Arizona State Retirement System Buys 2,969 Shares of Atlassian Corporation PLC $TEAM

Arizona State Retirement System grew its position in Atlassian Corporation PLC (NASDAQ:TEAM) by 6.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 48,629 shares of the technology company’s stock after purchasing an additional 2,969 shares during the period. Arizona State Retirement System’s holdings in Atlassian were worth $3,783,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. MV Capital Management Inc. acquired a new stake in shares of Atlassian during the 4th quarter worth about $25,000. Manning & Napier Advisors LLC bought a new position in Atlassian during the 2nd quarter valued at about $27,000. MassMutual Private Wealth & Trust FSB boosted its position in Atlassian by 139.2% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 378 shares of the technology company’s stock valued at $29,000 after buying an additional 220 shares in the last quarter. Western Wealth Management LLC acquired a new position in Atlassian in the first quarter valued at about $30,000. Finally, State of Wyoming grew its stake in Atlassian by 65.7% during the first quarter. State of Wyoming now owns 449 shares of the technology company’s stock worth $31,000 after buying an additional 178 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on TEAM shares. Raymond James Financial set a $180.00 price objective on shares of Atlassian in a report on Friday, August 7th. Citigroup increased their price target on Atlassian from $170.00 to $225.00 and gave the stock a “buy” rating in a research report on Tuesday, September 1st. TD Cowen raised their price target on Atlassian from $105.00 to $145.00 and gave the company a “hold” rating in a report on Friday, August 7th. Wall Street Zen cut Atlassian from a “buy” rating to a “hold” rating in a report on Saturday, September 5th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a research report on Friday, July 17th. Twenty-five equities 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $183.81.

Insiders Place Their Bets

In other Atlassian news, CAO Gene Liu sold 1,125 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $175.00, for a total value of $196,875.00. Following the transaction, the chief accounting officer directly owned 56,807 shares in the company, valued at approximately $9,941,225. This trade represents a 1.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO James Chuong sold 9,054 shares of Atlassian stock in a transaction on Wednesday, August 19th. The shares were 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 of the company’s stock, valued at $48,151,144.10. This trade 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. In the last quarter, insiders have sold 22,138 shares of company stock valued at $3,751,873. 36.66% of the stock is currently owned by corporate insiders.

Atlassian Trading Up 0.1%

Shares of NASDAQ TEAM opened at $179.70 on Friday. Atlassian Corporation PLC has a 1-year low of $56.01 and a 1-year high of $198.60. The company has a 50-day moving average of $135.92 and a two-hundred day moving average of $99.08. The company has a market cap of $45.60 billion, a PE ratio of -945.79, a P/E/G ratio of 14.11 and a beta of 1.15. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.93.

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

Atlassian Company Profile

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.