Sumitomo Mitsui Trust Holdings Inc. Increases Holdings in Atlassian Co. (NASDAQ:TEAM)

Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Atlassian Co. (NASDAQ:TEAM) by 1.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 405,127 shares of the technology company’s stock after acquiring an additional 6,059 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Atlassian were worth $96,364,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. OFI Invest Asset Management purchased a new stake in shares of Atlassian during the 3rd quarter worth approximately $26,000. Tyler Stone Wealth Management purchased a new stake in shares of Atlassian during the 2nd quarter worth approximately $34,000. Meeder Asset Management Inc. lifted its stake in Atlassian by 151.5% in the 4th quarter. Meeder Asset Management Inc. now owns 244 shares of the technology company’s stock valued at $31,000 after buying an additional 147 shares in the last quarter. Carmel Capital Partners LLC lifted its stake in Atlassian by 28.5% in the 3rd quarter. Carmel Capital Partners LLC now owns 257 shares of the technology company’s stock valued at $52,000 after buying an additional 57 shares in the last quarter. Finally, Quarry LP purchased a new stake in Atlassian in the 2nd quarter valued at approximately $44,000. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Atlassian Stock Up 1.6 %

TEAM stock opened at $194.85 on Wednesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.07 and a current ratio of 1.07. The business has a fifty day simple moving average of $203.36 and a 200-day simple moving average of $206.79. Atlassian Co. has a 52 week low of $128.02 and a 52 week high of $258.69.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, February 1st. The technology company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.24). The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.02 billion. Atlassian had a negative return on equity of 34.56% and a negative net margin of 9.87%. As a group, analysts predict that Atlassian Co. will post -0.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. William Blair reaffirmed an “outperform” rating on shares of Atlassian in a research note on Friday, February 2nd. Citigroup reduced their target price on Atlassian from $280.00 to $265.00 and set a “buy” rating on the stock in a research note on Friday, April 12th. The Goldman Sachs Group upped their target price on Atlassian from $188.00 to $215.00 and gave the company a “neutral” rating in a research note on Friday, February 2nd. Truist Financial upped their target price on Atlassian from $180.00 to $220.00 and gave the company a “hold” rating in a research note on Tuesday, January 16th. Finally, Wells Fargo & Company upped their target price on Atlassian from $275.00 to $285.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. Ten analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $224.25.

Insider Activity at Atlassian

In related news, President Anutthara Bharadwaj sold 2,470 shares of the stock in a transaction on Friday, January 19th. The stock was sold at an average price of $240.55, for a total value of $594,158.50. Following the completion of the sale, the president now directly owns 171,674 shares in the company, valued at approximately $41,296,180.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $238.95, for a total value of $1,969,186.95. Following the completion of the sale, the chief executive officer now directly owns 403,809 shares in the company, valued at approximately $96,490,160.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, President Anutthara Bharadwaj sold 2,470 shares of the company’s stock in a transaction dated Friday, January 19th. The shares were sold at an average price of $240.55, for a total transaction of $594,158.50. Following the completion of the transaction, the president now directly owns 171,674 shares of the company’s stock, valued at $41,296,180.70. The disclosure for this sale can be found here. In the last three months, insiders sold 293,159 shares of company stock worth $62,026,607. Corporate insiders own 40.48% of the company’s stock.

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.