Teacher Retirement System of Texas Acquires 21,643 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Teacher Retirement System of Texas increased its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 229.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 31,082 shares of the technology company's stock after acquiring an additional 21,643 shares during the quarter. Teacher Retirement System of Texas' holdings in Atlassian were worth $6,596,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the business. First Horizon Advisors Inc. boosted its position in shares of Atlassian by 25.9% in the first quarter. First Horizon Advisors Inc. now owns 267 shares of the technology company's stock worth $57,000 after buying an additional 55 shares during the period. Private Trust Co. NA boosted its position in shares of Atlassian by 1,839.4% in the first quarter. Private Trust Co. NA now owns 640 shares of the technology company's stock worth $136,000 after buying an additional 607 shares during the period. Krane Funds Advisors LLC acquired a new stake in shares of Atlassian in the first quarter worth $327,000. Alta Advisers Ltd acquired a new stake in shares of Atlassian in the first quarter worth $201,000. Finally, Libra Wealth LLC acquired a new stake in shares of Atlassian in the first quarter worth $559,000. Institutional investors and hedge funds own 94.45% of the company's stock.

Analysts Set New Price Targets

TEAM has been the topic of a number of recent research reports. Wells Fargo & Company lowered their target price on Atlassian from $330.00 to $315.00 and set an "overweight" rating on the stock in a research note on Friday, May 2nd. Barclays lowered their target price on Atlassian from $350.00 to $260.00 and set an "overweight" rating on the stock in a research note on Monday, May 5th. Macquarie lowered their target price on Atlassian from $270.00 to $250.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Piper Sandler restated an "overweight" rating and issued a $300.00 target price (down previously from $365.00) on shares of Atlassian in a research note on Friday, May 2nd. Finally, Canaccord Genuity Group lowered their target price on Atlassian from $300.00 to $255.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Atlassian presently has an average rating of "Moderate Buy" and a consensus price target of $282.19.

Insider Activity

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $225.64, for a total value of $1,793,386.72. Following the sale, the chief executive officer directly owned 206,648 shares in the company, valued at approximately $46,628,054.72. This represents a 3.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Scott Farquhar sold 7,948 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $206.80, for a total value of $1,643,646.40. Following the completion of the sale, the director owned 174,856 shares in the company, valued at approximately $36,160,220.80. This represents a 4.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 402,867 shares of company stock worth $84,057,644 over the last 90 days. Corporate insiders own 38.55% of the company's stock.

Atlassian Stock Performance

Shares of NASDAQ TEAM traded up $2.59 during trading hours on Tuesday, hitting $218.64. 158,205 shares of the company's stock were exchanged, compared to its average volume of 2,151,249. 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 capitalization of $57.40 billion, a price-to-earnings ratio of -131.58 and a beta of 0.94. The company's 50-day moving average price is $209.30 and its 200-day moving average price is $235.05.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period in the previous year, the company posted $0.89 earnings per share. The company's quarterly revenue was up 14.1% compared to the same quarter last year. On average, sell-side analysts expect that Atlassian Corporation PLC will post -0.34 earnings per share 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.