Allstate Corp Buys 6,676 Shares of Atlassian Corporation PLC $TEAM

Allstate Corp raised its stake in Atlassian Corporation PLC (NASDAQ:TEAM) by 108.1% in the 4th quarter, HoldingsChannel reports. The firm owned 12,854 shares of the technology company’s stock after acquiring an additional 6,676 shares during the quarter. Allstate Corp’s holdings in Atlassian were worth $2,084,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. SBI Securities Co. Ltd. lifted its position in Atlassian by 50.7% during the 3rd quarter. SBI Securities Co. Ltd. now owns 40,546 shares of the technology company’s stock valued at $6,475,000 after acquiring an additional 13,643 shares during the period. OFI Invest Asset Management lifted its position in Atlassian by 16.3% during the 4th quarter. OFI Invest Asset Management now owns 254,551 shares of the technology company’s stock valued at $41,273,000 after acquiring an additional 35,682 shares during the period. Baillie Gifford & Co. lifted its position in Atlassian by 3.9% during 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 acquiring an additional 316,276 shares during the period. Exane Asset Management lifted its position in Atlassian by 419.9% during the 4th quarter. Exane Asset Management now owns 31,363 shares of the technology company’s stock valued at $5,085,000 after acquiring an additional 25,330 shares during the period. Finally, Nicholas Company Inc. lifted its position in Atlassian by 8.7% during the 4th quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company’s stock valued at $49,748,000 after acquiring an additional 24,490 shares during the period. 94.45% of the stock is owned by institutional investors.

Atlassian Stock Performance

TEAM opened at $93.29 on Friday. 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 $23.67 billion, a price-to-earnings ratio of -112.40, a PEG ratio of 5.05 and a beta of 0.90. The company’s 50 day moving average is $74.87 and its 200 day moving average is $108.19. 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 data on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. The firm’s revenue was up 31.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.97 earnings per share. On average, equities research analysts predict that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Insider Buying and Selling

In related news, CFO James Chuong sold 8,838 shares of the firm’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 value of $775,534.50. Following the transaction, the chief financial officer owned 288,272 shares of the company’s stock, valued at approximately $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through 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 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 $174,271.50. Following the completion of the transaction, the executive directly owned 236,841 shares in the company, valued at approximately $20,782,797.75. The trade was a 0.83% 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. In the last three months, insiders sold 10,891 shares of company stock worth $955,683. 36.66% of the stock is currently owned by insiders.

Analyst Ratings Changes

TEAM has been the subject of a number of recent research reports. Barclays lifted their price target on shares of Atlassian from $106.00 to $112.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. BMO Capital Markets reduced their price objective on shares of Atlassian from $130.00 to $105.00 and set an “outperform” rating for the company in a research note on Friday, May 1st. Mizuho reduced their price objective on shares of Atlassian from $185.00 to $145.00 and set an “outperform” rating for the company in a research note on Tuesday, April 14th. Sanford C. Bernstein restated an “outperform” rating and set a $295.00 price objective on shares of Atlassian in a research note on Friday, May 1st. Finally, Robert W. Baird set a $120.00 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 assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $145.63.

About Atlassian

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.