Deepwater Asset Management LLC Takes $14.78 Million Position in Atlassian Corporation PLC $TEAM

Deepwater Asset Management LLC purchased a new stake in Atlassian Corporation PLC (NASDAQ:TEAM) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 91,162 shares of the technology company’s stock, valued at approximately $14,781,000. Atlassian accounts for approximately 4.3% of Deepwater Asset Management LLC’s holdings, making the stock its 7th biggest holding.

Several other large investors have also modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Atlassian by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 18,541,267 shares of the technology company’s stock valued at $3,006,281,000 after purchasing an additional 61,706 shares in the last quarter. Baillie Gifford & Co. raised its holdings in shares of Atlassian by 3.9% in the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock valued at $1,367,132,000 after purchasing an additional 316,276 shares in the last quarter. DNB Asset Management AS raised its holdings in shares of Atlassian by 42.2% in the 4th quarter. DNB Asset Management AS now owns 3,990,216 shares of the technology company’s stock valued at $646,974,000 after purchasing an additional 1,183,328 shares in the last quarter. Pictet Asset Management Holding SA raised its holdings in shares of Atlassian by 38.1% in the 4th 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 in the last quarter. Finally, State Street Corp raised its holdings in shares of Atlassian by 1.9% in the 3rd quarter. State Street Corp now owns 3,867,995 shares of the technology company’s stock valued at $617,719,000 after purchasing an additional 73,014 shares in the last quarter. Institutional investors own 94.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Sanford C. Bernstein reiterated an “outperform” rating and set a $295.00 price objective on shares of Atlassian in a research note on Friday, May 1st. Wolfe Research reiterated an “outperform” rating and set a $100.00 price objective on shares of Atlassian in a research note on Thursday, March 12th. KeyCorp reduced their price objective on shares of Atlassian from $170.00 to $130.00 and set an “overweight” rating for the company in a research note on Wednesday, April 1st. TD Cowen boosted their price objective 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. Finally, Raymond James Financial set a $130.00 price objective on shares of Atlassian in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $145.63.

Atlassian Price Performance

NASDAQ:TEAM opened at $99.47 on Monday. The company has a market cap of $25.24 billion, a PE ratio of -119.84, a P/E/G ratio of 5.64 and a beta of 1.07. Atlassian Corporation PLC has a twelve month low of $56.01 and a twelve 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 company’s 50 day moving average is $78.95 and its two-hundred day moving average is $106.17.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, topping 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%. Atlassian’s revenue was up 31.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.97 EPS. Analysts anticipate that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Insider Activity at Atlassian

In other Atlassian news, CFO James Chuong sold 8,838 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the sale, the chief financial officer owned 288,272 shares of the company’s stock, valued at approximately $25,295,868. The trade was a 2.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 company’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $174,271.50. Following the completion of the sale, the executive directly owned 236,841 shares in the company, valued at $20,782,797.75. This trade represents a 0.83% decrease in their ownership of the stock. 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. In the last three months, insiders have sold 10,891 shares of company stock worth $955,683. 36.66% of the stock is owned by insiders.

Atlassian 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.