OFI Invest Asset Management Increases Stock Holdings in Atlassian Corporation PLC $TEAM

OFI Invest Asset Management lifted its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 45,027.6% during the third quarter, Holdings Channel reports. The firm owned 218,869 shares of the technology company’s stock after acquiring an additional 218,384 shares during the quarter. OFI Invest Asset Management’s holdings in Atlassian were worth $34,953,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Capco Asset Management LLC purchased a new stake in shares of Atlassian during the 2nd quarter worth $25,000. Geneos Wealth Management Inc. raised its position in shares of Atlassian by 447.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after purchasing an additional 161 shares during the last quarter. State of Wyoming lifted its stake in Atlassian by 20.3% in the 1st quarter. State of Wyoming now owns 278 shares of the technology company’s stock valued at $59,000 after buying an additional 47 shares in the last quarter. Virtus Advisers LLC acquired a new stake in Atlassian during the 2nd quarter valued at $61,000. Finally, First Horizon Advisors Inc. increased its position in Atlassian by 40.1% during the second quarter. First Horizon Advisors Inc. now owns 374 shares of the technology company’s stock worth $76,000 after buying an additional 107 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TEAM. Canaccord Genuity Group reissued a “buy” rating and issued a $230.00 price target on shares of Atlassian in a research note on Wednesday, October 22nd. The Goldman Sachs Group restated a “buy” rating and set a $260.00 price objective on shares of Atlassian in a research note on Friday, October 31st. Cowen reissued a “hold” rating on shares of Atlassian in a research report on Monday, October 27th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a research note on Wednesday, October 8th. Finally, BTIG Research initiated coverage on Atlassian in a research note on Tuesday, December 16th. They set a “buy” rating and a $220.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and an average target price of $239.23.

Insider Activity at Atlassian

In other news, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $166.36, for a total transaction of $1,275,149.40. Following the sale, the director owned 7,665 shares of the company’s stock, valued at approximately $1,275,149.40. This trade represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Anutthara Bharadwaj sold 9,847 shares of the company’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $152.46, for a total value of $1,501,273.62. Following the completion of the transaction, the president owned 242,092 shares of the company’s stock, valued at $36,909,346.32. The trade was a 3.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 566,379 shares of company stock worth $88,705,102 in the last ninety days. 36.66% of the stock is currently owned by insiders.

Atlassian Stock Up 2.1%

Shares of NASDAQ:TEAM opened at $164.45 on Tuesday. The company has a market cap of $43.27 billion, a PE ratio of -231.62, a price-to-earnings-growth ratio of 24.94 and a beta of 0.89. The firm has a 50 day simple moving average of $157.46 and a 200 day simple moving average of $173.26. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. Atlassian Corporation PLC has a 52 week low of $139.70 and a 52 week high of $326.00.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, October 30th. The technology company reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.21. Atlassian had a negative net margin of 3.38% and a negative return on equity of 7.11%. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the firm posted $0.77 earnings per share. The firm’s revenue was up 20.6% on a year-over-year basis. As a group, research analysts expect that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

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.