iA Global Asset Management Inc. Purchases 18,853 Shares of Atlassian Co. (NASDAQ:TEAM)

iA Global Asset Management Inc. boosted its stake in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 85.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,999 shares of the technology company's stock after acquiring an additional 18,853 shares during the period. iA Global Asset Management Inc.'s holdings in Atlassian were worth $9,978,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. True Wealth Design LLC lifted its position in Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company's stock worth $37,000 after purchasing an additional 231 shares during the period. Avion Wealth lifted its holdings in shares of Atlassian by 1,308.3% during the 4th quarter. Avion Wealth now owns 169 shares of the technology company's stock worth $41,000 after acquiring an additional 157 shares during the period. Assetmark Inc. lifted its holdings in shares of Atlassian by 30.6% during the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company's stock worth $43,000 after acquiring an additional 41 shares during the period. Mainstream Capital Management LLC bought a new position in Atlassian in the fourth quarter valued at approximately $49,000. Finally, Kestra Investment Management LLC bought a new position in Atlassian in the fourth quarter valued at approximately $56,000. 94.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on TEAM. Oppenheimer raised their target price on Atlassian from $300.00 to $380.00 and gave the company an "outperform" rating in a report on Friday, January 31st. JMP Securities restated a "market perform" rating on shares of Atlassian in a research report on Friday, January 31st. The Goldman Sachs Group boosted their target price on Atlassian from $245.00 to $370.00 and gave the stock a "buy" rating in a research note on Monday, February 3rd. Canaccord Genuity Group raised their price target on shares of Atlassian from $255.00 to $285.00 and gave the company a "buy" rating in a research note on Friday, December 20th. Finally, William Blair reaffirmed an "outperform" rating on shares of Atlassian in a report on Friday, January 31st. Nine equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat, Atlassian currently has a consensus rating of "Moderate Buy" and an average target price of $316.77.

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Insider Activity

In other news, CEO Michael Cannon-Brookes sold 15,896 shares of the business's stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $243.55, for a total transaction of $3,871,470.80. Following the completion of the sale, the chief executive officer now directly owns 429,192 shares of the company's stock, valued at $104,529,711.60. The trade was a 3.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Anutthara Bharadwaj sold 1,520 shares of the company's stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $259.85, for a total transaction of $394,972.00. Following the completion of the sale, the president now owns 210,471 shares in the company, valued at $54,690,889.35. This represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 263,033 shares of company stock worth $71,015,177 over the last quarter. 38.55% of the stock is currently owned by corporate insiders.

Atlassian Trading Up 3.2 %

Shares of TEAM stock traded up $7.28 during trading hours on Monday, hitting $234.62. 1,897,222 shares of the company were exchanged, compared to its average volume of 1,941,153. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The company has a 50 day simple moving average of $271.24 and a two-hundred day simple moving average of $236.81. The firm has a market cap of $61.47 billion, a P/E ratio of -175.09 and a beta of 0.91.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. Equities analysts anticipate that Atlassian Co. will post -0.34 EPS for the current year.

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.