Alberta Investment Management Corp Boosts Holdings in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Alberta Investment Management Corp increased its investment in Atlassian Corporation by 27.6%, now holding 116,799 shares valued at approximately $24.8 million.
• Several institutional investors have shown increased interest in Atlassian, with Clean Yield Group boosting its holdings by 372% during the first quarter.
• Atlassian's recent financial performance includes a reported $1.36 billion in revenue for the quarter, marking a 14.1% increase year-over-year.

Alberta Investment Management Corp raised its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 27.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 116,799 shares of the technology company's stock after acquiring an additional 25,261 shares during the period. Alberta Investment Management Corp's holdings in Atlassian were worth $24,786,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Clean Yield Group boosted its position in shares of Atlassian by 372.0% in the 1st quarter. Clean Yield Group now owns 118 shares of the technology company's stock worth $25,000 after purchasing an additional 93 shares in the last quarter. Colonial Trust Co SC boosted its holdings in Atlassian by 100.0% in the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock worth $34,000 after acquiring an additional 69 shares in the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Atlassian during the fourth quarter valued at about $39,000. GeoWealth Management LLC raised its position in shares of Atlassian by 26.8% in the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock valued at $44,000 after purchasing an additional 38 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its position in shares of Atlassian by 82.7% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 243 shares of the technology company's stock valued at $52,000 after purchasing an additional 110 shares during the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on TEAM. Mizuho cut their price target on shares of Atlassian from $290.00 to $265.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 16th. UBS Group restated a "hold" rating on shares of Atlassian in a research note on Monday, July 7th. Morgan Stanley dropped their price target on Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. BMO Capital Markets cut their price objective on Atlassian from $295.00 to $245.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Finally, Wall Street Zen raised Atlassian from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. Five research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $274.05.

Insider Buying and Selling

In related news, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $214.92, for a total value of $1,708,184.16. Following the completion of the sale, the director owned 103,324 shares of the company's stock, valued at approximately $22,206,394.08. The trade was a 7.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $221.41, for a total transaction of $1,759,766.68. Following the transaction, the chief executive officer owned 111,272 shares of the company's stock, valued at $24,636,733.52. This represents a 6.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 492,017 shares of company stock worth $101,133,506 in the last quarter. Insiders own 38.55% of the company's stock.

Atlassian Price Performance

NASDAQ:TEAM opened at $191.78 on Friday. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. Atlassian Corporation PLC has a 52 week low of $135.29 and a 52 week high of $326.00. The stock's 50-day moving average price is $202.78 and its 200-day moving average price is $229.08. The stock has a market capitalization of $50.34 billion, a PE ratio of -115.53 and a beta of 0.94.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.93 by $0.04. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Atlassian had a negative return on equity of 23.41% and a negative net margin of 8.66%. Atlassian's quarterly revenue was up 14.1% compared to the same quarter last year. During the same period last year, the company earned $0.89 earnings per share. As a group, equities analysts expect that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Atlassian Company Profile

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.

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