Saudi Central Bank Boosts Stock Holdings in Atlassian Corporation PLC $TEAM

Saudi Central Bank increased its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 91.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,873 shares of the technology company's stock after acquiring an additional 5,670 shares during the quarter. Saudi Central Bank's holdings in Atlassian were worth $924,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. AlphaGrep UK Ltd purchased a new stake in Atlassian in the second quarter worth $243,000. Odyssean LLC boosted its stake in Atlassian by 9.6% during the 2nd quarter. Odyssean LLC now owns 9,575 shares of the technology company's stock valued at $745,000 after purchasing an additional 839 shares during the last quarter. TD Waterhouse Canada Inc. raised its position in Atlassian by 21,720.0% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 8,728 shares of the technology company's stock worth $726,000 after buying an additional 8,688 shares during the last quarter. Concurrent Investment Advisors LLC lifted its stake in Atlassian by 30.2% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 4,987 shares of the technology company's stock valued at $388,000 after acquiring an additional 1,157 shares during the period. Finally, Nykredit A S bought a new position in Atlassian during the second quarter valued at approximately $5,997,000. Hedge funds and other institutional investors own 94.45% of the company's stock.

Insider Activity

In other Atlassian news, CAO Gene Liu sold 939 shares of the stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $190.00, for a total transaction of $178,410.00. Following the completion of the transaction, the chief accounting officer owned 55,868 shares of the company's stock, valued at $10,614,920. This represents a 1.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO James Chuong sold 9,054 shares of Atlassian stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $1,561,362.30. Following the completion of the sale, the chief financial officer directly owned 279,218 shares in the company, valued at $48,151,144.10. This represents a 3.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 25,138 shares of company stock worth $4,021,003 over the last 90 days. 36.66% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TEAM. TD Cowen lifted their price objective on Atlassian from $105.00 to $145.00 and gave the company a "hold" rating in a research report on Friday, August 7th. Citizens Jmp restated a "market perform" rating on shares of Atlassian in a research note on Wednesday, July 1st. Oppenheimer lifted their price target on shares of Atlassian from $110.00 to $200.00 and gave the company an "outperform" rating in a report on Friday, August 7th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $126.00 target price on shares of Atlassian in a report on Monday, August 3rd. Finally, Citigroup increased their price target on Atlassian from $170.00 to $225.00 and gave the company a "buy" rating in a research note on Tuesday, September 1st. Twenty-five investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $183.81.

Atlassian Stock Performance

Shares of TEAM stock opened at $177.74 on Thursday. Atlassian Corporation PLC has a 52-week low of $56.01 and a 52-week high of $198.60. The company's 50 day moving average is $132.08 and its 200 day moving average is $97.78. The firm has a market cap of $45.11 billion, a price-to-earnings ratio of -935.47, a PEG ratio of 13.86 and a beta of 1.15. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its earnings results on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.37. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The company had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.66 billion. During the same period last year, the business earned $0.98 EPS. Atlassian's revenue for the quarter was up 27.6% on a year-over-year basis. On average, sell-side analysts anticipate that Atlassian Corporation PLC will post 0.94 EPS for the current fiscal year.

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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