Norges Bank Invests $323.53 Million in Atlassian Corporation PLC $TEAM

Norges Bank acquired a new position in shares of Atlassian Corporation PLC (NASDAQ:TEAM) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,995,351 shares of the technology company’s stock, valued at approximately $323,526,000. Norges Bank owned 0.76% of Atlassian as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Physician Wealth Advisors Inc. increased its stake in Atlassian by 60.4% in the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock valued at $26,000 after acquiring an additional 61 shares during the period. GAMMA Investing LLC increased its stake in Atlassian by 12.0% in the fourth quarter. GAMMA Investing LLC now owns 615 shares of the technology company’s stock valued at $100,000 after acquiring an additional 66 shares during the period. Snowden Capital Advisors LLC increased its stake in Atlassian by 1.6% in the second quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company’s stock valued at $907,000 after acquiring an additional 71 shares during the period. Financial Perspectives Inc increased its stake in Atlassian by 11.7% in the fourth quarter. Financial Perspectives Inc now owns 718 shares of the technology company’s stock valued at $116,000 after acquiring an additional 75 shares during the period. Finally, ABN Amro Investment Solutions increased its stake in Atlassian by 3.4% in the third quarter. ABN Amro Investment Solutions now owns 2,452 shares of the technology company’s stock valued at $392,000 after acquiring an additional 80 shares during the period. Institutional investors own 94.45% of the company’s stock.

Insider Activity at Atlassian

In related news, CRO Brian Duffy sold 1,986 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $174,271.50. Following the transaction, the executive directly owned 236,841 shares in the company, valued at $20,782,797.75. This represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 8,838 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the transaction, the chief financial officer owned 288,272 shares in the company, valued at $25,295,868. This represents a 2.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 10,891 shares of company stock worth $955,683 over the last 90 days. 36.66% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Raymond James Financial set a $130.00 target price on shares of Atlassian in a research note on Friday, May 1st. UBS Group lowered their target price on shares of Atlassian from $105.00 to $95.00 and set a “neutral” rating on the stock in a research note on Friday, May 1st. Robert W. Baird set a $120.00 target price on shares of Atlassian in a research note on Friday, May 1st. Weiss Ratings reissued a “sell (e+)” rating on shares of Atlassian in a research note on Monday, April 20th. Finally, Zacks Research raised shares of Atlassian from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and an average target price of $145.63.

Atlassian Price Performance

Shares of TEAM stock opened at $115.95 on Tuesday. Atlassian Corporation PLC has a 1 year low of $56.01 and a 1 year high of $222.59. The firm’s 50 day moving average is $76.38 and its 200-day moving average is $107.54. The firm has a market capitalization of $29.42 billion, a price-to-earnings ratio of -139.70, a PEG ratio of 6.10 and a beta of 0.90. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $1.70 billion. During the same period in the prior year, the business earned $0.97 earnings per share. Atlassian’s quarterly revenue was up 31.7% on a year-over-year basis. Sell-side analysts forecast that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal 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.