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

Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Atlassian Co. (NASDAQ:TEAM) by 1.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 366,254 shares of the technology company’s stock after purchasing an additional 6,470 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Atlassian were worth $58,165,000 as of its most recent SEC filing.

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

Insider Transactions at Atlassian

In related news, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $163.11, for a total value of $123,963.60. Following the sale, the president now owns 143,966 shares in the company, valued at approximately $23,482,294.26. This trade represents a 0.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $164.81, for a total value of $1,309,909.88. Following the transaction, the chief executive officer now owns 182,804 shares of the company’s stock, valued at approximately $30,127,927.24. The trade was a 4.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 246,248 shares of company stock valued at $45,553,294. 38.55% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on TEAM shares. Mizuho raised their price objective on Atlassian from $200.00 to $240.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Canaccord Genuity Group boosted their price target on shares of Atlassian from $225.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Truist Financial increased their price objective on shares of Atlassian from $160.00 to $200.00 and gave the company a “hold” rating in a research note on Friday, November 1st. UBS Group lifted their target price on shares of Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. Finally, JMP Securities raised Atlassian 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 given a buy rating to the company. According to MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and a consensus price target of $244.21.

Atlassian Trading Down 1.1 %

Shares of TEAM stock opened at $249.99 on Friday. The stock has a market capitalization of $65.11 billion, a price-to-earnings ratio of -165.39 and a beta of 0.71. The company’s fifty day simple moving average is $184.61 and its two-hundred day simple moving average is $173.61. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $258.69. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the company posted ($0.07) EPS. The firm’s revenue for the quarter was up 21.5% compared to the same quarter last year. As a group, analysts anticipate that Atlassian Co. will post -0.56 earnings per share for the current year.

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.