Norges Bank Acquires New Stake in Atlassian Co. (NASDAQ:TEAM)

Norges Bank bought a new position in shares of Atlassian Co. (NASDAQ:TEAM) during the 4th quarter, according to its most recent disclosure with the SEC. The fund bought 1,219,067 shares of the technology company’s stock, valued at approximately $296,697,000.

A number of other institutional investors have also recently made changes to their positions in TEAM. Murphy & Mullick Capital Management Corp bought a new stake in Atlassian during the fourth quarter valued at $27,000. True Wealth Design LLC grew its stake in shares of Atlassian by 23,100.0% in the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after buying an additional 231 shares during the period. Avion Wealth increased its position in Atlassian by 1,308.3% in the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after buying an additional 157 shares in the last quarter. Assetmark Inc. raised its stake in Atlassian by 30.6% during the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock worth $43,000 after buying an additional 41 shares during the period. Finally, Mainstream Capital Management LLC bought a new position in Atlassian in the fourth quarter worth approximately $49,000. Institutional investors own 94.45% of the company’s stock.

Insider Transactions at Atlassian

In other news, President Anutthara Bharadwaj sold 1,723 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $305.84, for a total value of $526,962.32. Following the completion of the sale, the president now owns 199,934 shares of the company’s stock, valued at approximately $61,147,814.56. This represents a 0.85 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $246.97, for a total transaction of $1,962,917.56. Following the completion of the sale, the chief executive officer now directly owns 7,948 shares of the company’s stock, valued at $1,962,917.56. This represents a 50.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 263,033 shares of company stock valued at $70,644,164 in the last quarter. Insiders own 38.55% of the company’s stock.

Atlassian Price Performance

TEAM opened at $217.99 on Friday. Atlassian Co. has a twelve month low of $135.29 and a twelve month high of $326.00. The firm has a 50-day moving average price of $269.28 and a 200-day moving average price of $238.60. 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 company has a market capitalization of $57.11 billion, a price-to-earnings ratio of -162.68 and a beta of 0.91.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS 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%. Equities analysts expect that Atlassian Co. will post -0.34 EPS for the current year.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Cantor Fitzgerald lifted their price target on shares of Atlassian from $264.00 to $304.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. Truist Financial reiterated a “buy” rating and set a $350.00 price objective (up from $300.00) on shares of Atlassian in a report on Friday, January 31st. UBS Group upped their target price on shares of Atlassian from $275.00 to $330.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. JMP Securities reiterated a “market perform” rating on shares of Atlassian in a research note on Friday, January 31st. Finally, Barclays increased their price objective on Atlassian from $275.00 to $350.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Nine analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.