Delta Global Management LP Lowers Holdings in Atlassian Corporation PLC $TEAM

Delta Global Management LP lessened its stake in Atlassian Corporation PLC (NASDAQ:TEAM) by 29.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,437 shares of the technology company’s stock after selling 10,125 shares during the quarter. Delta Global Management LP’s holdings in Atlassian were worth $3,962,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Geneos Wealth Management Inc. raised its position in shares of Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after purchasing an additional 161 shares during the last quarter. Board of the Pension Protection Fund purchased a new stake in shares of Atlassian during the 4th quarter valued at about $32,000. Basepoint Wealth LLC purchased a new stake in shares of Atlassian during the 4th quarter valued at about $32,000. Bogart Wealth LLC increased its position in shares of Atlassian by 76.4% during the 4th quarter. Bogart Wealth LLC now owns 217 shares of the technology company’s stock valued at $35,000 after purchasing an additional 94 shares during the last quarter. Finally, VSM Wealth Advisory LLC purchased a new stake in shares of Atlassian during the 4th quarter valued at about $41,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Insider Activity at Atlassian

In other Atlassian news, CFO James Chuong sold 8,838 shares of the company’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 value of $775,534.50. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed 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 company’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the completion of the transaction, the executive owned 227,691 shares of the company’s stock, valued at $20,426,159.61. The trade was a 1.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 20,041 shares of company stock valued at $1,801,069 over the last 90 days. 36.66% of the stock is currently owned by corporate insiders.

Atlassian Trading Up 3.4%

Shares of NASDAQ:TEAM opened at $91.55 on Tuesday. The stock has a 50 day moving average of $81.92 and a 200 day moving average of $103.87. The company has a market cap of $23.23 billion, a PE ratio of -110.30, a price-to-earnings-growth ratio of 5.02 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 posted its quarterly 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. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The business had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the prior year, the company posted $0.97 EPS. The firm’s revenue for the quarter was up 31.7% compared to the same quarter last year. As a group, equities research analysts expect that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Analyst Upgrades and Downgrades

TEAM has been the subject of several research reports. Cantor Fitzgerald upped their price target on shares of Atlassian from $98.00 to $107.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Barclays boosted their price objective on Atlassian from $106.00 to $112.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. 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. Raymond James Financial set a $130.00 price objective on Atlassian in a research note on Friday, May 1st. Finally, Wall Street Zen downgraded Atlassian from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 30th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price 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.