Ilmarinen Mutual Pension Insurance Co Grows Position in Atlassian Corporation PLC $TEAM

Ilmarinen Mutual Pension Insurance Co raised its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 164.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 92,500 shares of the technology company’s stock after buying an additional 57,500 shares during the quarter. Ilmarinen Mutual Pension Insurance Co’s holdings in Atlassian were worth $14,998,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Baker Avenue Asset Management LP acquired a new position in Atlassian during the fourth quarter worth $243,000. Huntington National Bank boosted its stake in Atlassian by 52.3% during the fourth quarter. Huntington National Bank now owns 591 shares of the technology company’s stock worth $96,000 after buying an additional 203 shares during the last quarter. Geode Capital Management LLC boosted its stake in Atlassian by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 2,465,854 shares of the technology company’s stock worth $398,417,000 after buying an additional 67,185 shares during the last quarter. Employees Retirement System of Texas boosted its stake in Atlassian by 34.3% during the fourth quarter. Employees Retirement System of Texas now owns 1,781 shares of the technology company’s stock worth $289,000 after buying an additional 455 shares during the last quarter. Finally, Poinciana Advisors Group LLC acquired a new position in Atlassian during the fourth quarter worth $480,000. Institutional investors and hedge funds own 94.45% of the company’s stock.

Insider Activity

In related news, CFO James Chuong sold 8,838 shares of the stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the transaction, the chief financial officer owned 288,272 shares of the company’s stock, valued at approximately $25,295,868. This represents a 2.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 the stock in a transaction dated Tuesday, May 19th. The stock was 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 approximately $20,782,797.75. The trade was a 0.83% decrease in their position. 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. In the last three months, insiders have sold 10,891 shares of company stock worth $955,683. 36.66% of the stock is owned by corporate insiders.

Atlassian Trading Up 4.7%

Shares of TEAM stock opened at $93.29 on Friday. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a market cap of $23.67 billion, a PE ratio of -112.40, a price-to-earnings-growth ratio of 5.05 and a beta of 0.90. The company has a 50-day moving average of $74.87 and a two-hundred day moving average of $108.19. Atlassian Corporation PLC has a 1-year low of $56.01 and a 1-year high of $222.59.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.42. The company had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. Atlassian’s revenue was up 31.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.97 earnings per share. On average, analysts predict that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Analyst Ratings Changes

A number of research firms have weighed in on TEAM. Cantor Fitzgerald boosted their price objective on Atlassian from $98.00 to $107.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Raymond James Financial set a $130.00 price objective on Atlassian in a research note on Friday, May 1st. Zacks Research raised Atlassian from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 6th. Canaccord Genuity Group decreased their price target on Atlassian from $185.00 to $150.00 and set a “buy” rating on the stock in a research note on Wednesday, April 15th. Finally, Mizuho decreased their price target on Atlassian from $185.00 to $145.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 14th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $145.63.

About Atlassian

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.