Russell Investments Group Ltd. Buys 45,842 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Russell Investments Group Ltd. grew its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 18.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 298,435 shares of the technology company’s stock after acquiring an additional 45,842 shares during the period. Russell Investments Group Ltd.’s holdings in Atlassian were worth $63,773,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Atlassian by 3.5% during the first quarter. Vanguard Group Inc. now owns 16,993,537 shares of the technology company’s stock valued at $3,606,198,000 after acquiring an additional 580,583 shares during the last quarter. Baillie Gifford & Co. increased its position in shares of Atlassian by 7.1% during the first quarter. Baillie Gifford & Co. now owns 8,694,755 shares of the technology company’s stock worth $1,845,114,000 after buying an additional 573,696 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of Atlassian by 21.8% during the first quarter. Massachusetts Financial Services Co. MA now owns 3,440,813 shares of the technology company’s stock worth $730,175,000 after buying an additional 616,071 shares during the period. Voya Investment Management LLC increased its position in shares of Atlassian by 17,941.0% during the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company’s stock worth $528,693,000 after buying an additional 2,160,810 shares during the period. Finally, Durable Capital Partners LP increased its position in shares of Atlassian by 499.7% during the fourth quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company’s stock worth $383,456,000 after buying an additional 1,312,820 shares during the period. Institutional investors own 94.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Cantor Fitzgerald decreased their price objective on shares of Atlassian from $256.00 to $240.00 and set an “overweight” rating for the company in a research report on Friday, August 8th. Mizuho decreased their price objective on shares of Atlassian from $265.00 to $235.00 and set an “outperform” rating for the company in a research report on Friday, August 8th. Canaccord Genuity Group decreased their price objective on shares of Atlassian from $255.00 to $230.00 and set a “buy” rating for the company in a research report on Friday, August 8th. Truist Financial set a $230.00 price objective on shares of Atlassian in a research report on Friday, August 8th. Finally, BMO Capital Markets decreased their price objective on shares of Atlassian from $225.00 to $200.00 and set an “outperform” rating for the company in a research report on Friday, August 8th. Five investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus target price of $259.76.

Atlassian Stock Up 3.8%

Atlassian stock opened at $163.99 on Thursday. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72. The firm’s fifty day moving average price is $196.47 and its two-hundred day moving average price is $223.95. Atlassian Corporation PLC has a 1-year low of $142.32 and a 1-year high of $326.00. The firm has a market capitalization of $43.05 billion, a price-to-earnings ratio of -165.64 and a beta of 0.96.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, August 7th. The technology company reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.15. Atlassian had a negative net margin of 4.92% and a negative return on equity of 15.19%. The company had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.36 billion. During the same period last year, the firm earned $0.66 earnings per share. The firm’s revenue was up 22.3% on a year-over-year basis. On average, equities research analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $206.57, for a total value of $1,641,818.36. Following the sale, the director owned 71,532 shares of the company’s stock, valued at approximately $14,776,365.24. The trade was a 10.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $210.81, for a total transaction of $1,675,517.88. Following the completion of the sale, the chief executive officer directly owned 63,584 shares in the company, valued at approximately $13,404,143.04. This represents a 11.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 517,685 shares of company stock worth $103,587,091 over the last three months. 38.55% of the stock is owned by insiders.

Atlassian Profile

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.