iA Global Asset Management Inc. Boosts Holdings in Atlassian Co. (NASDAQ:TEAM)

iA Global Asset Management Inc. grew its holdings in shares of Atlassian Co. (NASDAQ:TEAM) by 85.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 40,999 shares of the technology company’s stock after acquiring an additional 18,853 shares during the quarter. iA Global Asset Management Inc.’s holdings in Atlassian were worth $9,978,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Point72 Asset Management L.P. grew its holdings in shares of Atlassian by 760.5% in the third quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock worth $110,972,000 after purchasing an additional 617,566 shares during the last quarter. Two Sigma Advisers LP grew its holdings in shares of Atlassian by 122.0% in the third quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock worth $159,382,000 after purchasing an additional 551,500 shares during the last quarter. Westfield Capital Management Co. LP bought a new position in shares of Atlassian in the third quarter worth approximately $57,149,000. Los Angeles Capital Management LLC grew its holdings in shares of Atlassian by 12,047.2% in the fourth quarter. Los Angeles Capital Management LLC now owns 228,124 shares of the technology company’s stock worth $55,521,000 after purchasing an additional 226,246 shares during the last quarter. Finally, Fisher Funds Management LTD bought a new position in shares of Atlassian in the fourth quarter worth approximately $47,469,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TEAM has been the topic of several recent analyst reports. Stephens initiated coverage on shares of Atlassian in a report on Wednesday. They issued an “equal weight” rating and a $255.00 target price on the stock. Citigroup raised their target price on shares of Atlassian from $255.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Canaccord Genuity Group lifted their price target on shares of Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a report on Friday, December 20th. Raymond James reiterated an “outperform” rating and issued a $330.00 price target (up previously from $250.00) on shares of Atlassian in a report on Friday, January 31st. Finally, Piper Sandler lifted their price target on shares of Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Nine equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $316.77.

Insiders Place Their Bets

In other Atlassian 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 value of $394,972.00. Following the completion of the transaction, the president now owns 210,471 shares of the company’s stock, valued at approximately $54,690,889.35. The trade was a 0.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $216.90, for a total value of $1,723,921.20. Following the sale, the chief executive officer now owns 71,532 shares of the company’s stock, valued at approximately $15,515,290.80. This represents a 10.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 264,553 shares of company stock valued at $71,627,261. 38.55% of the stock is owned by insiders.

Atlassian Price Performance

TEAM opened at $229.86 on Thursday. The stock has a 50-day moving average price of $271.91 and a 200-day moving average price of $235.42. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The firm has a market cap of $60.22 billion, a PE ratio of -171.54 and a beta of 0.91. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $326.00.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. Sell-side analysts predict that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

About Atlassian

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.