VIRGINIA RETIREMENT SYSTEMS ET Al Acquires 60,000 Shares of Atlassian Corporation PLC $TEAM

Key Points

• Virginia Retirement Systems boosted its Atlassian stake by 130.4% in the fourth quarter, buying 60,000 additional shares and bringing its total holding to 106,015 shares worth about $17.2 million.
• Atlassian reported strong quarterly results, with EPS of $1.75 versus the $1.33 consensus and revenue of $1.79 billion versus the expected $1.70 billion, while revenue rose 31.7% year over year.
• Despite recent volatility, analysts remain broadly positive on TEAM, with a consensus “Moderate Buy” rating and an average price target of $145.63, even as insiders recently sold shares and the stock traded around $80.62.

VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 130.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 106,015 shares of the technology company's stock after purchasing an additional 60,000 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in Atlassian were worth $17,189,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Physician Wealth Advisors Inc. lifted its stake in shares of Atlassian by 60.4% during the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company's stock valued at $26,000 after acquiring an additional 61 shares during the period. Atlantic Union Bankshares Corp lifted its stake in shares of Atlassian by 19,900.0% during the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company's stock valued at $32,000 after acquiring an additional 199 shares during the period. Board of the Pension Protection Fund acquired a new position in shares of Atlassian during the fourth quarter valued at $32,000. Bogart Wealth LLC lifted its stake in shares of Atlassian by 76.4% during the fourth quarter. Bogart Wealth LLC now owns 217 shares of the technology company's stock valued at $35,000 after acquiring an additional 94 shares during the period. Finally, Geneos Wealth Management Inc. lifted its stake in shares of Atlassian by 447.2% during 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 period. Institutional investors own 94.45% of the company's stock.

Atlassian Stock Down 5.2%

NASDAQ:TEAM opened at $80.62 on Thursday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market cap of $20.46 billion, a PE ratio of -97.13, a PEG ratio of 4.82 and a beta of 0.90. Atlassian Corporation PLC has a 52-week low of $56.01 and a 52-week high of $230.63. The stock has a 50-day simple moving average of $72.98 and a 200 day simple moving average of $114.15.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.33 by $0.42. The business had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.70 billion. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.Atlassian's quarterly revenue was up 31.7% on a year-over-year basis. During the same period last year, the company earned $0.97 earnings per share. On average, sell-side analysts expect that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TEAM. Robert W. Baird set a $120.00 price target on Atlassian in a research note on Friday, May 1st. Wall Street Zen raised Atlassian from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 9th. BNP Paribas Exane began coverage on Atlassian in a research note on Monday, March 16th. They set an "outperform" rating and a $95.00 price target on the stock. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $295.00 price target on shares of Atlassian in a research note on Friday, May 1st. Finally, UBS Group cut their price target on Atlassian from $105.00 to $95.00 and set a "neutral" rating on the stock in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Atlassian currently has a consensus rating of "Moderate Buy" and a consensus target price of $145.63.

Insider Buying and Selling at Atlassian

In other Atlassian news, CFO Joseph Leo Binz sold 1,653 shares of the firm's stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $81.35, for a total value of $134,471.55. Following the completion of the transaction, the chief financial officer directly owned 208,639 shares in the company, valued at $16,972,782.65. This trade represents a 0.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CRO Brian Duffy sold 1,222 shares of the firm's stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $81.35, for a total value of $99,409.70. Following the completion of the transaction, the executive owned 124,332 shares of the company's stock, valued at approximately $10,114,408.20. This represents a 0.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 6,013 shares of company stock worth $489,158 over the last ninety days. 36.66% of the stock is currently owned by corporate insiders.

About Atlassian

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian's product portfolio centers on tools designed to help teams plan, build and support software and business processes.

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