Handelsbanken Fonder AB Has $11.21 Million Holdings in Atlassian Co. (NASDAQ:TEAM)

Handelsbanken Fonder AB lifted its position in Atlassian Co. (NASDAQ:TEAM) by 10.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 47,120 shares of the technology company’s stock after purchasing an additional 4,509 shares during the period. Handelsbanken Fonder AB’s holdings in Atlassian were worth $11,208,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of Atlassian by 12.4% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 73,263 shares of the technology company’s stock valued at $14,763,000 after acquiring an additional 8,073 shares during the period. Arkadios Wealth Advisors acquired a new stake in shares of Atlassian in the 4th quarter valued at approximately $202,000. American Century Companies Inc. raised its position in shares of Atlassian by 58.7% in the 3rd quarter. American Century Companies Inc. now owns 430,112 shares of the technology company’s stock valued at $86,672,000 after acquiring an additional 159,102 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of Atlassian in the 4th quarter valued at approximately $13,805,000. Finally, Royal Bank of Canada raised its position in shares of Atlassian by 17.3% in the 3rd quarter. Royal Bank of Canada now owns 381,430 shares of the technology company’s stock valued at $76,862,000 after acquiring an additional 56,149 shares during the period. 93.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Atlassian

In related news, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $253.53, for a total value of $2,089,340.73. Following the completion of the transaction, the chief executive officer now directly owns 346,122 shares of the company’s stock, valued at $87,752,310.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CAO Gene Liu sold 227 shares of the firm’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total value of $48,321.49. Following the completion of the transaction, the chief accounting officer now directly owns 47,066 shares of the company’s stock, valued at $10,018,939.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $253.53, for a total value of $2,089,340.73. Following the sale, the chief executive officer now directly owns 346,122 shares of the company’s stock, valued at approximately $87,752,310.66. The disclosure for this sale can be found here. Over the last three months, insiders sold 299,690 shares of company stock valued at $61,962,072. 40.48% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on TEAM. Mizuho cut their price target on shares of Atlassian from $265.00 to $240.00 and set a “buy” rating on the stock in a research report on Monday, April 15th. Wells Fargo & Company increased their target price on Atlassian from $275.00 to $285.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 24th. UBS Group lowered their target price on Atlassian from $260.00 to $250.00 and set a “neutral” rating for the company in a research note on Friday, February 2nd. Barclays raised Atlassian from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $235.00 to $275.00 in a research note on Thursday, April 11th. Finally, Truist Financial increased their target price on Atlassian from $180.00 to $220.00 and gave the stock a “hold” rating in a research note on Tuesday, January 16th. Ten investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $224.25.

Atlassian Price Performance

Shares of TEAM opened at $199.44 on Wednesday. The stock has a market capitalization of $51.74 billion, a P/E ratio of -133.85 and a beta of 0.63. Atlassian Co. has a twelve month low of $128.02 and a twelve month high of $258.69. The company has a 50 day moving average of $201.18 and a 200-day moving average of $206.81. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.04.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, February 1st. The technology company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.24). Atlassian had a negative return on equity of 34.56% and a negative net margin of 9.87%. The business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.02 billion. As a group, equities research analysts forecast that Atlassian Co. will post -0.4 EPS for the current fiscal 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.