Y Intercept Hong Kong Ltd Buys 196,086 Shares of Atlassian Corporation PLC $TEAM

Key Points

• Y Intercept Hong Kong Ltd significantly increased its Atlassian stake in the first quarter, buying 196,086 additional shares and lifting its holdings by 424.1% to 242,318 shares worth about $16.5 million.
• Atlassian reported strong quarterly results, with EPS of $1.75 beating estimates and revenue of $1.79 billion topping expectations, while revenue rose 31.7% year over year.
• Analyst sentiment remains mostly positive, with 21 Buy ratings versus 7 Hold and 1 Sell, though several firms trimmed price targets; the stock had recently traded around $83.84, well below its 52-week high.

Y Intercept Hong Kong Ltd boosted its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 424.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 242,318 shares of the technology company's stock after acquiring an additional 196,086 shares during the period. Y Intercept Hong Kong Ltd owned 0.09% of Atlassian worth $16,538,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of TEAM. MV Capital Management Inc. purchased a new position in shares of Atlassian in the fourth quarter valued at about $25,000. Geneos Wealth Management Inc. boosted its position in shares of Atlassian by 447.2% during the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock worth $42,000 after acquiring an additional 161 shares during the last quarter. Board of the Pension Protection Fund purchased a new position in Atlassian during the fourth quarter valued at $32,000. Basepoint Wealth LLC bought a new stake in Atlassian in the 4th quarter valued at $32,000. Finally, Garton & Associates Financial Advisors LLC purchased a new stake in Atlassian in the 4th quarter worth $32,000. Institutional investors own 94.45% of the company's stock.

Insider Buying and Selling

In related news, CFO James Chuong sold 8,838 shares of Atlassian 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 owned 288,272 shares in the company, valued at $25,295,868. This trade represents a 2.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 business's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $89.71, for a total transaction of $269,130.00. Following the completion of the sale, the executive directly owned 227,691 shares of the company's stock, valued at approximately $20,426,159.61. This trade represents a 1.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 20,041 shares of company stock valued at $1,801,069 over the last three months. 36.66% of the stock is owned by corporate insiders.

Atlassian Price Performance

Atlassian stock opened at $83.84 on Friday. Atlassian Corporation PLC has a 12-month low of $56.01 and a 12-month high of $222.59. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. The firm has a 50-day moving average price of $86.15 and a 200-day moving average price of $97.01. The firm has a market capitalization of $21.28 billion, a PE ratio of -101.01, a price-to-earnings-growth ratio of 4.69 and a beta of 1.11.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Citigroup decreased their target price on Atlassian from $160.00 to $110.00 and set a "buy" rating on the stock in a research report on Friday, May 1st. Truist Financial boosted their price target on shares of Atlassian from $90.00 to $100.00 and gave the stock a "buy" rating in a research report on Friday, May 1st. KeyCorp decreased their price target on shares of Atlassian from $170.00 to $130.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 1st. Weiss Ratings reissued a "sell (e+)" rating on shares of Atlassian in a research note on Monday, April 20th. Finally, Canaccord Genuity Group reduced their target price on shares of Atlassian from $185.00 to $150.00 and set a "buy" rating on the stock in a report on Wednesday, April 15th. Twenty-one investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Atlassian presently has an average rating of "Moderate Buy" and an average target price of $145.26.

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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