Pinnacle Associates Ltd. grew its position in Atlassian Corporation PLC (NASDAQ:TEAM – Free Report) by 89.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,330 shares of the technology company’s stock after acquiring an additional 2,519 shares during the period. Pinnacle Associates Ltd.’s holdings in Atlassian were worth $956,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of the company. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings 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 purchasing an additional 25,400 shares during the period. Arizona State Retirement System increased its position in Atlassian by 6.5% during the second quarter. Arizona State Retirement System now owns 48,629 shares of the technology company’s stock worth $3,783,000 after buying an additional 2,969 shares during the last quarter. Fluent Financial LLC acquired a new position in Atlassian during the second quarter worth approximately $2,239,000. IFP Advisors Inc raised its stake in Atlassian by 76.0% in the second quarter. IFP Advisors Inc now owns 9,428 shares of the technology company’s stock valued at $733,000 after buying an additional 4,071 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Atlassian in the second quarter valued at approximately $11,584,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Atlassian
In related news, CFO James Chuong sold 9,054 shares of the business’s stock in a transaction on 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 completion of the sale, the chief financial officer directly owned 279,218 shares in the company, valued at $48,151,144.10. The trade was a 3.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Gene Liu sold 337 shares of the stock in a transaction on Monday, October 12th. The stock was sold at an average price of $210.00, for a total value of $70,770.00. Following the transaction, the chief accounting officer owned 55,531 shares in the company, valued at $11,661,510. The trade was a 0.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 22,475 shares of company stock worth $3,822,643 in the last ninety days. 37.63% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
A number of analysts have recently issued reports on the company. KeyCorp raised their price objective on Atlassian from $185.00 to $235.00 and gave the company an “overweight” rating in a research report on Monday, October 19th. Mizuho boosted their target price on Atlassian from $215.00 to $235.00 and gave the stock an “outperform” rating in a report on Thursday, October 15th. BMO Capital Markets boosted their target price on Atlassian from $95.00 to $175.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. Cantor Fitzgerald increased their price target on Atlassian from $175.00 to $220.00 and gave the company an “overweight” rating in a research note on Monday, September 21st. Finally, Wells Fargo & Company raised their price target on Atlassian from $180.00 to $230.00 and gave the company an “overweight” rating in a report on Wednesday, October 14th. Twenty-four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $213.35.
Get Our Latest Analysis on Atlassian
Atlassian Stock Up 2.0%
Atlassian stock opened at $227.61 on Friday. The stock has a market cap of $57.76 billion, a P/E ratio of -1,197.95, a P/E/G ratio of 24.27 and a beta of 1.22. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93. Atlassian Corporation PLC has a twelve month low of $56.01 and a twelve month high of $229.96. The company’s 50-day moving average price is $191.25 and its two-hundred day moving average price is $125.51.
Atlassian (NASDAQ:TEAM – Get Free Report) last issued its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.37. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period last year, the business posted $0.98 earnings per share. The business’s revenue for the quarter was up 27.6% compared to the same quarter last year. As a group, analysts expect that Atlassian Corporation PLC will post 0.69 EPS for the current 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.
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