Atlassian Corporation PLC $TEAM Stock: Pinnacle Associates Ltd. Grows Holdings

Pinnacle Associates Ltd. increased its holdings in Atlassian Corporation PLC (NASDAQ:TEAM) by 89.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,330 shares of the technology company’s stock after buying an additional 2,519 shares during the period. Pinnacle Associates Ltd.’s holdings in Atlassian were worth $956,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in Atlassian by 69.4% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 62,000 shares of the technology company’s stock worth $4,232,000 after buying an additional 25,400 shares in the last quarter. Arizona State Retirement System raised its holdings in Atlassian by 6.5% in the 2nd quarter. Arizona State Retirement System now owns 48,629 shares of the technology company’s stock valued at $3,783,000 after acquiring an additional 2,969 shares in the last quarter. Fluent Financial LLC acquired a new position in Atlassian in the 2nd quarter valued at $2,239,000. IFP Advisors Inc raised its holdings in Atlassian by 76.0% in the 2nd quarter. IFP Advisors Inc now owns 9,428 shares of the technology company’s stock valued at $733,000 after acquiring an additional 4,071 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Atlassian during the 2nd quarter valued at $11,584,000. 94.45% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TEAM. Truist Financial increased their target price on Atlassian from $185.00 to $250.00 and gave the stock a “buy” rating in a report on Wednesday. Mizuho boosted their price target on Atlassian from $215.00 to $235.00 and gave the company an “outperform” rating in a research note on Thursday, October 15th. Royal Bank Of Canada boosted their price target on Atlassian from $215.00 to $235.00 and gave the company an “outperform” rating in a research note on Monday, October 12th. BTIG Research upped their price objective on shares of Atlassian from $230.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, October 20th. Finally, TD Cowen increased their price objective on shares of Atlassian from $105.00 to $145.00 and gave the stock a “hold” rating in a research note on Friday, August 7th. Twenty-four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $213.35.

Insider Activity at Atlassian

In other Atlassian news, CRO Brian Duffy sold 1,851 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $319,204.95. Following the completion of the transaction, the executive owned 218,223 shares of the company’s stock, valued at approximately $37,632,556.35. The trade was a 0.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 9,054 shares of the business’s 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 transaction, the chief financial officer directly owned 279,218 shares of the company’s stock, valued at approximately $48,151,144.10. The trade was a 3.14% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 22,475 shares of company stock valued at $3,822,643 over the last ninety days. 37.63% of the stock is owned by corporate insiders.

Atlassian Trading Up 2.0%

Shares of TEAM stock opened at $227.61 on Friday. The stock’s fifty day moving average price is $191.25 and its two-hundred day moving average price is $125.51. The company has a market cap of $57.76 billion, a PE ratio of -1,197.95, a P/E/G ratio of 24.27 and a beta of 1.22. Atlassian Corporation PLC has a fifty-two week low of $56.01 and a fifty-two week high of $229.96. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.78 and a current ratio of 0.78.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.37. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter last year, the company posted $0.98 EPS. The company’s revenue for the quarter was up 27.6% compared to the same quarter last year. Equities analysts predict that Atlassian Corporation PLC will post 0.69 EPS for the current fiscal year.

About Atlassian

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for team collaboration and knowledge management, Jira Service Management for IT and enterprise service workflows, Trello for organizing tasks and projects, Loom for video messaging and screen recording, and Bitbucket for source-code management and collaboration.