AIA Group Ltd Invests $1.60 Million in Atlassian Co. (NASDAQ:TEAM)

AIA Group Ltd acquired a new stake in shares of Atlassian Co. (NASDAQ:TEAM) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 10,060 shares of the technology company’s stock, valued at approximately $1,598,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Atlassian by 1.4% in the first quarter. Vanguard Group Inc. now owns 15,577,302 shares of the technology company’s stock worth $3,039,287,000 after purchasing an additional 221,650 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Atlassian by 8.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock valued at $2,173,847,000 after buying an additional 904,138 shares in the last quarter. Dragoneer Investment Group LLC bought a new position in Atlassian in the 2nd quarter worth $469,803,000. Capital International Investors increased its stake in Atlassian by 6.3% in the 1st quarter. Capital International Investors now owns 2,436,567 shares of the technology company’s stock worth $475,399,000 after buying an additional 144,117 shares in the last quarter. Finally, Clearbridge Investments LLC raised its holdings in Atlassian by 6.7% during the first quarter. Clearbridge Investments LLC now owns 2,070,928 shares of the technology company’s stock valued at $404,059,000 after acquiring an additional 130,253 shares during the period. 93.03% of the stock is owned by hedge funds and other institutional investors.

Atlassian Stock Performance

NASDAQ:TEAM opened at $237.80 on Friday. The firm has a market capitalization of $61.93 billion, a PE ratio of -156.45 and a beta of 0.71. The stock’s fifty day moving average is $179.57 and its 200 day moving average is $172.63. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $258.69. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the prior year, the firm posted ($0.07) earnings per share. The business’s revenue for the quarter was up 21.5% on a year-over-year basis. On average, sell-side analysts anticipate that Atlassian Co. will post -0.58 earnings per share for the current year.

Analyst Upgrades and Downgrades

TEAM has been the subject of a number of recent analyst reports. Morgan Stanley upped their price objective on Atlassian from $216.00 to $224.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Oppenheimer increased their price objective on shares of Atlassian from $230.00 to $270.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Robert W. Baird lifted their price objective on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. StockNews.com lowered shares of Atlassian from a “buy” rating to a “hold” rating in a research report on Friday, July 12th. Finally, Baird R W downgraded shares of Atlassian from a “strong-buy” rating to a “hold” rating in a report on Friday, August 2nd. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Atlassian has a consensus rating of “Moderate Buy” and a consensus price target of $243.16.

Insiders Place Their Bets

In other news, CTO Rajeev Bashyam Rajan sold 199 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $146.08, for a total transaction of $29,069.92. Following the transaction, the chief technology officer now owns 128,957 shares of the company’s stock, valued at approximately $18,838,038.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CTO Rajeev Bashyam Rajan sold 199 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $146.08, for a total transaction of $29,069.92. Following the completion of the sale, the chief technology officer now directly owns 128,957 shares of the company’s stock, valued at approximately $18,838,038.56. The trade was a 0.00 % 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 7,948 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $151.62, for a total transaction of $1,205,075.76. Following the completion of the transaction, the chief executive officer now owns 238,440 shares in the company, valued at approximately $36,152,272.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 245,662 shares of company stock valued at $44,653,051 over the last 90 days. Insiders own 38.55% of the company’s stock.

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.