VIRGINIA RETIREMENT SYSTEMS ET Al Invests $11.58 Million in Atlassian Corporation PLC $TEAM

Key Points

• Virginia Retirement Systems acquired 148,912 Atlassian shares worth approximately $11.58 million, while institutional investors collectively own 94.45% of TEAM stock.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $183.81; 25 analysts rate the stock Buy, four Hold, and one Sell.
• Atlassian exceeded quarterly expectations, reporting $1.87 in EPS versus $1.50 expected and revenue of $1.77 billion versus $1.66 billion anticipated, with revenue rising 27.6% year over year.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 148,912 shares of the technology company's stock, valued at approximately $11,584,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.06% of Atlassian as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. California State Teachers Retirement System boosted its holdings in shares of Atlassian by 7,498.4% during the 2nd quarter. California State Teachers Retirement System now owns 17,767,858 shares of the technology company's stock valued at $1,382,162,000 after acquiring an additional 17,534,021 shares during the last quarter. AQR Capital Management LLC grew its holdings in Atlassian by 291.4% during the fourth quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company's stock valued at $1,256,535,000 after purchasing an additional 5,769,788 shares during the period. Norges Bank bought a new position in shares of Atlassian during the 4th quarter valued at approximately $323,526,000. Morgan Stanley increased its stake in shares of Atlassian by 52.4% in the fourth quarter. Morgan Stanley now owns 4,822,007 shares of the technology company's stock worth $781,841,000 after purchasing an additional 1,657,309 shares in the last quarter. Finally, Carmignac Gestion increased its stake in Atlassian by 115.8% in the 1st quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company's stock worth $177,707,000 after buying an additional 1,397,402 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TEAM. Citizens Jmp reiterated a "market perform" rating on shares of Atlassian in a research report on Wednesday, July 1st. Cantor Fitzgerald reissued an "overweight" rating and set a $126.00 price objective on shares of Atlassian in a research note on Monday, August 3rd. Zacks Research downgraded shares of Atlassian from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 29th. Raymond James Financial set a $180.00 price target on Atlassian in a research note on Friday, August 7th. Finally, KeyCorp boosted their price objective on Atlassian from $115.00 to $185.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Twenty-five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Atlassian presently has a consensus rating of "Moderate Buy" and an average target price of $183.81.

Atlassian Price Performance

Shares of TEAM stock opened at $189.58 on Tuesday. The company has a market capitalization of $48.11 billion, a P/E ratio of -997.79, a P/E/G ratio of 14.90 and a beta of 1.15. The company's 50-day simple moving average is $128.22 and its two-hundred day simple moving average is $96.44. Atlassian Corporation PLC has a one year low of $56.01 and a one year high of $198.60. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.78 and a quick ratio of 0.78.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.37. The company had revenue of $1.77 billion for the quarter, compared to analysts' expectations of $1.66 billion. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%.Atlassian's revenue was up 27.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.98 earnings per share. As a group, equities analysts anticipate that Atlassian Corporation PLC will post 0.94 EPS for the current year.

Insider Transactions at Atlassian

In related news, CFO James Chuong sold 9,054 shares of Atlassian stock in a transaction dated 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. The trade was a 3.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 7,617 shares of the company's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $163.00, for a total transaction of $1,241,571.00. Following the completion of the sale, the executive directly owned 220,074 shares of the company's stock, valued at approximately $35,872,062. This trade represents a 3.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 28,383 shares of company stock valued at $4,316,379. 36.66% of the stock is currently owned by corporate insiders.

Atlassian Company Profile

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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