Ontario Teachers Pension Plan Board Takes $106.46 Million Position in Atlassian Corporation PLC $TEAM

Ontario Teachers Pension Plan Board purchased a new stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 666,629 shares of the technology company’s stock, valued at approximately $106,461,000. Atlassian makes up about 2.2% of Ontario Teachers Pension Plan Board’s investment portfolio, making the stock its 12th largest position.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Atlassian by 6.0% in the 3rd quarter. Vanguard Group Inc. now owns 18,479,561 shares of the technology company’s stock valued at $2,951,186,000 after buying an additional 1,049,483 shares during the last quarter. Artisan Partners Limited Partnership grew its holdings in shares of Atlassian by 66.3% in the second quarter. Artisan Partners Limited Partnership now owns 3,878,133 shares of the technology company’s stock valued at $787,610,000 after acquiring an additional 1,545,546 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Atlassian by 1.9% during the second quarter. Geode Capital Management LLC now owns 2,356,798 shares of the technology company’s stock valued at $476,800,000 after acquiring an additional 43,899 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Atlassian by 12.7% during the second quarter. AQR Capital Management LLC now owns 1,933,851 shares of the technology company’s stock worth $392,282,000 after acquiring an additional 218,564 shares during the period. Finally, Norges Bank purchased a new position in Atlassian in the second quarter worth $377,794,000. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of the business’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $94.81, for a total transaction of $726,718.65. Following the completion of the transaction, the chief executive officer owned 275,940 shares of the company’s stock, valued at approximately $26,161,871.40. The trade was a 2.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Scott Farquhar sold 7,665 shares of the company’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $94.81, for a total transaction of $726,718.65. Following the sale, the director directly owned 275,940 shares in the company, valued at $26,161,871.40. This trade represents a 2.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 475,758 shares of company stock worth $68,994,874. Insiders own 36.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on TEAM shares. UBS Group reaffirmed a “neutral” rating and set a $105.00 target price on shares of Atlassian in a research report on Friday, February 6th. KeyCorp reduced their target price on shares of Atlassian from $210.00 to $170.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. Zacks Research cut shares of Atlassian from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 11th. BMO Capital Markets set a $130.00 price objective on Atlassian and gave the company an “outperform” rating in a report on Friday, February 6th. Finally, Oppenheimer lowered their target price on Atlassian from $275.00 to $150.00 and set an “outperform” rating on the stock in a research note on Friday, February 6th. Twenty analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $189.32.

Atlassian Price Performance

Atlassian stock opened at $83.61 on Thursday. The firm has a market capitalization of $22.05 billion, a P/E ratio of -116.12, a PEG ratio of 68.57 and a beta of 0.88. Atlassian Corporation PLC has a one year low of $80.40 and a one year high of $315.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.89 and a quick ratio of 0.89. The business has a fifty day moving average price of $133.10 and a 200-day moving average price of $151.98.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, February 5th. The technology company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.10. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.The firm’s quarterly revenue was up 23.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.96 EPS. As a group, equities research analysts forecast that Atlassian Corporation PLC will post -0.34 EPS for the current year.

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.