California State Teachers Retirement System Has $1.38 Billion Stake in Atlassian Corporation PLC $TEAM

Key Points

• California State Teachers Retirement System increased its Atlassian stake by 7,498.4% in the second quarter, acquiring 17.5 million additional shares. It now owns approximately 7% of the company, valued at $1.38 billion.
• Analysts remain broadly positive: 25 rate Atlassian a Buy, four a Hold and one a Sell, producing a “Moderate Buy” consensus and an average price target of $183.81.
• Atlassian exceeded quarterly expectations, reporting $1.87 in earnings per share and $1.77 billion in revenue, up 27.6% year over year. Shares opened at $179.70, near their 12-month high of $198.60.

California State Teachers Retirement System boosted its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 7,498.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,767,858 shares of the technology company's stock after purchasing an additional 17,534,021 shares during the period. California State Teachers Retirement System owned about 7.00% of Atlassian worth $1,382,162,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TEAM. MV Capital Management Inc. bought a new position in shares of Atlassian in the 4th quarter valued at about $25,000. Geneos Wealth Management Inc. increased its position in shares of Atlassian by 447.2% in the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock valued at $42,000 after acquiring an additional 161 shares during the last quarter. Basepoint Wealth LLC bought a new stake in Atlassian during the fourth quarter worth about $32,000. Garton & Associates Financial Advisors LLC bought a new stake in Atlassian during the fourth quarter worth about $32,000. Finally, VSM Wealth Advisory LLC acquired a new position in Atlassian during the fourth quarter valued at approximately $41,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on TEAM shares. Wells Fargo & Company boosted their price target on Atlassian from $140.00 to $180.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Robert W. Baird set a $200.00 price objective on Atlassian in a report on Friday, August 7th. Bank of America raised their target price on shares of Atlassian from $175.00 to $210.00 and gave the company a "buy" rating in a research note on Monday, August 31st. Wall Street Zen upgraded shares of Atlassian from a "hold" rating to a "buy" rating in a report on Sunday. Finally, Citizens Jmp restated a "market perform" rating on shares of Atlassian in a report on Wednesday, July 1st. Twenty-five analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $183.81.

Atlassian Stock Performance

Shares of NASDAQ TEAM opened at $179.70 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $45.60 billion, a P/E ratio of -945.79, a P/E/G ratio of 14.12 and a beta of 1.15. Atlassian Corporation PLC has a 12 month low of $56.01 and a 12 month high of $198.60. The stock has a 50 day moving average of $135.92 and a 200-day moving average of $99.08.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.37. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%.The business had revenue of $1.77 billion for the quarter, compared to analysts' expectations of $1.66 billion. During the same quarter in the prior year, the business earned $0.98 EPS. The firm's revenue for the quarter was up 27.6% on a year-over-year basis. As a group, equities research analysts predict that Atlassian Corporation PLC will post 0.94 EPS for the current year.

Insider Transactions at Atlassian

In other Atlassian news, CRO Brian Duffy sold 1,851 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $319,204.95. Following the transaction, the executive directly owned 218,223 shares of the company's stock, valued at $37,632,556.35. This represents a 0.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 9,054 shares of the firm's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the sale, the chief financial officer owned 279,218 shares of the company's stock, valued at $48,151,144.10. This trade represents a 3.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 22,138 shares of company stock worth $3,751,873. 36.66% of the stock is owned by insiders.

About Atlassian

Atlassian Corporation develops collaboration, productivity and workflow software for software development, information technology, business and other teams. Its products are designed to help organizations plan projects, manage work, share knowledge, improve service delivery and coordinate across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for collaboration and knowledge management, Jira Service Management for IT and business service workflows, Trello for organizing tasks and projects, Bitbucket for source-code management, and Loom for video messaging.

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