Principal Financial Group Inc. Has $11.01 Million Holdings in Atlassian Corporation PLC (NASDAQ:TEAM)

Principal Financial Group Inc. raised its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 350.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 51,900 shares of the technology company's stock after buying an additional 40,369 shares during the period. Principal Financial Group Inc.'s holdings in Atlassian were worth $11,014,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of TEAM. Teacher Retirement System of Texas grew its holdings in Atlassian by 229.3% during the 1st quarter. Teacher Retirement System of Texas now owns 31,082 shares of the technology company's stock worth $6,596,000 after acquiring an additional 21,643 shares during the last quarter. First Horizon Advisors Inc. raised its position in Atlassian by 25.9% in the 1st quarter. First Horizon Advisors Inc. now owns 267 shares of the technology company's stock worth $57,000 after purchasing an additional 55 shares during the last quarter. Private Trust Co. NA lifted its holdings in Atlassian by 1,839.4% during the 1st quarter. Private Trust Co. NA now owns 640 shares of the technology company's stock worth $136,000 after buying an additional 607 shares in the last quarter. Krane Funds Advisors LLC bought a new position in Atlassian in the 1st quarter valued at $327,000. Finally, Alta Advisers Ltd acquired a new stake in shares of Atlassian in the 1st quarter valued at $201,000. 94.45% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian 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 transaction, the chief executive officer directly owned 143,064 shares of the company's stock, valued at $31,827,448.08. The trade was a 5.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $206.80, for a total transaction of $1,643,646.40. Following the completion of the transaction, the director directly owned 174,856 shares in the company, valued at $36,160,220.80. The trade was a 4.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 409,683 shares of company stock worth $85,999,659. Company insiders own 38.55% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Jefferies Financial Group lowered their price objective on Atlassian from $330.00 to $262.00 and set a "buy" rating for the company in a research report on Monday, April 7th. KeyCorp cut their price objective on shares of Atlassian from $365.00 to $275.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Wells Fargo & Company dropped their target price on shares of Atlassian from $330.00 to $315.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. Barclays decreased their price objective on Atlassian from $350.00 to $260.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. Finally, Wall Street Zen upgraded Atlassian from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. Four equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $285.75.

Atlassian Stock Performance

Shares of TEAM opened at $187.01 on Monday. The firm has a fifty day simple moving average of $207.96 and a 200 day simple moving average of $233.70. Atlassian Corporation PLC has a 12 month low of $135.29 and a 12 month high of $326.00. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $49.09 billion, a price-to-earnings ratio of -112.66 and a beta of 0.94.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.04. The business had revenue of $1.36 billion during the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same period last year, the business earned $0.89 earnings per share. Research analysts forecast that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Atlassian Company 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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