DnB Asset Management AS Increases Stock Position in Atlassian Co. (NASDAQ:TEAM)

DnB Asset Management AS raised its position in Atlassian Co. (NASDAQ:TEAM) by 6.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,793 shares of the technology company’s stock after buying an additional 1,746 shares during the quarter. DnB Asset Management AS’s holdings in Atlassian were worth $6,764,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently bought and sold shares of the business. Murphy & Mullick Capital Management Corp acquired a new stake in Atlassian during the 4th quarter worth approximately $27,000. Avion Wealth increased its position in Atlassian by 1,308.3% during the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after purchasing an additional 157 shares during the period. Assetmark Inc. raised its stake in shares of Atlassian by 30.6% during the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock worth $43,000 after buying an additional 41 shares in the last quarter. Mainstream Capital Management LLC acquired a new stake in shares of Atlassian in the 4th quarter valued at approximately $49,000. Finally, True Wealth Design LLC boosted its stake in shares of Atlassian by 23,100.0% in the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after buying an additional 231 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Insider Buying and Selling

In other news, President Anutthara Bharadwaj sold 1,520 shares of the business’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $259.85, for a total transaction of $394,972.00. Following the completion of the sale, the president now owns 210,471 shares in the company, valued at approximately $54,690,889.35. The trade was a 0.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $242.27, for a total transaction of $1,925,561.96. Following the sale, the chief executive officer now directly owns 476,880 shares of the company’s stock, valued at approximately $115,533,717.60. This trade represents a 1.64 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 255,085 shares of company stock valued at $68,681,246. Insiders own 38.55% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Canaccord Genuity Group boosted their target price on shares of Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Stephens started coverage on shares of Atlassian in a research report on Wednesday, March 19th. They set an “equal weight” rating and a $255.00 target price on the stock. KeyCorp lifted their price target on shares of Atlassian from $315.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Jefferies Financial Group upped their price target on Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a report on Friday, January 24th. Finally, Raymond James reaffirmed an “outperform” rating and set a $330.00 price objective (up from $250.00) on shares of Atlassian in a report on Friday, January 31st. Nine research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, Atlassian currently has a consensus rating of “Moderate Buy” and a consensus target price of $316.77.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $217.99 on Monday. The business has a fifty day simple moving average of $269.28 and a 200-day simple moving average of $239.11. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $326.00. The company has a market cap of $57.11 billion, a P/E ratio of -162.68 and a beta of 0.91. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81.

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

Atlassian Company 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.