Sivia Capital Partners LLC Buys New Stake in Atlassian Corporation PLC $TEAM

Key Points

• Sivia Capital Partners initiated a new position in Atlassian during the fourth quarter, buying 15,600 shares valued at about $2.53 million. The stake represents 0.5% of the fund’s portfolio and makes Atlassian its 24th-largest holding.
• Atlassian recently posted better-than-expected quarterly results, with EPS of $1.75 versus estimates of $1.33 and revenue of $1.79 billion versus $1.70 billion expected. Revenue also climbed 31.7% year over year.
• Despite the strong earnings report, insider sales were disclosed, including transactions by CFO James Chuong and CRO Brian Duffy made to cover tax withholding obligations. The stock was also noted as trading down 6.9% in the article.

Sivia Capital Partners LLC bought a new stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 15,600 shares of the technology company's stock, valued at approximately $2,529,000. Atlassian makes up 0.5% of Sivia Capital Partners LLC's portfolio, making the stock its 24th biggest position.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Physician Wealth Advisors Inc. lifted its holdings in shares of Atlassian by 60.4% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company's stock valued at $26,000 after acquiring an additional 61 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of Atlassian by 447.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock valued at $42,000 after acquiring an additional 161 shares in the last quarter. Atlantic Union Bankshares Corp lifted its holdings in shares of Atlassian by 19,900.0% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company's stock valued at $32,000 after acquiring an additional 199 shares in the last quarter. Board of the Pension Protection Fund acquired a new position in shares of Atlassian during the 4th quarter valued at $32,000. Finally, Basepoint Wealth LLC acquired a new position in shares of Atlassian during the 4th quarter valued at $32,000. Institutional investors and hedge funds own 94.45% of the company's stock.

Analysts Set New Price Targets

TEAM has been the topic of several analyst reports. Jefferies Financial Group set a $150.00 price target on shares of Atlassian in a research note on Friday, February 6th. TD Cowen lifted their price target 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. Barclays lifted their price target on shares of Atlassian from $106.00 to $112.00 and gave the stock an "overweight" rating in a research note on Thursday, May 7th. Citigroup dropped their price target on shares of Atlassian from $160.00 to $110.00 and set a "buy" rating on the stock in a research note on Friday, May 1st. Finally, Cantor Fitzgerald lifted their price target on shares of Atlassian from $98.00 to $107.00 and gave the stock an "overweight" 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 given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Atlassian has a consensus rating of "Moderate Buy" and an average target price of $145.63.

Insider Transactions at Atlassian

In other Atlassian news, CFO James Chuong sold 8,838 shares of the business's 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 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. The transaction was disclosed in a document filed with the SEC, 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 1,986 shares of the business's stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $174,271.50. Following the transaction, the executive directly owned 236,841 shares of the company's stock, valued at $20,782,797.75. The trade was a 0.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 10,891 shares of company stock valued at $955,683 over the last three months. 36.66% of the stock is currently owned by company insiders.

Atlassian Trading Down 6.9%

Atlassian stock opened at $101.53 on Thursday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13. The firm has a 50-day moving average price of $77.63 and a two-hundred day moving average price of $106.86. The firm has a market capitalization of $25.77 billion, a price-to-earnings ratio of -122.33, a PEG ratio of 6.19 and a beta of 1.07. Atlassian Corporation PLC has a 52-week low of $56.01 and a 52-week high of $222.59.

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

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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