Optimus Prime Fund Management Co. Ltd. Boosts Stock Position in Atlassian Corporation PLC $TEAM

Optimus Prime Fund Management Co. Ltd. grew its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 100.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 80,000 shares of the technology company’s stock after purchasing an additional 40,000 shares during the quarter. Atlassian makes up about 1.0% of Optimus Prime Fund Management Co. Ltd.’s investment portfolio, making the stock its 16th largest position. Optimus Prime Fund Management Co. Ltd.’s holdings in Atlassian were worth $12,971,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. DNB Asset Management AS grew 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 acquiring an additional 2,041,210 shares during the last quarter. Norges Bank purchased a new stake in Atlassian during the fourth quarter valued at about $323,526,000. Morgan Stanley grew its stake in shares of Atlassian by 52.4% during the fourth quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock valued at $781,841,000 after buying an additional 1,657,309 shares during the last quarter. Carmignac Gestion lifted its stake in shares of Atlassian by 6,602.0% in the 4th quarter. Carmignac Gestion now owns 1,206,368 shares of the technology company’s stock valued at $195,601,000 after acquiring an additional 1,188,368 shares during the last quarter. Finally, Pictet Asset Management Holding SA boosted its holdings in Atlassian by 38.1% during 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 acquiring an additional 1,090,787 shares during the period. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. KeyCorp decreased their price target on Atlassian from $170.00 to $130.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 1st. Oppenheimer lifted their target price on shares of Atlassian from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, May 11th. Wall Street Zen cut shares of Atlassian from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th. Raymond James Financial set a $130.00 price objective on shares of Atlassian in a research report on Friday, May 1st. Finally, Piper Sandler lowered their price objective on shares of Atlassian from $200.00 to $175.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $145.63.

Insiders Place Their Bets

In other Atlassian news, CRO Brian Duffy sold 3,000 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $89.71, for a total transaction of $269,130.00. Following the completion of the transaction, the executive 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. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO James Chuong sold 8,838 shares of the company’s stock in a transaction dated 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 directly owned 288,272 shares in the company, valued at $25,295,868. This represents a 2.97% 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 quarter, insiders sold 20,041 shares of company stock valued at $1,801,069. 36.66% of the stock is owned by corporate insiders.

Atlassian Trading Down 3.9%

NASDAQ:TEAM opened at $87.95 on Wednesday. The company has a 50-day moving average price of $82.31 and a 200-day moving average price of $103.45. The stock has a market cap of $22.32 billion, a price-to-earnings ratio of -105.96, a P/E/G ratio of 5.19 and a beta of 1.07. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. Atlassian Corporation PLC has a 12 month low of $56.01 and a 12 month high of $222.59.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter in the previous year, the company earned $0.97 earnings per share. Atlassian’s quarterly revenue was up 31.7% on a year-over-year basis. Equities analysts predict that Atlassian Corporation PLC will post 0.81 EPS for the current 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.