Massachusetts Financial Services Co. MA Invests $687.49 Million in Atlassian Co. (NASDAQ:TEAM)

Massachusetts Financial Services Co. MA bought a new stake in shares of Atlassian Co. (NASDAQ:TEAM) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 2,824,742 shares of the technology company’s stock, valued at approximately $687,486,000.

Other large investors have also bought and sold shares of the company. The Manufacturers Life Insurance Company increased its holdings in shares of Atlassian by 17.3% during the third quarter. The Manufacturers Life Insurance Company now owns 30,353 shares of the technology company’s stock valued at $4,824,000 after acquiring an additional 4,479 shares in the last quarter. Townsquare Capital LLC raised its holdings in Atlassian by 16.0% during the third quarter. Townsquare Capital LLC now owns 1,338 shares of the technology company’s stock worth $212,000 after buying an additional 185 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Atlassian by 4.2% in the third quarter. Janus Henderson Group PLC now owns 15,550 shares of the technology company’s stock valued at $2,469,000 after buying an additional 624 shares in the last quarter. Investment Management Corp of Ontario grew its holdings in shares of Atlassian by 50.8% during the third quarter. Investment Management Corp of Ontario now owns 5,341 shares of the technology company’s stock valued at $848,000 after buying an additional 1,800 shares during the last quarter. Finally, PointState Capital LP bought a new stake in shares of Atlassian during the third quarter worth about $30,566,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. William Blair reiterated an “outperform” rating on shares of Atlassian in a research note on Friday, January 31st. Oppenheimer upped their price target on Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. Mizuho raised their price objective on Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a research note on Friday, January 31st. StockNews.com downgraded shares of Atlassian from a “buy” rating to a “hold” rating in a report on Monday. Finally, Truist Financial cut their price target on shares of Atlassian from $350.00 to $300.00 and set a “buy” rating on the stock in a report on Monday. Nine investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $308.73.

Atlassian Stock Up 3.5 %

TEAM opened at $223.96 on Thursday. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $326.00. The company has a market cap of $58.68 billion, a PE ratio of -167.13 and a beta of 1.07. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The company has a 50 day moving average of $266.94 and a 200 day moving average of $239.70.

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

Insider Activity

In related news, CAO Gene Liu sold 568 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $312.08, for a total transaction of $177,261.44. Following the completion of the transaction, the chief accounting officer now directly owns 52,142 shares in the company, valued at $16,272,475.36. The trade was a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Anutthara Bharadwaj sold 1,520 shares of the firm’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $259.85, for a total value of $394,972.00. Following the completion of the sale, the president now directly owns 210,471 shares in the company, valued at approximately $54,690,889.35. The trade was a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 263,033 shares of company stock worth $70,144,394 over the last ninety days. Company insiders own 38.55% of the company’s stock.

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.