Resona Asset Management Co. Ltd. Purchases Shares of 47,153 Atlassian Co. (NASDAQ:TEAM)

Resona Asset Management Co. Ltd. purchased a new position in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 47,153 shares of the technology company's stock, valued at approximately $11,516,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA purchased a new position in shares of Atlassian in the 4th quarter valued at approximately $687,486,000. JPMorgan Chase & Co. lifted its stake in shares of Atlassian by 72.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock valued at $1,042,737,000 after purchasing an additional 1,806,042 shares during the period. Norges Bank purchased a new position in shares of Atlassian in the 4th quarter valued at about $296,697,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of Atlassian during the 4th quarter valued at approximately $234,547,000. Finally, Los Angeles Capital Management LLC lifted its holdings in Atlassian by 12,047.2% during the fourth quarter. Los Angeles Capital Management LLC now owns 228,124 shares of the technology company's stock valued at $55,521,000 after purchasing an additional 226,246 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

Atlassian Stock Performance

NASDAQ:TEAM traded down $5.27 during mid-day trading on Friday, hitting $192.76. 705,601 shares of the company's stock traded hands, compared to its average volume of 2,035,135. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $326.00. The firm has a market capitalization of $50.50 billion, a price-to-earnings ratio of -144.34 and a beta of 1.07. The firm has a 50 day moving average of $253.50 and a two-hundred day moving average of $241.00. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81.

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Atlassian (NASDAQ:TEAM - Get Free Report) last posted its earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. On average, equities analysts forecast that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction dated Wednesday, April 9th. The stock was sold at an average price of $195.56, for a total transaction of $1,554,310.88. Following the completion of the transaction, the chief executive officer now directly owns 317,920 shares of the company's stock, valued at $62,172,435.20. This represents a 2.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Gene Liu sold 779 shares of the firm's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $320.01, for a total transaction of $249,287.79. Following the completion of the transaction, the chief accounting officer now directly owns 52,710 shares of the company's stock, valued at $16,867,727.10. This represents a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 263,033 shares of company stock valued at $68,608,284. Company insiders own 38.55% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on TEAM. Truist Financial lowered their price objective on Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Canaccord Genuity Group raised their price target on Atlassian from $255.00 to $285.00 and gave the company a "buy" rating in a research note on Friday, December 20th. Scotiabank increased their target price on shares of Atlassian from $250.00 to $330.00 and gave the company a "sector perform" rating in a research report on Friday, January 31st. Macquarie raised Atlassian from a "neutral" rating to an "outperform" rating and decreased their price objective for the company from $317.00 to $270.00 in a report on Thursday. Finally, William Blair restated an "outperform" rating on shares of Atlassian in a research report on Friday, January 31st. Eight equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $297.50.

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.