Teacher Retirement System of Texas Acquires New Stake in Atlassian Co. (NASDAQ:TEAM)

Teacher Retirement System of Texas bought a new position in Atlassian Co. (NASDAQ:TEAM) during the 4th quarter, Holdings Channel reports. The institutional investor bought 9,439 shares of the technology company’s stock, valued at approximately $2,297,000.

A number of other institutional investors have also recently modified their holdings of the stock. Virtu Financial LLC bought a new position in Atlassian in the 3rd quarter worth about $606,000. Fulton Bank N.A. purchased a new position in Atlassian in the fourth quarter worth about $447,000. Paloma Partners Management Co bought a new position in shares of Atlassian in the third quarter worth approximately $1,588,000. Allworth Financial LP grew its holdings in shares of Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after buying an additional 47 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Atlassian by 2.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 583,579 shares of the technology company’s stock valued at $92,678,000 after acquiring an additional 12,422 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on TEAM. Wells Fargo & Company increased their target price on Atlassian from $350.00 to $375.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. The Goldman Sachs Group increased their price objective on Atlassian from $245.00 to $370.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Oppenheimer boosted their target price on Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a research report on Friday, January 31st. UBS Group raised their price target on shares of Atlassian from $275.00 to $330.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Finally, Jefferies Financial Group boosted their price objective on shares of Atlassian from $300.00 to $325.00 and gave the company a “buy” rating in a report on Friday, January 24th. Nine analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $316.77.

Insiders Place Their Bets

In related news, President Anutthara Bharadwaj sold 1,520 shares of the stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $259.85, for a total transaction of $394,972.00. Following the completion of the sale, the president now owns 210,471 shares in the company, valued at approximately $54,690,889.35. This trade represents a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $234.38, for a total value of $1,862,852.24. Following the completion of the transaction, the director now directly owns 39,740 shares in the company, valued at approximately $9,314,261.20. This represents a 16.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 255,085 shares of company stock worth $68,818,985. Corporate insiders own 38.55% of the company’s stock.

Atlassian Trading Down 2.8 %

Shares of NASDAQ:TEAM opened at $229.65 on Thursday. The stock has a 50 day moving average of $270.60 and a 200 day moving average of $237.80. The company has a market cap of $60.17 billion, a PE ratio of -171.38 and a beta of 0.91. Atlassian Co. has a 12-month low of $135.29 and a 12-month high of $326.00. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. As a group, equities research analysts expect that Atlassian Co. will post -0.34 EPS for the current year.

About Atlassian

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.