Legal & General Group Plc Sells 678,402 Shares of Atlassian Co. (NASDAQ:TEAM)

Legal & General Group Plc decreased its stake in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 39.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,035,167 shares of the technology company's stock after selling 678,402 shares during the period. Legal & General Group Plc owned approximately 0.40% of Atlassian worth $251,939,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in shares of Atlassian by 72.9% during the fourth 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. Massachusetts Financial Services Co. MA bought a new position in Atlassian during the 4th quarter valued at $687,486,000. Invesco Ltd. increased its position in shares of Atlassian by 265.9% during the 4th 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 period. Geode Capital Management LLC raised its stake in shares of Atlassian by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company's stock worth $528,851,000 after buying an additional 27,899 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Atlassian in the fourth quarter valued at $296,697,000. 94.45% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on TEAM shares. Truist Financial dropped their price target on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. StockNews.com downgraded shares of Atlassian from a "buy" rating to a "hold" rating in a report on Monday, March 31st. The Goldman Sachs Group raised their target price on shares of Atlassian from $245.00 to $370.00 and gave the stock a "buy" rating in a report on Monday, February 3rd. Piper Sandler upped their price target on Atlassian from $310.00 to $365.00 and gave the company an "overweight" rating in a report on Friday, January 31st. Finally, Mizuho raised their price objective on Atlassian from $285.00 to $355.00 and gave the stock an "outperform" rating in a research note on Friday, January 31st. Eight research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $297.50.

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Insider Activity

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm'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 transaction, the chief executive officer now directly owns 317,920 shares of the company's stock, valued at approximately $62,172,435.20. This trade represents a 2.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Joseph Leo Binz sold 2,587 shares of the business's stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $312.09, for a total value of $807,376.83. Following the completion of the sale, the chief financial officer now owns 169,342 shares of the company's stock, valued at approximately $52,849,944.78. This trade represents a 1.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 263,033 shares of company stock worth $68,608,284. 38.55% of the stock is owned by corporate insiders.

Atlassian Stock Up 0.2 %

Shares of NASDAQ:TEAM traded up $0.34 during midday trading on Friday, hitting $198.37. 2,003,551 shares of the stock were exchanged, compared to its average volume of 2,039,036. The company has a market capitalization of $51.97 billion, a PE ratio of -148.04 and a beta of 1.07. Atlassian Co. has a 52-week low of $135.29 and a 52-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 business's fifty day simple moving average is $251.13 and its two-hundred day simple moving average is $241.25.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share 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%. As a group, research analysts predict that Atlassian Co. will post -0.34 earnings per share for the current fiscal 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.