Deepwater Asset Management LLC Acquires Shares of 91,162 Atlassian Corporation PLC $TEAM

Deepwater Asset Management LLC acquired a new stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 91,162 shares of the technology company’s stock, valued at approximately $14,781,000. Atlassian comprises 4.3% of Deepwater Asset Management LLC’s investment portfolio, making the stock its 7th biggest holding.

Several other institutional investors have also bought and sold shares of TEAM. DNB Asset Management AS lifted its position in Atlassian by 266.6% during the third quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company’s stock valued at $448,260,000 after purchasing an additional 2,041,210 shares during the last quarter. Norges Bank bought a new position in Atlassian during the fourth quarter valued at $323,526,000. Pictet Asset Management Holding SA lifted its position in Atlassian by 38.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 3,950,852 shares of the technology company’s stock valued at $640,628,000 after purchasing an additional 1,090,787 shares during the last quarter. Vanguard Group Inc. lifted its position in Atlassian by 6.0% during the third quarter. Vanguard Group Inc. now owns 18,479,561 shares of the technology company’s stock valued at $2,951,186,000 after purchasing an additional 1,049,483 shares during the last quarter. Finally, Voyager Global Management LP lifted its position in Atlassian by 181.8% during the third quarter. Voyager Global Management LP now owns 1,550,000 shares of the technology company’s stock valued at $247,535,000 after purchasing an additional 1,000,000 shares during the last quarter. Institutional investors own 94.45% of the company’s stock.

Insider Transactions at Atlassian

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 1,986 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 $174,271.50. Following the sale, the executive owned 236,841 shares of the company’s stock, valued at $20,782,797.75. The trade was a 0.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 in the last quarter. 36.66% of the stock is currently owned by company insiders.

Atlassian Stock Performance

Shares of TEAM opened at $99.47 on Monday. Atlassian Corporation PLC has a 1-year low of $56.01 and a 1-year high of $222.59. The company has a 50-day moving average of $78.95 and a 200 day moving average of $106.17. The firm has a market capitalization of $25.24 billion, a price-to-earnings ratio of -119.84, a PEG ratio of 5.64 and a beta of 1.07. 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) last announced its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, beating 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 analyst estimates of $1.70 billion. During the same quarter last year, the business posted $0.97 EPS. The firm’s revenue for the quarter was up 31.7% on a year-over-year basis. On average, research analysts expect that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have commented on TEAM shares. Raymond James Financial set a $130.00 price objective on shares of Atlassian in a research report on Friday, May 1st. Wolfe Research restated an “outperform” rating and issued a $100.00 target price on shares of Atlassian in a report on Thursday, March 12th. UBS Group lowered their target price on shares of Atlassian from $105.00 to $95.00 and set a “neutral” rating for the company in a report on Friday, May 1st. Weiss Ratings restated a “sell (e+)” rating on shares of Atlassian in a report on Monday, April 20th. Finally, TD Cowen raised their target price on shares of Atlassian from $85.00 to $105.00 and gave the stock a “hold” rating in a 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. According to data from MarketBeat.com, Atlassian presently has a consensus rating of “Moderate Buy” and an average price target 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.