wealth lifted its stake in Atlassian by 198.8% in the fourth quarter. Focus Partners Wealth now owns 41,019 shares of the technology company's stock valued at $6,646,000 after purchasing an additional 27,290 shares during the last quarter. Fieldview Capital Management LLC lifted its stake in Atlassian by 82.9% in the fourth quarter. Fieldview Capital Management LLC now owns 6,248 shares of the technology company's stock valued at $1,013,000 after purchasing an additional 2,831 shares during the last quarter. Finally, Harber Asset Management LLC purchased a new position in Atlassian in the fourth quarter valued at approximately $9,095,000. Hedge funds and other institutional investors own 94.45% of the company's stock.

Atlassian Trading Up 3.4%

Atlassian stock opened at $91.55 on Tuesday. The stock has a market cap of $23.23 billion, a P/E ratio of -110.30, a PEG ratio of 5.02 and a beta of 1.07. 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. The firm's fifty day moving average price is $81.92 and its 200-day moving average price is $103.87.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, beating analysts' consensus estimates of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The business had revenue of $1.79 billion for the quarter, compared to analysts' expectations of $1.70 billion. During the same quarter in the prior year, the firm earned $0.97 earnings per share. The firm's revenue was up 31.7% on a year-over-year basis. Equities research analysts forecast that Atlassian Corporation PLC will post 0.81 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In other 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 sale, the chief financial officer directly owned 288,272 shares in the company, valued at approximately $25,295,868. This represents a 2.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through 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 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 sale, the executive owned 227,691 shares of the company's stock, valued at approximately $20,426,159.61. This 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 quarter, insiders have sold 20,041 shares of company stock valued at $1,801,069. 36.66% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Weiss Ratings reiterated a "sell (e+)" rating on shares of Atlassian in a research note on Monday, April 20th. Wall Street Zen downgraded Atlassian from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 30th. Zacks Research upgraded Atlassian from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 6th. Sanford C. Bernstein reiterated an "outperform" rating and issued a $295.00 price objective on shares of Atlassian in a research note on Friday, May 1st. Finally, Piper Sandler dropped their target price on Atlassian from $200.00 to $175.00 and set an "overweight" rating on the stock in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Atlassian presently has an average rating of "Moderate Buy" and an average target price of $145.63.

Atlassian Company 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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