Illinois Municipal Retirement Fund Lowers Stake in Atlassian Corporation PLC (NASDAQ:TEAM)

Illinois Municipal Retirement Fund decreased its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 12.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 70,441 shares of the technology company's stock after selling 9,576 shares during the period. Illinois Municipal Retirement Fund's holdings in Atlassian were worth $14,948,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Principal Financial Group Inc. grew its holdings in Atlassian by 7.1% during the 4th quarter. Principal Financial Group Inc. now owns 11,531 shares of the technology company's stock valued at $2,806,000 after buying an additional 761 shares in the last quarter. Amalgamated Bank grew its stake in Atlassian by 2.8% during the fourth quarter. Amalgamated Bank now owns 10,710 shares of the technology company's stock valued at $2,607,000 after acquiring an additional 296 shares in the last quarter. K.J. Harrison & Partners Inc bought a new stake in Atlassian in the 4th quarter valued at $485,000. Mn Services Vermogensbeheer B.V. lifted its stake in Atlassian by 1.7% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 60,500 shares of the technology company's stock worth $14,724,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Oppenheimer & Co. Inc. boosted its holdings in shares of Atlassian by 23.8% during the 4th quarter. Oppenheimer & Co. Inc. now owns 2,192 shares of the technology company's stock valued at $533,000 after purchasing an additional 421 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

Atlassian Trading Up 1.9%

TEAM stock traded up $3.82 during midday trading on Friday, reaching $202.32. The company's stock had a trading volume of 2,463,283 shares, compared to its average volume of 2,147,216. The firm has a market capitalization of $53.11 billion, a price-to-earnings ratio of -121.88 and a beta of 0.96. Atlassian Corporation PLC has a 1 year low of $135.29 and a 1 year high of $326.00. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. The stock has a fifty day simple moving average of $209.80 and a two-hundred day simple moving average of $238.31.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TEAM. Raymond James Financial reaffirmed an "outperform" rating and issued a $300.00 target price (down from $330.00) on shares of Atlassian in a report on Friday, May 2nd. Barclays cut their target price on shares of Atlassian from $350.00 to $260.00 and set an "overweight" rating for the company in a report on Monday, May 5th. Morgan Stanley decreased their price target 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. Baird R W upgraded shares of Atlassian from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Finally, Canaccord Genuity Group reduced their target price on shares of Atlassian from $300.00 to $255.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Four analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $282.19.

Insider Transactions at Atlassian

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the firm's stock in a transaction on Monday, April 7th. The stock was sold at an average price of $185.61, for a total transaction of $1,475,228.28. Following the transaction, the director now directly owns 333,816 shares in the company, valued at $61,959,587.76. This trade represents a 2.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the company's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $199.71, for a total value of $1,530,777.15. Following the completion of the sale, the chief executive officer now owns 22,995 shares of the company's stock, valued at $4,592,331.45. This represents a 25.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 388,669 shares of company stock valued at $80,949,405. 38.55% of the stock is currently owned by company insiders.

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.