Geode Capital Management LLC Has $340.45 Million Holdings in Atlassian Co. (NASDAQ:TEAM)

Geode Capital Management LLC raised its stake in Atlassian Co. (NASDAQ:TEAM) by 2.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,149,914 shares of the technology company’s stock after buying an additional 57,911 shares during the quarter. Geode Capital Management LLC owned 0.83% of Atlassian worth $340,453,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TEAM. Baillie Gifford & Co. raised its position in shares of Atlassian by 0.9% in the 3rd quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock valued at $1,352,115,000 after acquiring an additional 78,454 shares during the period. State Street Corp raised its holdings in Atlassian by 0.3% in the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock worth $565,424,000 after purchasing an additional 8,957 shares during the period. Dragoneer Investment Group LLC acquired a new stake in Atlassian in the second quarter worth $469,803,000. FMR LLC grew its holdings in shares of Atlassian by 7.4% in the 3rd quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock valued at $346,679,000 after buying an additional 150,237 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Atlassian by 5.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,210,351 shares of the technology company’s stock valued at $192,216,000 after buying an additional 58,536 shares in the last quarter. Institutional investors own 94.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on TEAM shares. Piper Sandler lifted their target price on Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a report on Friday, November 1st. Oppenheimer boosted their price objective on Atlassian from $230.00 to $270.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Macquarie assumed coverage on shares of Atlassian in a report on Thursday. They set a “neutral” rating and a $290.00 target price on the stock. Robert W. Baird lifted their price target on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Finally, Canaccord Genuity Group raised their price objective on shares of Atlassian from $225.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $256.50.

Atlassian Price Performance

Shares of TEAM opened at $278.65 on Friday. 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 company’s fifty day simple moving average is $226.93 and its 200 day simple moving average is $185.86. Atlassian Co. has a 1-year low of $135.29 and a 1-year high of $287.97. The company has a market cap of $72.57 billion, a price-to-earnings ratio of -183.32 and a beta of 0.80.

Atlassian (NASDAQ:TEAM) last announced 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. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The business’s revenue was up 21.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.07) earnings per share. On average, research analysts forecast that Atlassian Co. will post -0.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Gene Liu sold 165 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $245.84, for a total value of $40,563.60. Following the completion of the sale, the chief accounting officer now owns 56,423 shares of the company’s stock, valued at approximately $13,871,030.32. The trade was a 0.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $165.03, for a total transaction of $1,311,658.44. Following the transaction, the chief executive officer now directly owns 79,480 shares in the company, valued at approximately $13,116,584.40. This represents a 9.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 276,590 shares of company stock worth $58,284,749 over the last three months. Insiders own 38.55% of the company’s stock.

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.