CIBC Asset Management Inc Acquires 1,739 Shares of Atlassian Co. (NASDAQ:TEAM)

CIBC Asset Management Inc boosted its stake in Atlassian Co. (NASDAQ:TEAM - Free Report) by 5.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 33,681 shares of the technology company's stock after purchasing an additional 1,739 shares during the period. CIBC Asset Management Inc's holdings in Atlassian were worth $8,197,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Baillie Gifford & Co. increased its holdings in Atlassian by 0.9% during the third quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company's stock valued at $1,352,115,000 after buying an additional 78,454 shares during the last quarter. State Street Corp grew its position in shares of Atlassian by 0.3% during the 3rd quarter. State Street Corp now owns 3,560,381 shares of the technology company's stock valued at $565,424,000 after acquiring an additional 8,957 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Atlassian by 5.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company's stock worth $393,588,000 after purchasing an additional 131,621 shares in the last quarter. FMR LLC raised its holdings in Atlassian by 7.4% in the 3rd quarter. FMR LLC now owns 2,182,980 shares of the technology company's stock worth $346,679,000 after purchasing an additional 150,237 shares during the period. Finally, Geode Capital Management LLC lifted its position in Atlassian by 2.8% during the third quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company's stock valued at $340,453,000 after purchasing an additional 57,911 shares in the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Gene Liu sold 568 shares of the firm'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 in the company, valued at approximately $16,272,475.36. This trade represents a 1.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $322.31, for a total transaction of $2,561,719.88. Following the transaction, the chief executive officer now owns 270,232 shares in the company, valued at $87,098,475.92. The trade was a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 275,501 shares of company stock valued at $75,215,542. 38.55% of the stock is currently owned by insiders.

Analysts Set New Price Targets

TEAM has been the subject of a number of analyst reports. Piper Sandler upped their price target on Atlassian from $310.00 to $365.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. Mizuho upped their price target on Atlassian from $285.00 to $355.00 and gave the stock an "outperform" rating in a research report 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 research report on Friday, January 31st. UBS Group upped their price target on Atlassian from $275.00 to $330.00 and gave the stock a "neutral" rating in a research report on Friday, January 31st. Finally, Morgan Stanley upped their price target on Atlassian from $315.00 to $370.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. Eight equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $319.71.

Atlassian Price Performance

Atlassian stock traded down $13.63 during midday trading on Friday, reaching $284.86. 952,824 shares of the stock traded hands, compared to its average volume of 2,032,309. The stock's fifty day moving average is $272.83 and its 200-day moving average is $221.70. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $326.00. The stock has a market cap of $74.63 billion, a P/E ratio of -212.58 and a beta of 0.87. 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 - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing analysts' consensus estimates 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, equities research analysts anticipate that Atlassian Co. will post -0.34 EPS 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.