State Street Corp Boosts Holdings in Atlassian Co. (NASDAQ:TEAM)

State Street Corp increased its position in Atlassian Co. (NASDAQ:TEAM) by 0.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,560,381 shares of the technology company’s stock after buying an additional 8,957 shares during the quarter. State Street Corp owned 1.37% of Atlassian worth $565,424,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Asset Dedication LLC boosted its holdings in Atlassian by 229.8% in the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after acquiring an additional 108 shares in the last quarter. Rothschild Investment LLC bought a new stake in Atlassian in the second quarter valued at $36,000. GAMMA Investing LLC boosted its holdings in Atlassian by 68.6% in the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after acquiring an additional 96 shares in the last quarter. True Wealth Design LLC boosted its holdings in Atlassian by 23,100.0% in the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after acquiring an additional 231 shares in the last quarter. Finally, Reston Wealth Management LLC bought a new stake in Atlassian in the third quarter valued at $48,000. 93.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Wells Fargo & Company lifted their price target on shares of Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a report on Thursday. UBS Group boosted their target price on shares of Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. Robert W. Baird boosted their target price on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Truist Financial boosted their target price on shares of Atlassian from $160.00 to $200.00 and gave the company a “hold” rating in a report on Friday, November 1st. Finally, Scotiabank boosted their target price on shares of Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a report on Friday, November 1st. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $249.74.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $278.50 on Monday. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $287.97. The business has a 50-day simple moving average of $217.88 and a two-hundred day simple moving average of $183.19. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. The firm has a market cap of $72.53 billion, a price-to-earnings ratio of -183.22 and a beta of 0.80.

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

Insider Activity

In other news, Director Scott Farquhar sold 7,948 shares of the company’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $160.14, for a total transaction of $1,272,792.72. Following the completion of the sale, the director now owns 484,828 shares of the company’s stock, valued at $77,640,355.92. This represents a 1.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Anutthara Bharadwaj sold 760 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $163.11, for a total transaction of $123,963.60. Following the sale, the president now directly owns 143,966 shares of the company’s stock, valued at $23,482,294.26. The trade was a 0.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 260,694 shares of company stock valued at $53,932,822 in the last quarter. 38.55% of the stock is currently owned by insiders.

Atlassian 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.