APG Asset Management N.V. Boosts Stock Holdings in Atlassian Co. (NASDAQ:TEAM)

APG Asset Management N.V. increased its stake in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 503.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 95,141 shares of the technology company's stock after buying an additional 79,374 shares during the period. APG Asset Management N.V.'s holdings in Atlassian were worth $22,362,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA bought a new stake in shares of Atlassian in the fourth quarter valued at $687,486,000. JPMorgan Chase & Co. raised its stake in Atlassian by 72.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock valued at $1,042,737,000 after acquiring an additional 1,806,042 shares during the period. Invesco Ltd. lifted its holdings in Atlassian by 265.9% during the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock valued at $595,171,000 after purchasing an additional 1,777,179 shares during the last quarter. Norges Bank bought a new position in Atlassian during the fourth quarter worth about $296,697,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Atlassian in the fourth quarter worth about $234,547,000. Institutional investors own 94.45% of the company's stock.

Atlassian Price Performance

NASDAQ:TEAM traded up $0.34 during mid-day trading on Friday, reaching $198.37. The stock had a trading volume of 2,003,551 shares, compared to its average volume of 2,039,036. Atlassian Co. has a one year low of $135.29 and a one year high of $326.00. The stock has a market capitalization of $51.97 billion, a P/E ratio of -148.04 and a beta of 1.07. The firm has a 50 day moving average price of $251.13 and a two-hundred day moving average price of $241.25. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24.

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Atlassian (NASDAQ:TEAM - Get Free Report) last issued its 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%. As a group, analysts expect that Atlassian Co. will post -0.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on TEAM shares. Stephens initiated coverage on shares of Atlassian in a research note on Wednesday, March 19th. They set an "equal weight" rating and a $255.00 price target on the stock. Macquarie raised Atlassian from a "neutral" rating to an "outperform" rating and cut their price target for the stock from $317.00 to $270.00 in a report on Thursday. Raymond James reiterated an "outperform" rating and set a $330.00 price objective (up from $250.00) on shares of Atlassian in a research note on Friday, January 31st. Truist Financial cut their target price on Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Finally, The Goldman Sachs Group upped their price target on Atlassian from $245.00 to $370.00 and gave the company a "buy" rating in a research report on Monday, February 3rd. Eight analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $297.50.

Insider Buying and Selling at Atlassian

In related news, CAO Gene Liu sold 779 shares of Atlassian stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $320.01, for a total transaction of $249,287.79. Following the completion of the transaction, the chief accounting officer now directly owns 52,710 shares of the company's stock, valued at $16,867,727.10. This trade represents a 1.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business's stock in a transaction that occurred on Wednesday, April 9th. The stock was sold at an average price of $195.56, for a total value of $1,554,310.88. Following the completion of the sale, the chief executive officer now directly owns 317,920 shares in the company, valued at approximately $62,172,435.20. This represents a 2.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 263,033 shares of company stock valued at $68,608,284 in the last 90 days. Insiders own 38.55% of the company's stock.

Atlassian 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.