Bank of Nova Scotia Has $13.28 Million Stake in Atlassian Co. (NASDAQ:TEAM)

Bank of Nova Scotia boosted its holdings in Atlassian Co. (NASDAQ:TEAM - Free Report) by 574.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,576 shares of the technology company's stock after purchasing an additional 46,489 shares during the period. Bank of Nova Scotia's holdings in Atlassian were worth $13,283,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA acquired a new position in Atlassian during the 4th quarter worth approximately $687,486,000. JPMorgan Chase & Co. raised its position in shares of Atlassian by 72.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock worth $1,042,737,000 after acquiring an additional 1,806,042 shares in the last quarter. Invesco Ltd. increased its stake in Atlassian by 265.9% in 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 in the last quarter. Norges Bank bought a new stake in shares of Atlassian during the fourth quarter valued at approximately $296,697,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of Atlassian during the fourth quarter valued at about $234,547,000. Institutional investors and hedge funds own 94.45% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TEAM. Morgan Stanley upped their price objective on Atlassian from $315.00 to $370.00 and gave the company an "overweight" rating in a research note on Friday, January 31st. Scotiabank increased their price objective on Atlassian from $250.00 to $330.00 and gave the company a "sector perform" rating in a report on Friday, January 31st. Piper Sandler boosted their price target on shares of Atlassian from $310.00 to $365.00 and gave the company an "overweight" rating in a research report on Friday, January 31st. Robert W. Baird raised Atlassian from a "neutral" rating to an "outperform" rating and cut their price target for the stock from $320.00 to $255.00 in a report on Monday. Finally, Macquarie upgraded Atlassian from a "neutral" rating to an "outperform" rating and decreased their price objective for the company from $317.00 to $270.00 in a research note on Thursday. Seven equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $300.00.

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Insider Activity at Atlassian

In related news, CAO Gene Liu sold 568 shares of the company's stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $312.08, for a total value of $177,261.44. Following the completion of the sale, the chief accounting officer now owns 52,142 shares of the company's stock, valued at approximately $16,272,475.36. This represents a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, President Anutthara Bharadwaj sold 1,520 shares of the stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $259.85, for a total transaction of $394,972.00. Following the sale, the president now owns 210,471 shares in the company, valued at approximately $54,690,889.35. This trade represents a 0.72 % 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 $68,282,575 over the last 90 days. Corporate insiders own 38.55% of the company's stock.

Atlassian Trading Up 1.3 %

Shares of NASDAQ:TEAM traded up $2.62 during midday trading on Monday, reaching $200.99. The company's stock had a trading volume of 2,031,297 shares, compared to its average volume of 2,041,681. The firm has a 50 day moving average price of $251.13 and a two-hundred day moving average price of $241.80. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. The firm has a market capitalization of $52.66 billion, a price-to-earnings ratio of -149.99 and a beta of 1.07.

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

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.