Massachusetts Financial Services Co. MA Buys Shares of 2,824,742 Atlassian Co. (NASDAQ:TEAM)

Massachusetts Financial Services Co. MA purchased a new position in shares of Atlassian Co. (NASDAQ:TEAM) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,824,742 shares of the technology company’s stock, valued at approximately $687,486,000. Massachusetts Financial Services Co. MA owned approximately 1.08% of Atlassian as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in TEAM. Murphy & Mullick Capital Management Corp acquired a new position in shares of Atlassian in the fourth quarter valued at approximately $27,000. Summit Securities Group LLC bought a new position in Atlassian during the 4th quarter worth about $38,000. Avion Wealth raised its stake in shares of Atlassian by 1,308.3% in the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after purchasing an additional 157 shares during the period. Assetmark Inc. lifted its holdings in shares of Atlassian by 30.6% in the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock valued at $43,000 after purchasing an additional 41 shares in the last quarter. Finally, Mainstream Capital Management LLC acquired a new position in shares of Atlassian during the fourth quarter worth about $49,000. Institutional investors and hedge funds own 94.45% of the company’s stock.

Insider Activity at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $209.73, for a total transaction of $1,666,934.04. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Gene Liu sold 779 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $320.01, for a total transaction of $249,287.79. Following the completion of the sale, the chief accounting officer now directly owns 52,710 shares in the company, valued at approximately $16,867,727.10. This represents a 1.46 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 263,033 shares of company stock valued at $70,144,394 over the last three months. 38.55% of the stock is owned by insiders.

Atlassian Trading Up 3.5 %

TEAM stock opened at $223.96 on Thursday. 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. The company’s 50-day simple moving average is $266.94 and its 200 day simple moving average is $239.70. The company has a market capitalization of $58.68 billion, a PE ratio of -167.13 and a beta of 1.07.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data 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 net margin of 7.22% and a negative return on equity of 17.37%. As a group, sell-side analysts anticipate that Atlassian Co. will post -0.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

TEAM has been the subject of a number of recent research reports. Morgan Stanley upped their price target on Atlassian from $315.00 to $370.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Canaccord Genuity Group raised their target price on shares of Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a research report on Friday, December 20th. StockNews.com cut shares of Atlassian from a “buy” rating to a “hold” rating in a research report on Monday. Citigroup raised their price objective on Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Cantor Fitzgerald upgraded Atlassian from a “neutral” rating to an “overweight” rating and dropped their target price for the stock from $304.00 to $272.00 in a report on Wednesday. Nine equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat.com, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus target price of $308.73.

About Atlassian

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.