SEB Asset Management AB Makes New Investment in Atlassian Corporation PLC $TEAM

Key Points

• SEB Asset Management AB opened a new position in Atlassian during the first quarter, buying 64,553 shares valued at about $4.4 million.
• Other institutional investors have also been active in TEAM, and 94.45% of the stock is held by hedge funds and other institutions, indicating heavy institutional ownership.
• Atlassian’s latest quarterly results beat expectations, with EPS of $1.75 versus estimates of $1.33 and revenue of $1.79 billion, up 31.7% year over year; analysts currently rate the stock Moderate Buy with an average target price of $138.50.

SEB Asset Management AB purchased a new position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 64,553 shares of the technology company's stock, valued at approximately $4,406,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its stake in Atlassian by 291.4% in the fourth quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company's stock valued at $1,256,535,000 after purchasing an additional 5,769,788 shares during the last quarter. Norges Bank purchased a new stake in Atlassian in the 4th quarter worth about $323,526,000. Morgan Stanley lifted its holdings in Atlassian by 52.4% during the fourth quarter. Morgan Stanley now owns 4,822,007 shares of the technology company's stock valued at $781,841,000 after purchasing an additional 1,657,309 shares during the last quarter. Carmignac Gestion increased its stake in shares of Atlassian by 6,602.0% in the fourth quarter. Carmignac Gestion now owns 1,206,368 shares of the technology company's stock worth $195,601,000 after purchasing an additional 1,188,368 shares in the last quarter. Finally, DNB Asset Management AS raised its position in shares of Atlassian by 42.2% in the fourth quarter. DNB Asset Management AS now owns 3,990,216 shares of the technology company's stock valued at $646,974,000 after purchasing an additional 1,183,328 shares during the period. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Atlassian news, CRO Brian Duffy sold 3,000 shares of the company's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the transaction, 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 SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 20,041 shares of company stock valued at $1,801,069 in the last 90 days. 36.66% of the stock is currently owned by corporate insiders.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $85.40 on Thursday. The company's fifty day moving average price is $89.13 and its 200-day moving average price is $89.89. The firm has a market capitalization of $21.67 billion, a price-to-earnings ratio of -102.89, a PEG ratio of 5.67 and a beta of 1.11. Atlassian Corporation PLC has a one year low of $56.01 and a one year high of $206.00. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $1.70 billion. During the same period in the previous year, the firm posted $0.97 EPS. The firm's revenue was up 31.7% compared to the same quarter last year. On average, equities research analysts anticipate that Atlassian Corporation PLC will post 0.81 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on TEAM shares. Wall Street Zen cut shares of Atlassian from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 30th. Piper Sandler decreased their price target on Atlassian from $200.00 to $175.00 and set an "overweight" rating on the stock in a research report on Friday, May 1st. Robert W. Baird set a $120.00 price objective on shares of Atlassian in a research note on Friday, May 1st. Citizens Jmp reiterated a "market perform" rating on shares of Atlassian in a research note on Wednesday, July 1st. Finally, Raymond James Financial reaffirmed an "outperform" rating on shares of Atlassian in a report on Tuesday. Twenty-one equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $138.50.

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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