SVB Wealth LLC Takes Position in Atlassian Co. (NASDAQ:TEAM)

SVB Wealth LLC bought a new stake in Atlassian Co. (NASDAQ:TEAM) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 2,014 shares of the technology company’s stock, valued at approximately $490,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. QRG Capital Management Inc. boosted its stake in Atlassian by 22.2% during the 4th quarter. QRG Capital Management Inc. now owns 7,604 shares of the technology company’s stock worth $1,851,000 after purchasing an additional 1,382 shares during the period. Proficio Capital Partners LLC purchased a new stake in shares of Atlassian in the fourth quarter valued at about $22,390,000. Oppenheimer & Co. Inc. boosted its stake in shares of Atlassian by 23.8% during the fourth quarter. Oppenheimer & Co. Inc. now owns 2,192 shares of the technology company’s stock worth $533,000 after buying an additional 421 shares during the period. Mn Services Vermogensbeheer B.V. grew its holdings in shares of Atlassian by 1.7% during the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 60,500 shares of the technology company’s stock worth $14,724,000 after buying an additional 1,000 shares during the last quarter. Finally, K.J. Harrison & Partners Inc acquired a new position in Atlassian in the 4th quarter valued at about $485,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Price Performance

Atlassian stock opened at $273.62 on Wednesday. The firm has a market capitalization of $71.69 billion, a PE ratio of -204.19 and a beta of 0.87. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $326.00. The firm’s 50-day simple moving average is $276.03 and its 200 day simple moving average is $230.63. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM) last announced 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 net margin of 7.22% and a negative return on equity of 17.37%. On average, equities research analysts predict that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. UBS Group increased their price objective on Atlassian from $275.00 to $330.00 and gave the stock a “neutral” rating in a research report on Friday, January 31st. KeyCorp lifted their price objective on shares of Atlassian from $315.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Cantor Fitzgerald upped their price objective on shares of Atlassian from $264.00 to $304.00 and gave the stock a “neutral” rating in a research report on Friday, January 31st. Scotiabank lifted their target price on shares of Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a report on Friday, January 31st. Finally, StockNews.com downgraded shares of Atlassian from a “buy” rating to a “hold” rating in a research report on Tuesday. Nine analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $319.71.

Insider Buying and Selling at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $278.79, for a total value of $2,215,822.92. Following the completion of the transaction, the chief executive officer now owns 135,116 shares of the company’s stock, valued at approximately $37,668,989.64. The trade was a 5.56 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Gene Liu sold 779 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $320.01, for a total transaction of $249,287.79. Following the sale, the chief accounting officer now directly owns 52,710 shares in the company, valued at $16,867,727.10. This represents a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 272,501 shares of company stock worth $75,129,229. 38.55% of the stock is owned by insiders.

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.