Swedbank AB Increases Position in Atlassian Co. (NASDAQ:TEAM)

Swedbank AB boosted its position in Atlassian Co. (NASDAQ:TEAM) by 4.2% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 63,535 shares of the technology company’s stock after acquiring an additional 2,539 shares during the period. Swedbank AB’s holdings in Atlassian were worth $10,090,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Financial Advocates Investment Management boosted its position in shares of Atlassian by 1.7% in the second quarter. Financial Advocates Investment Management now owns 3,745 shares of the technology company’s stock worth $662,000 after acquiring an additional 62 shares during the last quarter. Legacy Wealth Asset Management LLC raised its stake in Atlassian by 2.1% during the third quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company’s stock worth $544,000 after purchasing an additional 70 shares during the period. Commerce Bank raised its stake in Atlassian by 1.8% during the third quarter. Commerce Bank now owns 4,966 shares of the technology company’s stock worth $789,000 after purchasing an additional 90 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after purchasing an additional 96 shares during the last quarter. Finally, Founders Financial Securities LLC grew its stake in shares of Atlassian by 4.9% during the 2nd quarter. Founders Financial Securities LLC now owns 2,201 shares of the technology company’s stock valued at $389,000 after buying an additional 102 shares during the period. 93.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on TEAM. Wells Fargo & Company increased their target price on Atlassian from $250.00 to $300.00 and gave the stock an “overweight” rating in a research report on Friday, November 1st. The Goldman Sachs Group raised Atlassian from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $200.00 to $230.00 in a research note on Friday, August 2nd. Oppenheimer raised their price target on shares of Atlassian from $230.00 to $270.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Piper Sandler increased their price objective on shares of Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a research report on Friday, November 1st. Finally, BMO Capital Markets upped their price target on shares of Atlassian from $177.00 to $255.00 and gave the stock a “market perform” rating in a research report on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $244.21.

Insider Buying and Selling at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $166.36, for a total transaction of $1,322,229.28. Following the sale, the chief executive officer now owns 158,960 shares in the company, valued at $26,444,585.60. This represents a 4.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Gene Liu sold 165 shares of Atlassian stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $245.84, for a total value of $40,563.60. Following the completion of the transaction, the chief accounting officer now owns 56,423 shares of the company’s stock, valued at approximately $13,871,030.32. The trade was a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 257,694 shares of company stock worth $49,802,725 over the last quarter. 38.55% of the stock is owned by corporate insiders.

Atlassian Trading Up 0.5 %

TEAM opened at $262.23 on Wednesday. Atlassian Co. has a 12-month low of $135.29 and a 12-month high of $269.40. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The stock has a market capitalization of $68.29 billion, a PE ratio of -172.52 and a beta of 0.71. The firm’s fifty day moving average price is $200.51 and its 200 day moving average price is $178.12.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.13. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The company’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.07) EPS. As a group, research analysts expect that Atlassian Co. will post -0.56 EPS for the current fiscal 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.