SEB Asset Management AB Invests $4.41 Million in Atlassian Corporation PLC $TEAM

SEB Asset Management AB purchased a new position in Atlassian Corporation PLC (NASDAQ:TEAM) during the first quarter, HoldingsChannel.com reports. The fund purchased 64,553 shares of the technology company’s stock, valued at approximately $4,406,000.

A number of other institutional investors also recently modified their holdings of the company. NewEdge Advisors LLC lifted its stake in Atlassian by 71.6% in the first quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company’s stock worth $1,153,000 after acquiring an additional 2,267 shares during the period. Empowered Funds LLC lifted its position in shares of Atlassian by 39.5% in the 1st quarter. Empowered Funds LLC now owns 4,689 shares of the technology company’s stock worth $995,000 after purchasing an additional 1,328 shares during the period. Focus Partners Wealth raised its stake in Atlassian by 32.6% in the first quarter. Focus Partners Wealth now owns 4,122 shares of the technology company’s stock worth $875,000 after buying an additional 1,014 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in Atlassian by 447.2% in the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after buying an additional 161 shares in the last quarter. Finally, Sivia Capital Partners LLC boosted its position in Atlassian by 27.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company’s stock valued at $380,000 after acquiring an additional 404 shares in the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TEAM has been the topic of several research reports. Wall Street Zen lowered Atlassian from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th. Raymond James Financial reissued an “outperform” rating on shares of Atlassian in a research note on Tuesday. Canaccord Genuity Group decreased their target price on shares of Atlassian from $185.00 to $150.00 and set a “buy” rating for the company in a research note on Wednesday, April 15th. Cantor Fitzgerald upped their price target on Atlassian from $98.00 to $107.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Finally, BMO Capital Markets lowered their price objective on Atlassian from $105.00 to $95.00 and set an “outperform” rating for the company in a research note on Thursday, June 25th. Twenty-one analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $138.50.

Insider Activity at Atlassian

In related news, CRO Brian Duffy sold 3,000 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $89.71, for a total transaction of $269,130.00. Following the transaction, the executive owned 227,691 shares in the company, valued at $20,426,159.61. This represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Chuong sold 8,838 shares of the firm’s 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 completion of the sale, the chief financial officer owned 288,272 shares in the company, valued at $25,295,868. This represents a 2.97% decrease in their position. 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 have sold 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 Stock Performance

Shares of TEAM opened at $85.40 on Thursday. Atlassian Corporation PLC has a 12 month low of $56.01 and a 12 month high of $206.00. The business’s fifty day simple moving average is $89.13 and its two-hundred day simple moving average is $89.89. 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 company has a market cap of $21.67 billion, a price-to-earnings ratio of -102.89, a P/E/G ratio of 5.67 and a beta of 1.11.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The company had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same period last year, the firm posted $0.97 earnings per share. Atlassian’s revenue was up 31.7% compared to the same quarter last year. Research analysts anticipate that Atlassian Corporation PLC will post 0.81 earnings per share for the current fiscal 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.