Geode Capital Management LLC Increases Stake in Atlassian Co. (NASDAQ:TEAM)

Geode Capital Management LLC boosted its stake in Atlassian Co. (NASDAQ:TEAM) by 1.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,177,813 shares of the technology company’s stock after buying an additional 27,899 shares during the quarter. Geode Capital Management LLC’s holdings in Atlassian were worth $528,851,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Murphy & Mullick Capital Management Corp bought a new stake in Atlassian in the fourth quarter worth $27,000. Summit Securities Group LLC bought a new position in Atlassian in the 4th quarter worth about $38,000. Avion Wealth grew its position in Atlassian by 1,308.3% during the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after purchasing an additional 157 shares during the last quarter. Assetmark Inc. increased its stake in Atlassian by 30.6% during the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock valued at $43,000 after purchasing an additional 41 shares in the last quarter. Finally, Mainstream Capital Management LLC purchased a new position in Atlassian in the fourth quarter worth about $49,000. 94.45% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Michael Cannon-Brookes sold 15,896 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $243.55, for a total transaction of $3,871,470.80. Following the completion of the transaction, the chief executive officer now owns 429,192 shares in the company, valued at $104,529,711.60. This trade represents a 3.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Anutthara Bharadwaj sold 1,520 shares of the business’s stock in a transaction dated 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 sale, the president now owns 210,471 shares in the company, valued at $54,690,889.35. This represents a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 270,981 shares of company stock worth $71,914,254 over the last quarter. Insiders own 38.55% of the company’s stock.

Atlassian Trading Down 11.4 %

Shares of TEAM stock opened at $198.35 on Friday. The stock has a fifty day simple moving average of $265.59 and a two-hundred day simple moving average of $239.42. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $326.00. The firm has a market capitalization of $51.97 billion, a PE ratio of -148.02 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 issued its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) 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%. On average, analysts predict that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Analyst Ratings Changes

TEAM has been the topic of a number of recent analyst reports. William Blair reaffirmed an “outperform” rating on shares of Atlassian in a report on Friday, January 31st. Oppenheimer lifted their target price on shares of Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a research report on Friday, January 31st. KeyCorp increased their price target on Atlassian from $315.00 to $365.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Macquarie lifted their price objective on Atlassian from $290.00 to $317.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Finally, Mizuho increased their target price on Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a report on Friday, January 31st. Nine research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $308.73.

About Atlassian

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.