iA Global Asset Management Inc. Acquires 16,482 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• iA Global Asset Management Inc. boosted its holdings in Atlassian Corporation by 40.2% in the first quarter, reaching a total of 57,481 shares valued at approximately $12.2 million.
• Institutional investors and hedge funds now own 94.45% of Atlassian's stock, with significant increases in holdings reported by several firms in recent quarters.
• Wall Street analysts have largely rated Atlassian positively, with nineteen of them giving a buy rating, despite several cuts in price targets, indicating ongoing interest in the company's growth potential.

iA Global Asset Management Inc. boosted its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 40.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 57,481 shares of the technology company's stock after buying an additional 16,482 shares during the quarter. iA Global Asset Management Inc.'s holdings in Atlassian were worth $12,198,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Clean Yield Group grew its holdings in shares of Atlassian by 372.0% during the first quarter. Clean Yield Group now owns 118 shares of the technology company's stock valued at $25,000 after purchasing an additional 93 shares during the last quarter. Colonial Trust Co SC boosted its stake in Atlassian by 100.0% during the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock valued at $34,000 after purchasing an additional 69 shares in the last quarter. Smithfield Trust Co grew its holdings in Atlassian by 90.7% during the first quarter. Smithfield Trust Co now owns 164 shares of the technology company's stock worth $34,000 after acquiring an additional 78 shares during the period. GeoWealth Management LLC raised its holdings in shares of Atlassian by 26.8% in the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock worth $44,000 after purchasing an additional 38 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in shares of Atlassian by 82.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 243 shares of the technology company's stock valued at $52,000 after buying an additional 110 shares in the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on TEAM shares. BMO Capital Markets reduced their price target on shares of Atlassian from $225.00 to $200.00 and set an "outperform" rating for the company in a research report on Friday. Morgan Stanley cut their target price on Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Piper Sandler reiterated an "overweight" rating and set a $300.00 price target (down previously from $365.00) on shares of Atlassian in a report on Friday, May 2nd. Capital One Financial downgraded Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 price target on the stock. in a report on Wednesday, July 16th. Finally, Barclays lowered their price objective on shares of Atlassian from $244.00 to $215.00 and set an "overweight" rating on the stock in a research note on Friday. Five investment 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. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $260.67.

Insider Activity

In other news, Director Scott Farquhar sold 7,948 shares of the stock in a transaction on Monday, May 19th. The shares were sold at an average price of $214.92, for a total transaction of $1,708,184.16. Following the completion of the sale, the director owned 103,324 shares of the company's stock, valued at $22,206,394.08. This represents a 7.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business's stock in a transaction 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 sale, the chief executive officer directly owned 143,064 shares in the company, valued at $31,827,448.08. This represents a 5.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 522,111 shares of company stock worth $106,345,639 in the last quarter. 38.55% of the stock is currently owned by company insiders.

Atlassian Trading Down 1.7%

Shares of NASDAQ TEAM traded down $2.94 during midday trading on Friday, hitting $168.06. The stock had a trading volume of 7,902,491 shares, compared to its average volume of 2,193,492. The firm has a market cap of $44.12 billion, a P/E ratio of -169.76 and a beta of 0.96. Atlassian Corporation PLC has a fifty-two week low of $137.27 and a fifty-two week high of $326.00. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The company's 50-day simple moving average is $199.40 and its 200 day simple moving average is $226.09.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The technology company reported $0.98 earnings per share for the quarter, beating analysts' consensus estimates of $0.83 by $0.15. Atlassian had a negative return on equity of 15.19% and a negative net margin of 4.92%. The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter in the prior year, the business posted $0.66 EPS. The firm's quarterly revenue was up 22.3% on a year-over-year basis. Research analysts anticipate that Atlassian Corporation PLC will post -0.34 EPS for the current year.

Atlassian 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.