Tensor Edge Capital LLC Makes New $5.03 Million Investment in Atlassian Corporation PLC $TEAM

Key Points

• Tensor Edge Capital LLC initiated a new position in Atlassian, buying 31,008 shares valued at about $5.03 million in the fourth quarter. The stake represents 1.4% of the fund’s holdings and is its 11th largest position.
• Atlassian also saw ongoing institutional interest and insider activity, with institutions owning 94.45% of the stock overall. Meanwhile, CRO Brian Duffy sold 1,986 shares in a transaction worth $174,271.50, mainly to cover tax withholding on vested equity awards.
• Analysts remain generally positive on TEAM, with a consensus rating of “Moderate Buy” and an average price target of $145.63. The company recently beat earnings expectations, reporting $1.75 EPS on revenue of $1.79 billion, up 31.7% year over year.

Tensor Edge Capital LLC bought a new stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 31,008 shares of the technology company's stock, valued at approximately $5,028,000. Atlassian makes up 1.4% of Tensor Edge Capital LLC's holdings, making the stock its 11th largest position.

Other institutional investors also recently modified their holdings of the company. Physician Wealth Advisors Inc. boosted its stake in Atlassian by 60.4% during the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company's stock worth $26,000 after acquiring an additional 61 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in shares of Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock worth $42,000 after purchasing an additional 161 shares in the last quarter. Atlantic Union Bankshares Corp grew its stake in shares of Atlassian by 19,900.0% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company's stock worth $32,000 after buying an additional 199 shares during the last quarter. Board of the Pension Protection Fund bought a new position in Atlassian during the 4th quarter valued at approximately $32,000. Finally, Bogart Wealth LLC raised its stake 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 buying an additional 94 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Atlassian news, CRO Brian Duffy sold 1,986 shares of the firm's stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $174,271.50. Following the completion of the transaction, the executive owned 236,841 shares of the company's stock, valued at approximately $20,782,797.75. This trade represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 36.66% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on TEAM shares. Cantor Fitzgerald increased their target price on Atlassian from $98.00 to $107.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Wells Fargo & Company cut their price objective on shares of Atlassian from $155.00 to $120.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 17th. BMO Capital Markets reduced their price objective on shares of Atlassian from $130.00 to $105.00 and set an "outperform" rating for the company in a research note on Friday, May 1st. Zacks Research upgraded shares of Atlassian from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 6th. Finally, Robert W. Baird set a $120.00 price target on shares of Atlassian in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $145.63.

Atlassian Price Performance

TEAM opened at $86.23 on Thursday. The firm has a market capitalization of $21.88 billion, a PE ratio of -103.89, a price-to-earnings-growth ratio of 4.91 and a beta of 0.90. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70. The business's 50-day moving average is $73.52 and its two-hundred day moving average is $111.47. Atlassian Corporation PLC has a 1 year low of $56.01 and a 1 year 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 EPS for the quarter, beating analysts' consensus estimates of $1.33 by $0.42. The company had revenue of $1.79 billion during the quarter, compared to analysts' expectations 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 for the quarter was up 31.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.97 earnings per share. Research analysts anticipate 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.

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