Bank of Nova Scotia Increases Position in Atlassian Co. (NASDAQ:TEAM)

Bank of Nova Scotia raised its holdings in shares of Atlassian Co. (NASDAQ:TEAM) by 574.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 54,576 shares of the technology company’s stock after acquiring an additional 46,489 shares during the period. Bank of Nova Scotia’s holdings in Atlassian were worth $13,283,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Janus Henderson Group PLC lifted its stake in Atlassian by 4.2% in the third quarter. Janus Henderson Group PLC now owns 15,550 shares of the technology company’s stock worth $2,469,000 after acquiring an additional 624 shares during the period. EP Wealth Advisors LLC bought a new stake in Atlassian during the 3rd quarter valued at about $491,000. Geode Capital Management LLC increased its position in shares of Atlassian by 2.8% during the third quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company’s stock valued at $340,453,000 after acquiring an additional 57,911 shares in the last quarter. Toronto Dominion Bank raised its stake in shares of Atlassian by 33.6% in the third quarter. Toronto Dominion Bank now owns 23,034 shares of the technology company’s stock worth $3,658,000 after purchasing an additional 5,796 shares during the last quarter. Finally, Arete Wealth Advisors LLC purchased a new position in Atlassian in the 3rd quarter worth about $269,000. Institutional investors own 94.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TEAM. Morgan Stanley increased their target price on Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Oppenheimer upped their target price on shares of Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. UBS Group dropped their price target on Atlassian from $330.00 to $230.00 and set a “neutral” rating for the company in a research note on Tuesday, April 1st. William Blair restated an “outperform” rating on shares of Atlassian in a research report on Friday, January 31st. Finally, Canaccord Genuity Group raised their target price on shares of Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a report on Friday, December 20th. Eight research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $297.50.

Insiders Place Their Bets

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Wednesday, April 9th. The shares were sold at an average price of $195.56, for a total transaction of $1,554,310.88. Following the transaction, the chief executive officer now owns 317,920 shares in the company, valued at approximately $62,172,435.20. The trade was a 2.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Anutthara Bharadwaj sold 1,520 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $259.85, for a total value of $394,972.00. Following the completion of the transaction, the president now owns 210,471 shares of the company’s stock, valued at approximately $54,690,889.35. This represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 263,033 shares of company stock valued at $68,608,284. Company insiders own 38.55% of the company’s stock.

Atlassian Stock Down 5.5 %

TEAM stock opened at $198.03 on Friday. Atlassian Co. has a one year low of $135.29 and a one year high of $326.00. The company has a fifty day moving average of $253.50 and a 200-day moving average of $241.00. The stock has a market capitalization of $51.88 billion, a PE ratio of -147.78 and a beta of 1.07. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate 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, analysts expect that Atlassian Co. will post -0.34 EPS 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.