Marshall Wace LLP Increases Position in Atlassian Co. (NASDAQ:TEAM)

Marshall Wace LLP increased its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 10,347.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 261,185 shares of the technology company’s stock after buying an additional 258,685 shares during the period. Marshall Wace LLP’s holdings in Atlassian were worth $63,567,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA acquired a new stake in shares of Atlassian during the 4th quarter valued at approximately $687,486,000. JPMorgan Chase & Co. increased its stake in Atlassian by 72.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock valued at $1,042,737,000 after purchasing an additional 1,806,042 shares in the last quarter. Invesco Ltd. raised its holdings in Atlassian by 265.9% during the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock worth $595,171,000 after purchasing an additional 1,777,179 shares during the last quarter. Norges Bank acquired a new position in Atlassian during the fourth quarter worth $296,697,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Atlassian in the fourth quarter valued at $234,547,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on TEAM shares. Raymond James restated an “outperform” rating and set a $330.00 target price (up previously from $250.00) on shares of Atlassian in a research report on Friday, January 31st. Morgan Stanley cut their price objective on Atlassian from $370.00 to $320.00 and set an “overweight” rating for the company in a research report on Wednesday. Wells Fargo & Company lowered their target price on Atlassian from $375.00 to $330.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Stephens reissued an “equal weight” rating and issued a $255.00 price target on shares of Atlassian in a report on Monday. Finally, Piper Sandler increased their price objective on Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Six equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus target price of $297.73.

Insiders Place Their Bets

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $205.94, for a total transaction of $1,636,811.12. Following the sale, the chief executive officer now owns 278,180 shares of the company’s stock, valued at $57,288,389.20. The trade was a 2.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Gene Liu sold 779 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $320.01, for a total transaction of $249,287.79. Following the completion of the transaction, the chief accounting officer now directly owns 52,710 shares of the company’s stock, valued at approximately $16,867,727.10. The trade was a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 261,513 shares of company stock worth $67,123,959 over the last quarter. 38.55% of the stock is owned by corporate insiders.

Atlassian Stock Performance

Atlassian stock opened at $202.75 on Friday. The company has a market cap of $53.12 billion, a price-to-earnings ratio of -151.30 and a beta of 1.07. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $326.00. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The stock’s 50-day moving average is $241.92 and its 200-day moving average is $241.88.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data 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 return on equity of 17.37% and a negative net margin of 7.22%. Equities analysts anticipate that Atlassian Co. will post -0.34 earnings per share 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.