Norges Bank Acquires New Position in Atlassian Corporation PLC $TEAM

by · The Cerbat Gem

Norges Bank bought a new position in Atlassian Corporation PLC (NASDAQ:TEAM – Free Report) during the 4th quarter, HoldingsChannel reports. The firm bought 1,995,351 shares of the technology company’s stock, valued at approximately $323,526,000.

Several other hedge funds also recently bought and sold shares of TEAM. DNB Asset Management AS raised its holdings in Atlassian by 266.6% in the third quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company’s stock worth $448,260,000 after purchasing an additional 2,041,210 shares during the period. Pictet Asset Management Holding SA raised its holdings in Atlassian by 38.1% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,950,852 shares of the technology company’s stock worth $640,628,000 after purchasing an additional 1,090,787 shares during the period. Vanguard Group Inc. raised its holdings in Atlassian by 6.0% in the third quarter. Vanguard Group Inc. now owns 18,479,561 shares of the technology company’s stock worth $2,951,186,000 after purchasing an additional 1,049,483 shares during the period. Voyager Global Management LP raised its holdings in Atlassian by 181.8% in the third quarter. Voyager Global Management LP now owns 1,550,000 shares of the technology company’s stock worth $247,535,000 after purchasing an additional 1,000,000 shares during the period. Finally, Ontario Teachers Pension Plan Board acquired a new stake in Atlassian in the third quarter worth $106,461,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Atlassian

In other news, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $775,534.50. Following the completion of the transaction, the chief financial officer owned 288,272 shares of the company’s stock, valued at $25,295,868. This trade represents a 2.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 1,986 shares of Atlassian stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $174,271.50. Following the completion of the transaction, the executive directly owned 236,841 shares of the company’s stock, valued at approximately $20,782,797.75. This trade represents a 0.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 10,891 shares of company stock valued at $955,683. Insiders own 36.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on TEAM. Oppenheimer increased their target price on shares of Atlassian from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, May 11th. Robert W. Baird set a $120.00 target price on shares of Atlassian in a report on Friday, May 1st. UBS Group cut their target price on shares of Atlassian from $105.00 to $95.00 and set a “neutral” rating on the stock in a report on Friday, May 1st. Wells Fargo & Company cut their target price on shares of Atlassian from $155.00 to $120.00 and set an “overweight” rating on the stock in a report on Tuesday, March 17th. Finally, BMO Capital Markets lowered their price objective on shares of Atlassian from $130.00 to $105.00 and set an “outperform” rating for the company in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and an average price target of $145.63.

Get Our Latest Research Report on TEAM

Atlassian Stock Performance

Shares of TEAM opened at $115.95 on Tuesday. The firm has a 50-day moving average of $76.38 and a 200-day moving average of $107.54. Atlassian Corporation PLC has a one year low of $56.01 and a one year high of $222.59. The company has a market cap of $29.42 billion, a PE ratio of -139.70, a price-to-earnings-growth ratio of 6.10 and a beta of 0.90. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70.

Atlassian (NASDAQ:TEAM – Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.42. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter last year, the firm posted $0.97 EPS. The company’s quarterly revenue was up 31.7% on a year-over-year basis. As a group, equities analysts forecast that Atlassian Corporation PLC will post 0.81 earnings per share for the current year.

Atlassian Profile

(Free Report)

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.

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