Illinois Municipal Retirement Fund Grows Position in Atlassian Co. (NASDAQ:TEAM)

Illinois Municipal Retirement Fund lifted its holdings in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 20.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 91,874 shares of the technology company's stock after purchasing an additional 15,603 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Atlassian were worth $16,251,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. First Trust Direct Indexing L.P. increased its stake in shares of Atlassian by 1.5% during the first quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company's stock worth $721,000 after buying an additional 55 shares during the period. Park National Corp OH increased its position in shares of Atlassian by 4.0% in the 1st quarter. Park National Corp OH now owns 1,497 shares of the technology company's stock valued at $292,000 after purchasing an additional 58 shares during the last quarter. Financial Advocates Investment Management raised its holdings in shares of Atlassian by 1.7% in the 2nd quarter. Financial Advocates Investment Management now owns 3,745 shares of the technology company's stock valued at $662,000 after purchasing an additional 62 shares in the last quarter. STF Management LP lifted its position in shares of Atlassian by 2.6% during the 4th quarter. STF Management LP now owns 2,551 shares of the technology company's stock worth $607,000 after purchasing an additional 65 shares during the last quarter. Finally, Ameritas Investment Partners Inc. increased its holdings in Atlassian by 1.4% in the first quarter. Ameritas Investment Partners Inc. now owns 4,561 shares of the technology company's stock valued at $890,000 after buying an additional 65 shares during the last quarter. Hedge funds and other institutional investors own 93.03% of the company's stock.

Insider Activity at Atlassian

In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of the firm's stock in a transaction on Monday, June 10th. The stock was sold at an average price of $162.20, for a total value of $1,289,165.60. Following the completion of the sale, the chief executive officer now owns 103,324 shares of the company's stock, valued at $16,759,152.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $162.20, for a total value of $1,289,165.60. Following the completion of the transaction, the chief executive officer now directly owns 103,324 shares of the company's stock, valued at $16,759,152.80. The sale was disclosed in a filing with the SEC, which is available at this link. Also, President Anutthara Bharadwaj sold 760 shares of the business's stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $175.00, for a total value of $133,000.00. Following the sale, the president now directly owns 152,534 shares in the company, valued at approximately $26,693,450. The disclosure for this sale can be found here. Insiders have sold a total of 256,055 shares of company stock worth $42,720,983 over the last three months. 40.48% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on TEAM. Barclays lowered their price objective on Atlassian from $275.00 to $250.00 and set an "overweight" rating for the company in a research report on Monday, August 5th. Baird R W downgraded Atlassian from a "strong-buy" rating to a "hold" rating in a report on Friday, August 2nd. Morgan Stanley cut their price objective on shares of Atlassian from $245.00 to $225.00 and set an "overweight" rating on the stock in a report on Wednesday, July 17th. Mizuho lowered their target price on shares of Atlassian from $225.00 to $220.00 and set an "outperform" rating for the company in a report on Tuesday, July 16th. Finally, Scotiabank cut their price target on shares of Atlassian from $210.00 to $175.00 and set a "sector perform" rating on the stock in a research note on Friday, August 2nd. Ten research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $217.69.

Atlassian Stock Performance

NASDAQ:TEAM traded down $0.59 during midday trading on Friday, reaching $161.31. The stock had a trading volume of 1,947,457 shares, compared to its average volume of 1,767,998. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95. The stock has a market cap of $41.95 billion, a P/E ratio of -256.05 and a beta of 0.73. The firm has a fifty day simple moving average of $165.55 and a two-hundred day simple moving average of $178.54. Atlassian Co. has a 12-month low of $135.29 and a 12-month high of $258.69.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.07. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.13 billion. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The business's revenue was up 20.5% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.21) earnings per share. On average, equities analysts expect that Atlassian Co. will post -0.58 EPS for the current year.

Atlassian 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.