Industrial Alliance Investment Management Inc. Has $2.17 Million Stock Position in Atlassian Co. (NASDAQ:TEAM)

Industrial Alliance Investment Management Inc. increased its holdings in shares of Atlassian Co. (NASDAQ:TEAM – Get Rating) by 3.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,289 shares of the technology company’s stock after acquiring an additional 349 shares during the quarter. Industrial Alliance Investment Management Inc.’s holdings in Atlassian were worth $2,167,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in TEAM. Public Sector Pension Investment Board bought a new stake in Atlassian in the 2nd quarter valued at $1,806,000. Pacer Advisors Inc. boosted its stake in Atlassian by 2.5% in the 3rd quarter. Pacer Advisors Inc. now owns 4,245 shares of the technology company’s stock valued at $894,000 after purchasing an additional 105 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in Atlassian by 6.4% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 7,521 shares of the technology company’s stock valued at $1,584,000 after purchasing an additional 452 shares during the period. Wealthsource Partners LLC boosted its stake in Atlassian by 18.1% in the 2nd quarter. Wealthsource Partners LLC now owns 1,629 shares of the technology company’s stock valued at $305,000 after purchasing an additional 250 shares during the period. Finally, Tiger Global Management LLC boosted its stake in Atlassian by 13.2% in the 3rd quarter. Tiger Global Management LLC now owns 1,722,503 shares of the technology company’s stock valued at $362,742,000 after purchasing an additional 200,703 shares during the period. 45.50% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TEAM. Barclays began coverage on Atlassian in a research report on Thursday, December 15th. They set an “equal weight” rating and a $155.00 target price for the company. StockNews.com began coverage on Atlassian in a research report on Thursday. They set a “hold” rating for the company. Piper Sandler upped their target price on Atlassian from $140.00 to $160.00 and gave the company a “neutral” rating in a research report on Friday, February 3rd. Canaccord Genuity Group upped their target price on Atlassian from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, February 3rd. Finally, Jefferies Financial Group upped their target price on Atlassian from $150.00 to $180.00 and gave the company a “buy” rating in a research report on Thursday, January 19th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $218.11.

Atlassian Price Performance

Shares of TEAM opened at $157.35 on Friday. Atlassian Co. has a 12-month low of $113.86 and a 12-month high of $318.64. The business has a 50-day simple moving average of $162.32 and a two-hundred day simple moving average of $172.18. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The stock has a market cap of $40.33 billion, a PE ratio of -114.02 and a beta of 0.83.

Atlassian (NASDAQ:TEAM – Get Rating) last issued its earnings results on Thursday, February 2nd. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.33). Atlassian had a negative return on equity of 73.57% and a negative net margin of 11.17%. The firm had revenue of $872.70 million during the quarter, compared to analyst estimates of $842.45 million. Analysts anticipate that Atlassian Co. will post -0.84 earnings per share for the current fiscal year.

Insider Activity

In other news, President Anutthara Bharadwaj sold 1,412 shares of the stock in a transaction dated Tuesday, February 14th. The stock was sold at an average price of $180.78, for a total value of $255,261.36. Following the completion of the sale, the president now owns 134,081 shares of the company’s stock, valued at $24,239,163.18. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Gene Liu sold 238 shares of the stock in a transaction dated Tuesday, February 14th. The stock was sold at an average price of $180.79, for a total value of $43,028.02. Following the completion of the sale, the insider now owns 50,413 shares of the company’s stock, valued at $9,114,166.27. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Anutthara Bharadwaj sold 1,412 shares of the stock in a transaction dated Tuesday, February 14th. The shares were sold at an average price of $180.78, for a total value of $255,261.36. Following the completion of the sale, the president now directly owns 134,081 shares of the company’s stock, valued at approximately $24,239,163.18. The disclosure for this sale can be found here. Over the last quarter, insiders sold 255,487 shares of company stock valued at $39,655,517. Company insiders own 43.11% of the company’s stock.

About Atlassian

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Atlassian Corp. is a holding company, which engages in providing team collaboration and productivity software. Its software helps teams organize, discuss, and complete shared work. Its products include Jira Software, Confluence, Jira Service Management, and Trello. The company was founded by Michael Cannon-Brookes and Scott Farquhar in October 2002 and is headquartered in San Francisco, CA.