Alberta Investment Management Corp Takes Position in Atlassian Corporation PLC $TEAM

Alberta Investment Management Corp bought a new stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 365,400 shares of the technology company’s stock, valued at approximately $59,246,000.

A number of other institutional investors also recently modified their holdings of TEAM. OFI Invest Asset Management lifted its position in Atlassian by 16.3% in the fourth quarter. OFI Invest Asset Management now owns 254,551 shares of the technology company’s stock valued at $41,273,000 after purchasing an additional 35,682 shares during the last quarter. Baillie Gifford & Co. boosted its stake in shares of Atlassian by 3.9% during the fourth 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 during the period. Exane Asset Management grew its holdings in shares of Atlassian by 419.9% in the fourth quarter. Exane Asset Management now owns 31,363 shares of the technology company’s stock worth $5,085,000 after purchasing an additional 25,330 shares during the last quarter. Nicholas Company Inc. grew its holdings in shares of Atlassian by 8.7% in the fourth quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company’s stock worth $49,748,000 after purchasing an additional 24,490 shares during the last quarter. Finally, Intech Investment Management LLC increased its stake in shares of Atlassian by 180.3% in the third quarter. Intech Investment Management LLC now owns 140,984 shares of the technology company’s stock worth $22,515,000 after buying an additional 90,692 shares during the period. Institutional investors and hedge funds own 94.45% of the company’s stock.

Atlassian Stock Down 2.0%

NASDAQ:TEAM opened at $82.72 on Friday. The firm’s 50-day moving average price is $83.00 and its 200-day moving average price is $102.53. The company has a market capitalization of $20.99 billion, a PE ratio of -99.66, a P/E/G ratio of 4.78 and a beta of 1.07. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70. Atlassian Corporation PLC has a 1-year low of $56.01 and a 1-year high of $222.59.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $1.70 billion. During the same period last year, the business earned $0.97 EPS. Atlassian’s quarterly revenue was up 31.7% compared to the same quarter last year. On average, equities analysts predict that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

Insider Transactions at Atlassian

In other news, CRO Brian Duffy sold 3,000 shares of the business’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 sale, the executive directly owned 227,691 shares of the company’s stock, valued at $20,426,159.61. The trade was a 1.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 sale, the chief financial officer owned 288,272 shares in the company, valued at $25,295,868. The trade was a 2.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 20,041 shares of company stock worth $1,801,069. Corporate insiders own 36.66% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on TEAM shares. Wells Fargo & Company lowered their price target on shares of Atlassian from $155.00 to $120.00 and set an “overweight” rating for the company in a report on Tuesday, March 17th. BNP Paribas Exane began coverage on shares of Atlassian in a research report on Monday, March 16th. They issued an “outperform” rating and a $95.00 price objective on the stock. Wall Street Zen downgraded shares of Atlassian from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 30th. Mizuho dropped their target price on shares of Atlassian from $185.00 to $145.00 and set an “outperform” rating for the company in a report on Tuesday, April 14th. Finally, Truist Financial raised their target price on Atlassian from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.