Teacher Retirement System of Texas Boosts Stock Position in Atlassian Corporation PLC (NASDAQ:TEAM)

Teacher Retirement System of Texas grew its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 229.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,082 shares of the technology company's stock after purchasing an additional 21,643 shares during the period. Teacher Retirement System of Texas' holdings in Atlassian were worth $6,596,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. JPMorgan Chase & Co. grew its position in Atlassian by 72.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock worth $1,042,737,000 after acquiring an additional 1,806,042 shares during the period. Massachusetts Financial Services Co. MA purchased a new position in Atlassian in the fourth quarter worth approximately $687,486,000. Invesco Ltd. grew its position in Atlassian by 265.9% in the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock worth $595,171,000 after acquiring an additional 1,777,179 shares during the period. Geode Capital Management LLC grew its position in Atlassian by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company's stock worth $528,851,000 after acquiring an additional 27,899 shares during the period. Finally, Voya Investment Management LLC grew its position in Atlassian by 17,941.0% in the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock worth $528,693,000 after acquiring an additional 2,160,810 shares during the period. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TEAM has been the subject of several analyst reports. KeyCorp lowered their price objective on Atlassian from $365.00 to $275.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Wells Fargo & Company lowered their price objective on Atlassian from $330.00 to $315.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. BMO Capital Markets lowered their price objective on Atlassian from $295.00 to $245.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Wall Street Zen upgraded Atlassian from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. Finally, Cantor Fitzgerald upgraded Atlassian from a "neutral" rating to an "overweight" rating and decreased their price target for the stock from $304.00 to $272.00 in a research note on Wednesday, April 2nd. Four equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $282.19.

Insiders Place Their Bets

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of the firm's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $213.97, for a total transaction of $1,640,080.05. Following the transaction, the chief executive officer owned 467,565 shares of the company's stock, valued at approximately $100,044,883.05. This trade represents a 1.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the firm's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $213.97, for a total value of $1,640,080.05. Following the transaction, the director directly owned 467,565 shares in the company, valued at approximately $100,044,883.05. The trade was a 1.61% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 402,867 shares of company stock worth $84,057,644. 38.55% of the stock is owned by insiders.

Atlassian Stock Up 3.2%

Atlassian stock opened at $213.43 on Monday. Atlassian Corporation PLC has a 1-year low of $135.29 and a 1-year high of $326.00. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The stock has a market cap of $56.03 billion, a PE ratio of -128.57 and a beta of 0.94. The stock's fifty day moving average is $209.58 and its two-hundred day moving average is $235.45.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, beating analysts' consensus estimates of $0.93 by $0.04. Atlassian had a negative return on equity of 23.41% and a negative net margin of 8.66%. The company had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. During the same period last year, the firm earned $0.89 earnings per share. Atlassian's quarterly revenue was up 14.1% on a year-over-year basis. On average, sell-side analysts expect that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

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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