Nordea Investment Management AB Increases Stake in Atlassian Co. (NASDAQ:TEAM)

Nordea Investment Management AB boosted its holdings in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 20.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,442 shares of the technology company's stock after acquiring an additional 5,088 shares during the quarter. Nordea Investment Management AB's holdings in Atlassian were worth $7,458,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Virtu Financial LLC acquired a new position in shares of Atlassian in the third quarter worth approximately $606,000. Sequoia Financial Advisors LLC lifted its position in shares of Atlassian by 37.0% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company's stock worth $306,000 after purchasing an additional 520 shares during the period. Paloma Partners Management Co acquired a new position in shares of Atlassian in the 3rd quarter worth approximately $1,588,000. Impax Asset Management Group plc boosted its stake in shares of Atlassian by 590.6% in the 3rd quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company's stock valued at $5,940,000 after purchasing an additional 31,986 shares during the last quarter. Finally, Parnassus Investments LLC increased its position in shares of Atlassian by 322.9% during the third quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company's stock worth $51,016,000 after buying an additional 245,286 shares during the period. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $188.56, for a total transaction of $1,498,674.88. Following the sale, the chief executive officer now directly owns 373,556 shares in the company, valued at $70,437,719.36. The trade was a 2.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Anutthara Bharadwaj sold 4,560 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $225.45, for a total transaction of $1,028,052.00. Following the transaction, the president now owns 224,436 shares of the company's stock, valued at approximately $50,599,096.20. The trade was a 1.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 263,480 shares of company stock worth $62,377,979 in the last 90 days. Insiders own 38.55% of the company's stock.

Atlassian Stock Down 0.9 %

Atlassian stock traded down $2.10 during trading on Friday, hitting $242.39. 1,809,132 shares of the company were exchanged, compared to its average volume of 1,979,365. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. The business's 50 day moving average is $254.33 and its 200 day moving average is $199.37. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $287.97. The company has a market capitalization of $63.13 billion, a P/E ratio of -159.47 and a beta of 0.83.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the prior year, the company posted ($0.07) earnings per share. The firm's revenue for the quarter was up 21.5% on a year-over-year basis. Analysts predict that Atlassian Co. will post -0.54 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on TEAM. Scotiabank upped their price target on shares of Atlassian from $175.00 to $250.00 and gave the company a "sector perform" rating in a research report on Friday, November 1st. Truist Financial upgraded Atlassian from a "hold" rating to a "buy" rating and upped their target price for the company from $250.00 to $300.00 in a research report on Tuesday. UBS Group raised their target price on Atlassian from $180.00 to $205.00 and gave the stock a "neutral" rating in a research note on Tuesday, October 22nd. Mizuho boosted their price target on Atlassian from $240.00 to $285.00 and gave the company an "outperform" rating in a research note on Friday, December 13th. Finally, Wells Fargo & Company lifted their price objective on shares of Atlassian from $300.00 to $350.00 and gave the company an "overweight" rating in a research note on Thursday, December 5th. Eight investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, Atlassian currently has a consensus rating of "Moderate Buy" and a consensus price target of $266.10.

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.