Alberta Investment Management Corp Acquires Shares of 365,400 Atlassian Corporation PLC $TEAM

Alberta Investment Management Corp acquired a new stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 365,400 shares of the technology company’s stock, valued at approximately $59,246,000.

Other institutional investors have also added to or reduced their stakes in the company. Geneos Wealth Management Inc. lifted its holdings in 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 purchasing an additional 161 shares during the last quarter. Board of the Pension Protection Fund purchased a new stake in Atlassian during the fourth quarter valued at about $32,000. Basepoint Wealth LLC purchased a new stake in Atlassian during the fourth quarter valued at about $32,000. Bogart Wealth LLC lifted its holdings in 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 purchasing an additional 94 shares during the last quarter. Finally, VSM Wealth Advisory LLC purchased a new stake in Atlassian during the fourth quarter valued at about $41,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TEAM has been the topic of several recent research reports. Cantor Fitzgerald upped their price objective on shares of Atlassian from $98.00 to $107.00 and gave the company an “overweight” rating in a report on Friday, May 1st. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Atlassian in a report on Monday, April 20th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $295.00 price objective on shares of Atlassian in a report on Friday, May 1st. BTIG Research increased their price target on shares of Atlassian from $120.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Finally, Truist Financial increased their price target on shares of Atlassian from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and an average target price of $145.63.

Atlassian Trading Up 3.4%

Shares of Atlassian stock opened at $91.55 on Tuesday. Atlassian Corporation PLC has a 12-month low of $56.01 and a 12-month high of $222.59. The company has a market cap of $23.23 billion, a price-to-earnings ratio of -110.30, a PEG ratio of 5.02 and a beta of 1.07. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. The company’s 50-day moving average price is $81.92 and its 200-day moving average price is $103.87.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results 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. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The firm had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the prior year, the firm posted $0.97 earnings per share. The company’s revenue for the quarter was up 31.7% on a year-over-year basis. On average, equities analysts expect that Atlassian Corporation PLC will post 0.81 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In related news, CRO Brian Duffy sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $89.71, for a total value of $269,130.00. Following the sale, the executive directly owned 227,691 shares of the company’s stock, valued at $20,426,159.61. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO James Chuong sold 8,838 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the sale, the chief financial officer directly owned 288,272 shares in the company, valued at $25,295,868. This represents a 2.97% decrease in their ownership of the stock. 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. Over the last three months, insiders sold 20,041 shares of company stock worth $1,801,069. Insiders own 36.66% of the company’s stock.

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.