Saudi Central Bank Grows Stock Holdings in Atlassian Corporation PLC $TEAM

Saudi Central Bank boosted its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 91.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 11,873 shares of the technology company’s stock after buying an additional 5,670 shares during the period. Saudi Central Bank’s holdings in Atlassian were worth $924,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Snowden Capital Advisors LLC increased its position in Atlassian by 1.6% during the second quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company’s stock worth $907,000 after purchasing an additional 71 shares during the last quarter. New York Life Investment Management LLC grew its stake in shares of Atlassian by 6.7% in the 4th quarter. New York Life Investment Management LLC now owns 2,199 shares of the technology company’s stock valued at $357,000 after buying an additional 139 shares during the period. ICICI Prudential Asset Management Co Ltd grew its stake in shares of Atlassian by 5.6% in the 4th quarter. ICICI Prudential Asset Management Co Ltd now owns 2,696 shares of the technology company’s stock valued at $437,000 after buying an additional 143 shares during the period. Lido Advisors LLC increased its holdings in shares of Atlassian by 5.1% during the 4th quarter. Lido Advisors LLC now owns 3,070 shares of the technology company’s stock worth $492,000 after buying an additional 149 shares during the last quarter. Finally, Coldstream Capital Management Inc. lifted its holdings in Atlassian by 10.7% in the fourth quarter. Coldstream Capital Management Inc. now owns 1,588 shares of the technology company’s stock valued at $257,000 after acquiring an additional 153 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Analysts Set New Price Targets

TEAM has been the topic of a number of research analyst reports. Bank of America lifted their target price on Atlassian from $175.00 to $210.00 and gave the company a “buy” rating in a research report on Monday, August 31st. Cantor Fitzgerald restated an “overweight” rating and set a $126.00 price target on shares of Atlassian in a research note on Monday, August 3rd. Raymond James Financial set a $180.00 price objective on Atlassian in a research note on Friday, August 7th. UBS Group increased their target price on Atlassian from $95.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Finally, Guggenheim raised their target price on Atlassian from $115.00 to $165.00 and gave the company a “buy” rating in a report on Friday, August 7th. Twenty-five investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $183.81.

Insider Activity

In other news, CAO Gene Liu sold 939 shares of the business’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $190.00, for a total value of $178,410.00. Following the completion of the sale, the chief accounting officer directly owned 55,868 shares of the company’s stock, valued at approximately $10,614,920. The trade was a 1.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Brian Duffy sold 1,851 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $319,204.95. Following the completion of the sale, the executive directly owned 218,223 shares of the company’s stock, valued at approximately $37,632,556.35. This trade represents a 0.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 25,138 shares of company stock valued at $4,021,003. Insiders own 36.66% of the company’s stock.

Atlassian Trading Up 0.7%

NASDAQ TEAM opened at $177.74 on Thursday. The firm’s fifty day moving average price is $132.08 and its 200 day moving average price is $97.78. Atlassian Corporation PLC has a 12 month low of $56.01 and a 12 month high of $198.60. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $45.11 billion, a price-to-earnings ratio of -935.47, a price-to-earnings-growth ratio of 13.86 and a beta of 1.15.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.37. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period in the previous year, the company earned $0.98 earnings per share. Atlassian’s quarterly revenue was up 27.6% compared to the same quarter last year. On average, sell-side analysts expect that Atlassian Corporation PLC will post 0.94 earnings per share for the current fiscal year.

Atlassian Profile

Atlassian Corporation develops collaboration, productivity and workflow software for software development, information technology, business and other teams. Its products are designed to help organizations plan projects, manage work, share knowledge, improve service delivery and coordinate across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for collaboration and knowledge management, Jira Service Management for IT and business service workflows, Trello for organizing tasks and projects, Bitbucket for source-code management, and Loom for video messaging.