Daiwa Securities Group Inc. Raises Holdings in Atlassian Co. (NASDAQ:TEAM)

Daiwa Securities Group Inc. increased its position in Atlassian Co. (NASDAQ:TEAM) by 42.1% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 33,240 shares of the technology company’s stock after purchasing an additional 9,841 shares during the period. Daiwa Securities Group Inc.’s holdings in Atlassian were worth $8,090,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TEAM. True Wealth Design LLC increased its stake in Atlassian by 23,100.0% in the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after acquiring an additional 231 shares during the last quarter. Avion Wealth grew its holdings in shares of Atlassian by 1,308.3% in the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after purchasing an additional 157 shares in the last quarter. Assetmark Inc. increased its position in Atlassian by 30.6% in the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock worth $43,000 after purchasing an additional 41 shares during the last quarter. Mainstream Capital Management LLC purchased a new stake in Atlassian during the fourth quarter valued at $49,000. Finally, Kestra Investment Management LLC bought a new position in Atlassian during the fourth quarter valued at $56,000. 94.45% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Scott Farquhar sold 7,948 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $258.33, for a total transaction of $2,053,206.84. Following the completion of the sale, the director now owns 63,584 shares in the company, valued at approximately $16,425,654.72. This represents a 11.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Anutthara Bharadwaj sold 1,520 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $254.76, for a total value of $387,235.20. Following the completion of the sale, the president now owns 211,991 shares of the company’s stock, valued at approximately $54,006,827.16. This trade represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 272,501 shares of company stock worth $74,569,690. Corporate insiders own 38.55% of the company’s stock.

Atlassian Stock Up 3.8 %

Shares of NASDAQ TEAM opened at $224.10 on Wednesday. The stock has a 50 day moving average price of $275.10 and a 200 day moving average price of $233.57. The firm has a market capitalization of $58.71 billion, a price-to-earnings ratio of -167.24 and a beta of 0.91. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $326.00. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24.

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Cantor Fitzgerald boosted their target price on shares of Atlassian from $264.00 to $304.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. UBS Group boosted their price objective on Atlassian from $275.00 to $330.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. Barclays raised their price objective on Atlassian from $275.00 to $350.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Truist Financial reissued a “buy” rating and set a $350.00 target price (up previously from $300.00) on shares of Atlassian in a research report on Friday, January 31st. Finally, Oppenheimer increased their price target on Atlassian from $300.00 to $380.00 and gave the company an “outperform” rating in a report on Friday, January 31st. Eight research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $319.71.

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.