Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Atlassian Co. (NASDAQ:TEAM – Free Report) by 17.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 27,724 shares of the technology company’s stock after purchasing an additional 4,111 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Atlassian were worth $4,470,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the business. Dragoneer Investment Group LLC acquired a new stake in Atlassian in the 2nd quarter worth $469,803,000. Price T Rowe Associates Inc. MD raised its position in shares of Atlassian by 8.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock valued at $2,173,847,000 after buying an additional 904,138 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Atlassian in the second quarter valued at about $91,072,000. Quadrature Capital Ltd acquired a new stake in Atlassian during the first quarter worth about $55,307,000. Finally, Swedbank AB bought a new position in Atlassian during the first quarter valued at about $50,923,000. Institutional investors own 93.03% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts have commented on TEAM shares. Canaccord Genuity Group lifted their price objective on Atlassian from $200.00 to $225.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. BMO Capital Markets decreased their price target on shares of Atlassian from $220.00 to $177.00 and set a “market perform” rating on the stock in a research note on Friday, August 2nd. Piper Sandler upgraded shares of Atlassian from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $200.00 to $225.00 in a research note on Tuesday, July 2nd. Truist Financial decreased their target price on shares of Atlassian from $200.00 to $160.00 and set a “hold” rating on the stock in a research report on Friday, August 2nd. Finally, Capital One Financial raised shares of Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 price target for the company in a research report on Thursday, July 11th. Ten equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $212.47.
Insider Activity
In related news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $144.73, for a total value of $1,150,314.04. Following the completion of the sale, the chief executive officer now directly owns 317,920 shares in the company, valued at $46,012,561.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, President Anutthara Bharadwaj sold 760 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $163.11, for a total value of $123,963.60. Following the transaction, the president now directly owns 143,966 shares in the company, valued at $23,482,294.26. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $144.73, for a total value of $1,150,314.04. Following the completion of the sale, the chief executive officer now owns 317,920 shares of the company’s stock, valued at $46,012,561.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 230,185 shares of company stock valued at $38,775,509 over the last 90 days. 40.48% of the stock is owned by company insiders.
Atlassian Trading Up 1.6 %
TEAM opened at $191.74 on Wednesday. Atlassian Co. has a 1-year low of $135.29 and a 1-year high of $258.69. The stock has a market capitalization of $49.91 billion, a PE ratio of -304.35 and a beta of 0.73. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. The firm has a 50-day moving average price of $170.01 and a two-hundred day moving average price of $171.08.
Atlassian (NASDAQ:TEAM – Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.07. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The firm had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Atlassian’s revenue was up 20.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.21) EPS. As a group, equities analysts anticipate that Atlassian Co. will post -0.58 earnings per share 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.
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