Norges Bank Invests $296.70 Million in Atlassian Co. (NASDAQ:TEAM)

Norges Bank acquired a new position in Atlassian Co. (NASDAQ:TEAM - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,219,067 shares of the technology company's stock, valued at approximately $296,697,000. Norges Bank owned about 0.47% of Atlassian at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its position in shares of Atlassian by 72.9% in 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 in the last quarter. State Street Corp grew its stake in Atlassian by 0.3% during the third 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 in the last quarter. FMR LLC boosted its holdings in shares of Atlassian by 7.4% during the 3rd quarter. FMR LLC now owns 2,182,980 shares of the technology company's stock valued at $346,679,000 after purchasing an additional 150,237 shares during the last quarter. Geode Capital Management LLC grew its holdings in Atlassian by 2.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company's stock valued at $340,453,000 after buying an additional 57,911 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Atlassian by 5.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,210,351 shares of the technology company's stock worth $192,216,000 after acquiring an additional 58,536 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors.

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Atlassian Price Performance

Shares of TEAM stock traded up $4.20 during mid-day trading on Tuesday, hitting $216.41. 2,424,840 shares of the stock traded hands, compared to its average volume of 1,980,175. The firm has a market cap of $56.70 billion, a price-to-earnings ratio of -161.50 and a beta of 0.91. 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 company's 50-day simple moving average is $268.47 and its 200-day simple moving average is $239.44. Atlassian Co. has a twelve month low of $135.29 and a twelve month high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued 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%. As a group, equities research analysts expect that Atlassian Co. will post -0.34 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have commented on TEAM shares. Piper Sandler increased their price objective on shares of Atlassian from $310.00 to $365.00 and gave the company an "overweight" rating in a research report on Friday, January 31st. JMP Securities reaffirmed a "market perform" rating on shares of Atlassian in a report on Friday, January 31st. Macquarie boosted their price objective on Atlassian from $290.00 to $317.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. The Goldman Sachs Group upped their price objective on Atlassian from $245.00 to $370.00 and gave the company a "buy" rating in a research report on Monday, February 3rd. Finally, Stephens assumed coverage on Atlassian in a report on Wednesday, March 19th. They issued an "equal weight" rating and a $255.00 target price for the company. Ten analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $310.18.

Insider Transactions at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm's stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $216.63, for a total value of $1,721,775.24. Following the completion of the transaction, the chief executive officer now directly owns 7,948 shares in the company, valued at $1,721,775.24. This trade represents a 50.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Anutthara Bharadwaj sold 1,520 shares of the business's stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $259.85, for a total value of $394,972.00. Following the transaction, the president now directly owns 210,471 shares in the company, valued at $54,690,889.35. The trade was a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 263,033 shares of company stock worth $70,403,022 in the last three months. Insiders own 38.55% of the company's stock.

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.