AustralianSuper Pty Ltd Boosts Stake in Atlassian Corporation PLC $TEAM

Key Points

• AustralianSuper Pty Ltd increased its Atlassian stake by 50.9% in the fourth quarter, buying 27,327 more shares and bringing its total holdings to 80,984 shares valued at about $13.1 million.
• Other major institutions also raised their positions, with firms like Vanguard, Baillie Gifford, and Pictet Asset Management adding shares; institutional investors now own 94.45% of Atlassian stock.
• Atlassian reported stronger-than-expected quarterly results, posting $1.75 EPS on revenue of $1.79 billion, both ahead of analyst forecasts, while analysts currently rate the stock a Moderate Buy with a consensus target price of $145.63.

AustralianSuper Pty Ltd lifted its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 50.9% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 80,984 shares of the technology company's stock after buying an additional 27,327 shares during the quarter. AustralianSuper Pty Ltd's holdings in Atlassian were worth $13,131,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Atlassian by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 18,541,267 shares of the technology company's stock valued at $3,006,281,000 after purchasing an additional 61,706 shares in the last quarter. Baillie Gifford & Co. lifted its holdings in Atlassian by 3.9% during the fourth quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company's stock valued at $1,367,132,000 after purchasing an additional 316,276 shares in the last quarter. Pictet Asset Management Holding SA lifted its holdings in Atlassian by 38.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 3,950,852 shares of the technology company's stock valued at $640,628,000 after purchasing an additional 1,090,787 shares in the last quarter. State Street Corp lifted its holdings in Atlassian by 1.9% during the third quarter. State Street Corp now owns 3,867,995 shares of the technology company's stock valued at $617,719,000 after purchasing an additional 73,014 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Atlassian by 18.7% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,867,886 shares of the technology company's stock valued at $458,001,000 after purchasing an additional 451,706 shares in the last quarter. Institutional investors own 94.45% of the company's stock.

Insider Activity at Atlassian

In related news, CTO Rajeev Bashyam Rajan sold 3,072 shares of the firm's stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $81.35, for a total value of $249,907.20. Following the completion of the transaction, the chief technology officer directly owned 212,916 shares of the company's stock, valued at approximately $17,320,716.60. This trade represents a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CRO Brian Duffy sold 1,222 shares of the firm's stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $81.35, for a total transaction of $99,409.70. Following the completion of the transaction, the executive directly owned 124,332 shares of the company's stock, valued at approximately $10,114,408.20. This trade represents a 0.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 6,013 shares of company stock valued at $489,158. Insiders own 36.66% of the company's stock.

Atlassian Stock Up 8.2%

Shares of TEAM stock opened at $87.46 on Friday. The stock has a market cap of $22.19 billion, a P/E ratio of -105.37, a PEG ratio of 4.58 and a beta of 0.90. Atlassian Corporation PLC has a 52 week low of $56.01 and a 52 week high of $223.42. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13. The company's fifty day simple moving average is $73.24 and its two-hundred day simple moving average is $113.39.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, topping the consensus estimate of $1.33 by $0.42. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The business had revenue of $1.79 billion for the quarter, compared to analysts' expectations of $1.70 billion. During the same quarter in the previous year, the company earned $0.97 EPS. The business's quarterly revenue was up 31.7% compared to the same quarter last year. Analysts predict that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on TEAM shares. Canaccord Genuity Group dropped their target price on shares of Atlassian from $185.00 to $150.00 and set a "buy" rating for the company in a report on Wednesday, April 15th. BMO Capital Markets dropped their target price on shares of Atlassian from $130.00 to $105.00 and set an "outperform" rating for the company in a report on Friday, May 1st. TD Cowen upped their target price on shares of Atlassian from $85.00 to $105.00 and gave the stock a "hold" rating in a report on Friday, May 1st. Barclays increased their target price on Atlassian from $106.00 to $112.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. Finally, Mizuho cut their target price on Atlassian from $185.00 to $145.00 and set an "outperform" rating for the company in a research report on Tuesday, April 14th. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $145.63.

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.

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