Alberta Investment Management Corp Acquires Shares of 365,400 Atlassian Corporation PLC $TEAM

Key Points

• Alberta Investment Management Corp disclosed a new fourth-quarter position in Atlassian, buying 365,400 shares worth about $59.2 million. The stake represented roughly 0.14% of the company.
• Atlassian has seen continued institutional activity, with several other funds also adding or initiating positions, while institutional investors and hedge funds collectively own about 94.45% of the stock.
• The company recently reported stronger-than-expected quarterly results, posting $1.75 EPS versus the $1.33 estimate and revenue of $1.79 billion, up 31.7% year over year. Despite that, the stock was down about 2% and analysts currently rate it a Moderate Buy with an average price target of $145.63.

Alberta Investment Management Corp bought a new position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 365,400 shares of the technology company's stock, valued at approximately $59,246,000. Alberta Investment Management Corp owned about 0.14% of Atlassian at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Board of the Pension Protection Fund acquired a new position in Atlassian during the fourth quarter worth about $32,000. Basepoint Wealth LLC acquired a new stake in shares of Atlassian in the 4th quarter valued at approximately $32,000. Garton & Associates Financial Advisors LLC acquired a new stake in shares of Atlassian in the 4th quarter valued at approximately $32,000. Bogart Wealth LLC grew its holdings 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 bought a new stake in shares of Atlassian during the 4th quarter valued at approximately $41,000. Institutional investors and hedge funds 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 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 approximately $25,295,868. This trade represents a 2.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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 Atlassian stock in a transaction dated 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 directly 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 disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 20,041 shares of company stock valued at $1,801,069. Company insiders own 36.66% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on TEAM shares. BNP Paribas Exane began coverage on shares of Atlassian in a research note on Monday, March 16th. They issued an "outperform" rating and a $95.00 price objective for the company. Wells Fargo & Company decreased their target price on shares of Atlassian from $155.00 to $120.00 and set an "overweight" rating on the stock in a research note on Tuesday, March 17th. Barclays upped their price target on shares of Atlassian from $106.00 to $112.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. Guggenheim set a $115.00 price target on Atlassian in a research note on Thursday, April 9th. Finally, Raymond James Financial set a $130.00 price objective on Atlassian in a report on Friday, May 1st. One investment 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 given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $145.63.

Atlassian Stock Down 2.0%

Shares of NASDAQ:TEAM opened at $82.72 on Friday. The firm has a market cap of $20.99 billion, a P/E ratio of -99.66, a P/E/G ratio of 4.78 and a beta of 1.07. The company has a quick ratio of 0.70, a current 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. The business has a fifty day simple moving average of $83.00 and a 200 day simple moving average of $102.53.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the previous year, the company posted $0.97 EPS. The business's revenue was up 31.7% on a year-over-year basis. Analysts predict that Atlassian Corporation PLC will post 0.81 earnings per share 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.

Want to see what other hedge funds are holding TEAM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Atlassian Corporation PLC (NASDAQ:TEAM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.