Baillie Gifford & Co. Has $1.85 Billion Stake in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Baillie Gifford & Co. increased its stake in Atlassian Corporation PLC by 7.1%, now holding 8,694,755 shares valued at approximately $1.85 billion, making it the firm's 16th largest investment.
• Atlassian reported a quarterly earnings per share of $0.97, which exceeded analyst expectations, with revenue growth of 14.1% year-over-year, reaching $1.36 billion.
• Several analysts have revised their price targets for Atlassian stock, with ratings varying from "outperform" to "overweight," reflecting a mix of bullish and cautious sentiments towards the company's performance.

Baillie Gifford & Co. boosted its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 7.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,694,755 shares of the technology company's stock after buying an additional 573,696 shares during the quarter. Atlassian comprises 1.6% of Baillie Gifford & Co.'s portfolio, making the stock its 16th biggest holding. Baillie Gifford & Co. owned 3.32% of Atlassian worth $1,845,114,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Pacer Advisors Inc. grew its position in shares of Atlassian by 186.2% in the first quarter. Pacer Advisors Inc. now owns 147,316 shares of the technology company's stock valued at $31,262,000 after purchasing an additional 95,835 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in shares of Atlassian in the first quarter valued at about $1,952,000. Cetera Investment Advisers grew its position in shares of Atlassian by 19.8% in the first quarter. Cetera Investment Advisers now owns 24,729 shares of the technology company's stock valued at $5,248,000 after purchasing an additional 4,090 shares during the last quarter. Avantax Advisory Services Inc. grew its position in shares of Atlassian by 47.3% in the first quarter. Avantax Advisory Services Inc. now owns 4,361 shares of the technology company's stock valued at $926,000 after purchasing an additional 1,401 shares during the last quarter. Finally, Wakefield Asset Management LLLP bought a new stake in shares of Atlassian in the first quarter valued at about $299,000. 94.45% of the stock is owned by institutional investors and hedge funds.

Atlassian Stock Performance

NASDAQ TEAM opened at $199.83 on Friday. The firm has a market cap of $52.46 billion, a price-to-earnings ratio of -120.38 and a beta of 0.94. The company has a 50 day moving average of $204.25 and a 200-day moving average of $230.61. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72. Atlassian Corporation PLC has a 1-year low of $135.29 and a 1-year high of $326.00.

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 for the quarter, topping the consensus estimate of $0.93 by $0.04. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The company's revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the business posted $0.89 earnings per share. On average, equities analysts forecast that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. BMO Capital Markets reduced their target price on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. KeyCorp reduced their target price on shares of Atlassian from $275.00 to $250.00 and set an "overweight" rating for the company in a research note on Thursday, July 17th. Baird R W upgraded shares of Atlassian from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Mizuho reduced their target price on shares of Atlassian from $290.00 to $265.00 and set an "outperform" rating for the company in a research note on Wednesday, July 16th. Finally, Capital One Financial cut shares of Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 target price for the company. in a research note on Wednesday, July 16th. 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 stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $274.05.

Insider Buying and Selling

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of the firm's stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $202.78, for a total value of $1,554,308.70. Following the completion of the sale, the chief executive officer owned 367,920 shares of the company's stock, valued at $74,606,817.60. This trade represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Scott Farquhar sold 7,665 shares of the firm's stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $202.78, for a total transaction of $1,554,308.70. Following the completion of the sale, the director directly owned 367,920 shares of the company's stock, valued at approximately $74,606,817.60. This represents a 2.04% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 469,871 shares of company stock valued at $97,195,068. 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.

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