Sumitomo Mitsui Trust Group Inc. Buys 6,470 Shares of Atlassian Co. (NASDAQ:TEAM)

Sumitomo Mitsui Trust Group Inc. raised its stake in Atlassian Co. (NASDAQ:TEAM) by 1.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 366,254 shares of the technology company’s stock after acquiring an additional 6,470 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.14% of Atlassian worth $58,165,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of TEAM. Sequoia Financial Advisors LLC raised its stake in Atlassian by 37.0% in the third quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock valued at $306,000 after purchasing an additional 520 shares in the last quarter. Impax Asset Management Group plc raised its position in shares of Atlassian by 590.6% in the 3rd quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock valued at $5,940,000 after buying an additional 31,986 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of Atlassian during the 3rd quarter worth approximately $97,350,000. National Pension Service lifted its holdings in shares of Atlassian by 8.4% during the 3rd quarter. National Pension Service now owns 296,066 shares of the technology company’s stock worth $47,018,000 after acquiring an additional 22,883 shares during the period. Finally, Baillie Gifford & Co. boosted its position in shares of Atlassian by 0.9% during the 3rd quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock worth $1,352,115,000 after acquiring an additional 78,454 shares in the last quarter. 93.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TEAM has been the subject of several recent analyst reports. BMO Capital Markets upped their target price on Atlassian from $177.00 to $255.00 and gave the stock a “market perform” rating in a research note on Friday, November 1st. Truist Financial upped their price objective on Atlassian from $160.00 to $200.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. Mizuho lifted their target price on Atlassian from $200.00 to $240.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Canaccord Genuity Group increased their target price on shares of Atlassian from $225.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, Baird R W downgraded shares of Atlassian from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 2nd. Nine investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $244.21.

Insiders Place Their Bets

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $156.92, for a total value of $1,247,200.16. Following the completion of the sale, the chief executive officer now directly owns 214,596 shares of the company’s stock, valued at approximately $33,674,404.32. The trade was a 3.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $163.11, for a total transaction of $123,963.60. Following the transaction, the president now directly owns 143,966 shares in the company, valued at $23,482,294.26. This trade represents a 0.53 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 246,248 shares of company stock worth $45,553,294. 38.55% of the stock is owned by corporate insiders.

Atlassian Trading Down 1.1 %

NASDAQ:TEAM opened at $249.99 on Friday. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $258.69. The firm’s fifty day moving average is $184.61 and its 200-day moving average is $173.61. The firm has a market cap of $65.11 billion, a P/E ratio of -165.39 and a beta of 0.71. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the business posted ($0.07) EPS. The business’s revenue was up 21.5% compared to the same quarter last year. Equities analysts expect that Atlassian Co. will post -0.56 earnings per share 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.