Prudential Financial Inc. Grows Position in Atlassian Co. (NASDAQ:TEAM)

Prudential Financial Inc. lifted its holdings in shares of Atlassian Co. (NASDAQ:TEAM) by 714.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,430 shares of the technology company’s stock after purchasing an additional 35,464 shares during the quarter. Prudential Financial Inc.’s holdings in Atlassian were worth $9,705,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Point72 Asset Management L.P. grew its stake in Atlassian by 760.5% in the 3rd quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock worth $110,972,000 after buying an additional 617,566 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in shares of Atlassian by 122.0% during the 3rd quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock worth $159,382,000 after acquiring an additional 551,500 shares during the last quarter. Los Angeles Capital Management LLC grew its position in Atlassian by 12,047.2% in the fourth quarter. Los Angeles Capital Management LLC now owns 228,124 shares of the technology company’s stock worth $55,521,000 after acquiring an additional 226,246 shares in the last quarter. Fisher Funds Management LTD bought a new position in Atlassian in the fourth quarter valued at $47,469,000. Finally, PointState Capital LP purchased a new stake in Atlassian during the third quarter valued at about $30,566,000. 94.45% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Atlassian

In other Atlassian news, CAO Gene Liu sold 779 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $320.01, for a total value of $249,287.79. Following the sale, the chief accounting officer now owns 52,710 shares in the company, valued at approximately $16,867,727.10. This represents a 1.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 15,896 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $243.55, for a total transaction of $3,871,470.80. Following the transaction, the chief executive officer now directly owns 429,192 shares of the company’s stock, valued at $104,529,711.60. This represents a 3.57 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 263,033 shares of company stock valued at $70,644,164. 38.55% of the stock is currently owned by corporate insiders.

Atlassian Stock Performance

Shares of TEAM stock opened at $217.99 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. The stock has a fifty day moving average of $269.28 and a 200 day moving average of $238.07. The firm has a market capitalization of $57.11 billion, a price-to-earnings ratio of -162.68 and a beta of 0.91. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $326.00.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. As a group, research analysts expect that Atlassian Co. will post -0.34 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on TEAM shares. Piper Sandler upped their price objective on Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Jefferies Financial Group upped their target price on Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a research note on Friday, January 24th. Mizuho lifted their price target on shares of Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a research note on Friday, January 31st. Stephens assumed coverage on shares of Atlassian in a research note on Wednesday, March 19th. They issued an “equal weight” rating and a $255.00 price objective for the company. Finally, Raymond James reiterated an “outperform” rating and issued a $330.00 target price (up previously from $250.00) on shares of Atlassian in a research report on Friday, January 31st. Nine analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $316.77.

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.