Comerica Bank Grows Stock Holdings in Atlassian Co. (NASDAQ:TEAM)

Comerica Bank raised its stake in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 14.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 31,728 shares of the technology company's stock after buying an additional 4,027 shares during the quarter. Comerica Bank's holdings in Atlassian were worth $7,722,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA bought a new position in Atlassian in the 4th quarter valued at approximately $687,486,000. Voya Investment Management LLC raised its stake in shares of Atlassian by 17,941.0% in the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock worth $528,693,000 after purchasing an additional 2,160,810 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Atlassian by 72.9% during the fourth 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. lifted its holdings in shares of Atlassian by 265.9% during the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock valued at $595,171,000 after purchasing an additional 1,777,179 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Atlassian during the fourth quarter valued at $296,697,000. 94.45% of the stock is owned by institutional investors.

Insider Activity at Atlassian

In related news, CAO Gene Liu sold 568 shares of the company's stock in a transaction on Friday, February 14th. The shares were sold at an average price of $312.08, for a total transaction of $177,261.44. Following the sale, the chief accounting officer now owns 52,142 shares of the company's stock, valued at $16,272,475.36. This represents a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Monday, February 10th. The stock was sold at an average price of $322.31, for a total transaction of $2,561,719.88. Following the completion of the transaction, the chief executive officer now directly owns 270,232 shares of the company's stock, valued at $87,098,475.92. The trade was a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 260,734 shares of company stock valued at $62,944,544. Corporate insiders own 38.55% of the company's stock.

Atlassian Price Performance

NASDAQ:TEAM traded down $2.18 on Wednesday, reaching $205.71. 2,203,106 shares of the company's stock traded hands, compared to its average volume of 2,076,050. The firm has a market cap of $53.90 billion, a PE ratio of -153.51 and a beta of 1.06. 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 stock has a 50-day simple moving average of $219.57 and a 200-day simple moving average of $245.69. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, topping analysts' consensus estimates of $0.93 by $0.04. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The company had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. During the same period in the previous year, the firm earned $0.89 EPS. The firm's revenue was up 14.1% compared to the same quarter last year. Equities research analysts forecast that Atlassian Co. will post -0.34 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Morgan Stanley lowered their target price on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. StockNews.com downgraded shares of Atlassian from a "buy" rating to a "hold" rating in a research report on Monday, March 31st. Baird R W upgraded shares of Atlassian from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Raymond James restated an "outperform" rating and issued a $300.00 price target (down from $330.00) on shares of Atlassian in a research note on Friday, May 2nd. Finally, Truist Financial reduced their price objective on Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Five analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $285.29.

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.