Royal London Asset Management Ltd. Acquires 5,172 Shares of Atlassian Co. (NASDAQ:TEAM)

Royal London Asset Management Ltd. raised its stake in Atlassian Co. (NASDAQ:TEAM - Free Report) by 8.3% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 67,580 shares of the technology company's stock after buying an additional 5,172 shares during the quarter. Royal London Asset Management Ltd.'s holdings in Atlassian were worth $16,448,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Avion Wealth boosted its position in shares of Atlassian by 1,308.3% during the fourth quarter. Avion Wealth now owns 169 shares of the technology company's stock worth $41,000 after buying an additional 157 shares during the period. Assetmark Inc. raised its stake in Atlassian by 30.6% during the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company's stock valued at $43,000 after acquiring an additional 41 shares in the last quarter. Mainstream Capital Management LLC acquired a new position in Atlassian during the 4th quarter worth $49,000. True Wealth Design LLC increased its holdings in shares of Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company's stock valued at $37,000 after purchasing an additional 231 shares during the period. Finally, Kestra Investment Management LLC acquired a new position in shares of Atlassian during the fourth quarter valued at $56,000. Institutional investors and hedge funds own 94.45% of the company's stock.

Wall Street Analysts Forecast Growth

TEAM has been the subject of a number of recent analyst reports. UBS Group increased their target price on shares of Atlassian from $275.00 to $330.00 and gave the company a "neutral" rating in a research report on Friday, January 31st. Citigroup increased their price objective on shares of Atlassian from $255.00 to $300.00 and gave the company a "buy" rating in a report on Friday, January 17th. BMO Capital Markets raised Atlassian from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $255.00 to $292.00 in a report on Friday, January 10th. Scotiabank increased their price target on Atlassian from $250.00 to $330.00 and gave the company a "sector perform" rating in a research note on Friday, January 31st. Finally, Oppenheimer boosted their price objective on Atlassian from $300.00 to $380.00 and gave the stock an "outperform" rating in a research note on Friday, January 31st. Nine research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $316.77.

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Atlassian Stock Up 0.9 %

Shares of TEAM traded up $2.19 during mid-day trading on Tuesday, reaching $236.81. The company's stock had a trading volume of 461,024 shares, compared to its average volume of 1,941,070. The company has a market cap of $62.04 billion, a price-to-earnings ratio of -176.50 and a beta of 0.91. The business has a fifty day moving average of $271.21 and a 200 day moving average of $237.32. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $326.00.

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

Insider Buying and Selling

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $253.01, for a total value of $2,010,923.48. Following the completion of the sale, the director now owns 389,452 shares in the company, valued at $98,535,250.52. This represents a 2.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Cannon-Brookes sold 15,896 shares of Atlassian stock in a transaction on Friday, January 10th. The shares were sold at an average price of $243.55, for a total value of $3,871,470.80. Following the sale, the chief executive officer now directly owns 429,192 shares of the company's stock, valued at approximately $104,529,711.60. The trade was a 3.57 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 255,085 shares of company stock worth $68,986,450. 38.55% of the stock is owned by company insiders.

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.