Allspring Global Investments Holdings LLC Has $6.58 Million Stock Position in Atlassian Co. (NASDAQ:TEAM)

Allspring Global Investments Holdings LLC grew its holdings in shares of Atlassian Co. (NASDAQ:TEAM) by 2,826.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,652 shares of the technology company’s stock after buying an additional 26,707 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Atlassian were worth $6,577,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Atlassian by 0.8% during the third quarter. Vanguard Group Inc. now owns 14,851,471 shares of the technology company’s stock worth $2,992,720,000 after purchasing an additional 112,482 shares during the last quarter. WCM Investment Management LLC boosted its holdings in Atlassian by 0.3% during the first quarter. WCM Investment Management LLC now owns 9,532,236 shares of the technology company’s stock worth $1,631,633,000 after purchasing an additional 28,479 shares during the last quarter. BlackRock Inc. boosted its holdings in Atlassian by 26.0% during the first quarter. BlackRock Inc. now owns 7,563,473 shares of the technology company’s stock worth $1,294,640,000 after purchasing an additional 1,561,804 shares during the last quarter. Artisan Partners Limited Partnership boosted its holdings in Atlassian by 1.1% during the third quarter. Artisan Partners Limited Partnership now owns 6,048,160 shares of the technology company’s stock worth $1,218,765,000 after purchasing an additional 63,903 shares during the last quarter. Finally, State Street Corp boosted its holdings in Atlassian by 2.5% during the second quarter. State Street Corp now owns 3,052,936 shares of the technology company’s stock worth $512,313,000 after purchasing an additional 73,127 shares during the last quarter. 93.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TEAM has been the topic of several analyst reports. William Blair restated an “outperform” rating on shares of Atlassian in a report on Friday, February 2nd. Barclays upgraded shares of Atlassian from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $235.00 to $275.00 in a research note on Thursday, April 11th. Citigroup dropped their target price on shares of Atlassian from $280.00 to $265.00 and set a “buy” rating on the stock in a research note on Friday, April 12th. Wells Fargo & Company boosted their target price on shares of Atlassian from $275.00 to $285.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. Finally, The Goldman Sachs Group boosted their target price on shares of Atlassian from $188.00 to $215.00 and gave the company a “neutral” rating in a research note on Friday, February 2nd. Ten research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Atlassian currently has a consensus rating of “Hold” and a consensus price target of $224.25.

Insider Buying and Selling

In related news, CEO Michael Cannon-Brookes sold 8,241 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $196.26, for a total transaction of $1,617,378.66. Following the sale, the chief executive officer now owns 407,655 shares of the company’s stock, valued at approximately $80,006,370.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, President Anutthara Bharadwaj sold 4,139 shares of the stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total value of $881,068.93. Following the transaction, the president now owns 167,535 shares of the company’s stock, valued at approximately $35,663,175.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $196.26, for a total transaction of $1,617,378.66. Following the completion of the transaction, the chief executive officer now directly owns 407,655 shares in the company, valued at approximately $80,006,370.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 298,930 shares of company stock valued at $62,707,908. Company insiders own 40.48% of the company’s stock.

Atlassian Stock Performance

Atlassian stock opened at $193.61 on Friday. The firm’s 50 day simple moving average is $202.37 and its 200 day simple moving average is $206.57. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $50.22 billion, a PE ratio of -129.94 and a beta of 0.63. Atlassian Co. has a 1-year low of $128.02 and a 1-year high of $258.69.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, February 1st. The technology company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.24). The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.02 billion. Atlassian had a negative return on equity of 34.56% and a negative net margin of 9.87%. As a group, analysts expect that Atlassian Co. will post -0.4 earnings per share for the current fiscal 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.