BI Asset Management Fondsmaeglerselskab A S Invests $1.73 Million in Atlassian Co. (NASDAQ:TEAM)

BI Asset Management Fondsmaeglerselskab A S bought a new stake in Atlassian Co. (NASDAQ:TEAM - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 7,108 shares of the technology company's stock, valued at approximately $1,730,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its position in shares of Atlassian by 72.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock worth $1,042,737,000 after purchasing an additional 1,806,042 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new stake in Atlassian during the fourth quarter worth $687,486,000. Invesco Ltd. grew its position 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 buying an additional 1,777,179 shares during the period. Geode Capital Management LLC grew its position in shares of Atlassian by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company's stock valued at $528,851,000 after acquiring an additional 27,899 shares during the period. Finally, Norges Bank bought a new stake in shares of Atlassian in the fourth quarter valued at $296,697,000. 94.45% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other 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 value of $177,261.44. Following 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $270.63, for a total transaction of $2,150,967.24. Following the sale, the director now directly owns 333,816 shares of the company's stock, valued at approximately $90,340,624.08. This trade represents a 2.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 253,565 shares of company stock valued at $65,091,576 in the last 90 days. Company insiders own 38.55% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Macquarie upgraded shares of Atlassian from a "neutral" rating to an "outperform" rating and dropped their price target for the company from $317.00 to $270.00 in a research note on Thursday, April 10th. Morgan Stanley decreased their price objective on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Mizuho raised their price target on Atlassian from $285.00 to $355.00 and gave the company an "outperform" rating in a research report on Friday, January 31st. Truist Financial lowered their price objective on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a report on Monday, March 31st. Finally, Scotiabank boosted their target price on Atlassian from $250.00 to $330.00 and gave the company a "sector perform" rating in a research note on Friday, January 31st. Six equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Atlassian currently has an average rating of "Moderate Buy" and a consensus price target of $297.73.

Atlassian Trading Down 4.9 %

Atlassian stock opened at $192.84 on Tuesday. The business's fifty day moving average is $237.16 and its 200 day moving average is $243.47. 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 $50.52 billion, a PE ratio of -143.91 and a beta of 1.07. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) 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%. On average, sell-side analysts predict that Atlassian Co. will post -0.34 EPS for the current 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.