Elo Mutual Pension Insurance Co Boosts Stake in Atlassian Co. (NASDAQ:TEAM)

Elo Mutual Pension Insurance Co increased its position in Atlassian Co. (NASDAQ:TEAM) by 5.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 14,864 shares of the technology company’s stock after purchasing an additional 716 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Atlassian were worth $3,618,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Virtu Financial LLC purchased a new stake in Atlassian in the third quarter worth about $606,000. Fulton Bank N.A. purchased a new stake in shares of Atlassian in the 4th quarter worth approximately $447,000. Paloma Partners Management Co bought a new position in Atlassian during the 3rd quarter valued at approximately $1,588,000. Allworth Financial LP raised its stake in Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after buying an additional 47 shares during the last quarter. Finally, Nordea Investment Management AB boosted its holdings in Atlassian by 20.1% in the fourth quarter. Nordea Investment Management AB now owns 30,442 shares of the technology company’s stock worth $7,458,000 after acquiring an additional 5,088 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TEAM. StockNews.com upgraded Atlassian from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Stephens started coverage on shares of Atlassian in a research note on Wednesday, March 19th. They issued an “equal weight” rating and a $255.00 target price on the stock. The Goldman Sachs Group increased their price target on shares of Atlassian from $245.00 to $370.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Scotiabank boosted their price objective on shares of Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a report on Friday, January 31st. Finally, Jefferies Financial Group increased their target price on Atlassian from $300.00 to $325.00 and gave the company a “buy” rating in a research note on Friday, January 24th. Nine analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and a consensus price target of $316.77.

Insiders Place Their Bets

In other news, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $229.64, for a total transaction of $1,825,178.72. Following the sale, the director now directly owns 23,844 shares in the company, valued at $5,475,536.16. This trade represents a 25.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Gene Liu sold 779 shares of the company’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 transaction, the chief accounting officer now directly owns 52,710 shares of the company’s stock, valued at $16,867,727.10. This represents a 1.46 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 263,033 shares of company stock worth $70,644,164. Company insiders own 38.55% of the company’s stock.

Atlassian Trading Down 2.1 %

NASDAQ:TEAM opened at $217.99 on Friday. Atlassian Co. has a one year low of $135.29 and a one year high of $326.00. The business has a fifty day moving average price of $269.28 and a 200-day moving average price of $238.07. The firm has a market capitalization of $57.11 billion, a price-to-earnings ratio of -162.68 and a beta of 0.91. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) 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%. Sell-side analysts forecast that Atlassian Co. will post -0.34 EPS for the current year.

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.