California Public Employees Retirement System Increases Holdings in Atlassian Corporation PLC $TEAM

California Public Employees Retirement System raised its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 7.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 289,061 shares of the technology company’s stock after purchasing an additional 20,098 shares during the period. California Public Employees Retirement System owned 0.11% of Atlassian worth $58,705,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capco Asset Management LLC purchased a new position in shares of Atlassian during the second quarter valued at approximately $25,000. Geneos Wealth Management Inc. boosted its holdings in Atlassian by 447.2% in the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after acquiring an additional 161 shares in the last quarter. State of Wyoming increased its position in Atlassian by 20.3% during the 1st quarter. State of Wyoming now owns 278 shares of the technology company’s stock valued at $59,000 after purchasing an additional 47 shares during the period. Virtus Advisers LLC bought a new position in Atlassian in the 2nd quarter worth $61,000. Finally, First Horizon Advisors Inc. raised its holdings in Atlassian by 40.1% in the 2nd quarter. First Horizon Advisors Inc. now owns 374 shares of the technology company’s stock worth $76,000 after purchasing an additional 107 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Stock Up 0.4%

TEAM stock opened at $161.41 on Wednesday. The business has a 50 day moving average of $155.14 and a 200 day moving average of $176.28. The firm has a market cap of $42.47 billion, a PE ratio of -227.33, a price-to-earnings-growth ratio of 30.32 and a beta of 0.89. Atlassian Corporation PLC has a twelve month low of $139.70 and a twelve month high of $326.00. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72.

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

Insider Buying and Selling

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $160.70, for a total value of $1,231,765.50. Following the transaction, the chief executive officer directly owned 122,640 shares of the company’s stock, valued at approximately $19,708,248. This represents a 5.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction on Monday, December 8th. The stock was sold at an average price of $160.70, for a total value of $1,231,765.50. Following the completion of the sale, the director directly owned 122,640 shares of the company’s stock, valued at approximately $19,708,248. The trade was a 5.88% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 581,181 shares of company stock worth $91,943,348. Corporate insiders own 36.66% of the company’s stock.

Analyst Upgrades and Downgrades

TEAM has been the topic of a number of research reports. Truist Financial set a $210.00 target price on shares of Atlassian in a research note on Friday, October 31st. Bank of America initiated coverage on Atlassian in a research report on Tuesday, September 23rd. They set a “neutral” rating and a $200.00 price objective on the stock. Citigroup reiterated a “buy” rating on shares of Atlassian in a report on Wednesday, October 22nd. KeyCorp lowered their target price on Atlassian from $250.00 to $210.00 and set an “overweight” rating for the company in a research note on Thursday, October 23rd. Finally, Sanford C. Bernstein lifted their price target on Atlassian from $290.00 to $304.00 and gave the company an “outperform” rating in a research report on Tuesday, November 18th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $240.00.

Atlassian Company 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.