Sumitomo Mitsui Trust Group Inc. Increases Stock Position in Atlassian Co. (NASDAQ:TEAM)

Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 1.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 366,254 shares of the technology company's stock after purchasing an additional 6,470 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.14% of Atlassian worth $58,165,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Baillie Gifford & Co. grew its position in shares of Atlassian by 0.9% in the third quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company's stock valued at $1,352,115,000 after purchasing an additional 78,454 shares in the last quarter. GSA Capital Partners LLP increased its position in shares of Atlassian by 140.4% during the third quarter. GSA Capital Partners LLP now owns 4,827 shares of the technology company's stock valued at $767,000 after buying an additional 2,819 shares during the period. Venturi Wealth Management LLC lifted its holdings in shares of Atlassian by 18.6% in the third quarter. Venturi Wealth Management LLC now owns 1,411 shares of the technology company's stock worth $224,000 after buying an additional 221 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its position in shares of Atlassian by 1.9% in the third quarter. State of New Jersey Common Pension Fund D now owns 58,885 shares of the technology company's stock valued at $9,352,000 after acquiring an additional 1,121 shares during the period. Finally, Lindbrook Capital LLC grew its stake in Atlassian by 8.0% during the third quarter. Lindbrook Capital LLC now owns 1,802 shares of the technology company's stock valued at $286,000 after acquiring an additional 133 shares in the last quarter. Institutional investors own 93.03% of the company's stock.

Insider Activity

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the business's stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $156.92, for a total value of $1,247,200.16. Following the sale, the chief executive officer now directly owns 214,596 shares of the company's stock, valued at $33,674,404.32. The trade was a 3.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Gene Liu sold 785 shares of the firm's stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $240.00, for a total value of $188,400.00. Following the transaction, the chief accounting officer now directly owns 57,938 shares of the company's stock, valued at approximately $13,905,120. This trade represents a 1.34 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 246,248 shares of company stock worth $45,553,294. Corporate insiders own 38.55% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Oppenheimer increased their target price on shares of Atlassian from $230.00 to $270.00 and gave the stock an "outperform" rating in a research note on Friday, November 1st. Jefferies Financial Group lifted their price target on Atlassian from $280.00 to $300.00 and gave the company a "buy" rating in a research report on Thursday. KeyCorp upgraded shares of Atlassian from a "sector weight" rating to an "overweight" rating and set a $260.00 price objective on the stock in a research report on Friday, November 1st. Wells Fargo & Company lifted their target price on shares of Atlassian from $250.00 to $300.00 and gave the company an "overweight" rating in a research report on Friday, November 1st. Finally, Baird R W lowered shares of Atlassian from a "strong-buy" rating to a "hold" rating in a report on Friday, August 2nd. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $244.21.

Atlassian Trading Down 4.0 %

Shares of TEAM stock traded down $9.95 during trading hours on Friday, reaching $240.04. The company's stock had a trading volume of 2,278,983 shares, compared to its average volume of 1,864,679. 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 stock has a market capitalization of $62.51 billion, a P/E ratio of -157.92 and a beta of 0.71. The firm's fifty day simple moving average is $186.37 and its 200 day simple moving average is $174.14. Atlassian Co. has a one year low of $135.29 and a one year high of $258.69.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, topping 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 business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same period last year, the business posted ($0.07) earnings per share. Atlassian's quarterly revenue was up 21.5% compared to the same quarter last year. Equities research analysts expect that Atlassian Co. will post -0.56 EPS for the current year.

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.