Prudential Financial Inc. Has $9.71 Million Stake in Atlassian Co. (NASDAQ:TEAM)

Prudential Financial Inc. lifted its holdings in Atlassian Co. (NASDAQ:TEAM - Free Report) by 714.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,430 shares of the technology company's stock after purchasing an additional 35,464 shares during the quarter. Prudential Financial Inc.'s holdings in Atlassian were worth $9,705,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Sheets Smith Investment Management acquired a new position in Atlassian during the fourth quarter valued at approximately $1,580,000. Corebridge Financial Inc. boosted its holdings in shares of Atlassian by 0.3% in the 4th quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company's stock valued at $2,555,000 after buying an additional 35 shares during the last quarter. LPL Financial LLC grew its stake in shares of Atlassian by 93.4% in the fourth quarter. LPL Financial LLC now owns 51,534 shares of the technology company's stock valued at $12,542,000 after buying an additional 24,891 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Atlassian during the 4th quarter worth about $19,446,000. Finally, Virtu Financial LLC raised its holdings in shares of Atlassian by 77.4% in the 4th quarter. Virtu Financial LLC now owns 6,767 shares of the technology company's stock valued at $1,647,000 after purchasing an additional 2,952 shares during the period. Institutional investors and hedge funds own 94.45% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. UBS Group reduced their price target on Atlassian from $330.00 to $230.00 and set a "neutral" rating for the company in a report on Tuesday. Piper Sandler raised 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. Wells Fargo & Company upped their price objective on shares of Atlassian from $350.00 to $375.00 and gave the company an "overweight" rating in a report on Friday, January 31st. Jefferies Financial Group lowered their price target on shares of Atlassian from $400.00 to $330.00 and set a "buy" rating on the stock in a report on Monday. Finally, Stephens assumed coverage on Atlassian in a report on Wednesday, March 19th. They set an "equal weight" rating and a $255.00 price objective for the company. Nine research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Atlassian currently has a consensus rating of "Moderate Buy" and a consensus target price of $308.73.

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Atlassian Price Performance

Shares of TEAM stock traded up $4.98 during trading hours on Wednesday, reaching $221.39. The company's stock had a trading volume of 502,178 shares, compared to its average volume of 1,978,960. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. The firm's 50 day simple moving average is $267.68 and its 200-day simple moving average is $239.81. The company has a market capitalization of $58.00 billion, a price-to-earnings ratio of -165.35 and a beta of 1.07.

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 net margin of 7.22% and a negative return on equity of 17.37%. Sell-side analysts forecast that Atlassian Co. will post -0.34 earnings per share for the current year.

Insider Activity at Atlassian

In related news, CEO Michael Cannon-Brookes sold 15,896 shares of Atlassian stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 429,192 shares in the company, valued at $104,529,711.60. This trade represents a 3.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Gene Liu sold 568 shares of the business's stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $312.08, for a total transaction of $177,261.44. Following the sale, the chief accounting officer now directly owns 52,142 shares in the company, valued at $16,272,475.36. The trade was a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 270,981 shares of company stock valued at $72,069,956 in the last 90 days. 38.55% of the stock is owned by corporate insiders.

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.