Atlassian Corporation PLC (NASDAQ:TEAM) Shares Acquired by Arizona State Retirement System

Arizona State Retirement System raised its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 3.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 47,293 shares of the technology company's stock after buying an additional 1,690 shares during the period. Arizona State Retirement System's holdings in Atlassian were worth $10,036,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its position in Atlassian by 37.7% in the 1st quarter. Farther Finance Advisors LLC now owns 369 shares of the technology company's stock valued at $80,000 after buying an additional 101 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in Atlassian by 42.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,240 shares of the technology company's stock valued at $900,000 after buying an additional 1,259 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Atlassian by 47,387.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,799 shares of the technology company's stock valued at $822,000 after buying an additional 3,791 shares during the last quarter. Principal Financial Group Inc. boosted its position in Atlassian by 350.1% in the 1st quarter. Principal Financial Group Inc. now owns 51,900 shares of the technology company's stock valued at $11,014,000 after buying an additional 40,369 shares during the last quarter. Finally, Amalgamated Bank boosted its position in Atlassian by 6.1% in the 1st quarter. Amalgamated Bank now owns 11,360 shares of the technology company's stock valued at $2,411,000 after buying an additional 650 shares during the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Atlassian

In other news, Director Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $206.80, for a total value of $1,643,646.40. Following the completion of the transaction, the director directly owned 174,856 shares in the company, valued at $36,160,220.80. This trade represents a 4.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $222.47, for a total transaction of $1,768,191.56. Following the completion of the transaction, the chief executive officer owned 143,064 shares of the company's stock, valued at $31,827,448.08. This trade represents a 5.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 425,013 shares of company stock valued at $88,952,830 over the last quarter. Insiders own 38.55% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TEAM. Cantor Fitzgerald upgraded shares of Atlassian from a "neutral" rating to an "overweight" rating and cut their target price for the company from $304.00 to $272.00 in a research note on Wednesday, April 2nd. Morgan Stanley cut their target price on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Piper Sandler restated an "overweight" rating and issued a $300.00 target price (down previously from $365.00) on shares of Atlassian in a research note on Friday, May 2nd. Wall Street Zen upgraded shares of Atlassian from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. Finally, Baird R W upgraded shares of Atlassian from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Four research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Atlassian has an average rating of "Moderate Buy" and a consensus price target of $285.75.

Atlassian Stock Performance

NASDAQ TEAM traded down $1.62 on Tuesday, hitting $189.99. The stock had a trading volume of 496,412 shares, compared to its average volume of 2,178,953. Atlassian Corporation PLC has a one year low of $135.29 and a one year high of $326.00. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. The stock has a market cap of $49.87 billion, a price-to-earnings ratio of -114.50 and a beta of 0.94. The company's 50-day moving average is $207.96 and its two-hundred day moving average is $233.70.

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

About Atlassian

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.