Sumitomo Mitsui Trust Group Inc. Boosts Holdings in Atlassian Corporation PLC (NASDAQ:TEAM)

Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 386,062 shares of the technology company's stock after purchasing an additional 9,297 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.15% of Atlassian worth $81,926,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its position in shares of Atlassian by 37.7% during the first quarter. Farther Finance Advisors LLC now owns 369 shares of the technology company's stock valued at $80,000 after buying an additional 101 shares during the period. LPL Financial LLC grew its stake in Atlassian by 93.4% during the fourth quarter. LPL Financial LLC now owns 51,534 shares of the technology company's stock valued at $12,542,000 after acquiring an additional 24,891 shares in the last quarter. Kingswood Wealth Advisors LLC bought a new stake in Atlassian during the 1st quarter worth approximately $252,000. Yousif Capital Management LLC lifted its stake in Atlassian by 2.9% in the 1st quarter. Yousif Capital Management LLC now owns 2,063 shares of the technology company's stock worth $438,000 after purchasing an additional 58 shares in the last quarter. Finally, Freestone Grove Partners LP bought a new position in shares of Atlassian in the fourth quarter worth $10,805,000. Institutional investors own 94.45% of the company's stock.

Atlassian Trading Up 3.2%

TEAM stock traded up $6.65 during trading on Friday, hitting $213.43. 1,566,326 shares of the company traded hands, compared to its average volume of 2,154,153. The company has a 50-day moving average of $209.88 and a 200-day moving average of $235.94. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. Atlassian Corporation PLC has a 1 year low of $135.29 and a 1 year high of $326.00. The firm has a market capitalization of $56.03 billion, a PE ratio of -128.57 and a beta of 0.94.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, beating analysts' consensus estimates of $0.93 by $0.04. Atlassian had a negative return on equity of 23.41% and a negative net margin of 8.66%. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the prior year, the firm posted $0.89 earnings per share. The business's quarterly revenue was up 14.1% compared to the same quarter last year. Analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of the company's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $213.97, for a total transaction of $1,640,080.05. Following the completion of the transaction, the chief executive officer owned 467,565 shares of the company's stock, valued at $100,044,883.05. This represents a 1.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Scott Farquhar sold 7,665 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $213.97, for a total value of $1,640,080.05. Following the completion of the sale, the director owned 467,565 shares of the company's stock, valued at approximately $100,044,883.05. This trade represents a 1.61% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 410,815 shares of company stock worth $85,532,872. Insiders own 38.55% of the company's stock.

Analyst Ratings Changes

TEAM has been the subject of several research analyst reports. Barclays dropped their price objective on Atlassian from $350.00 to $260.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. Wall Street Zen raised Atlassian from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. Jefferies Financial Group lowered their target price on shares of Atlassian from $330.00 to $262.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. KeyCorp dropped their target price on shares of Atlassian from $365.00 to $275.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Finally, Morgan Stanley cut their price target on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Four analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $282.19.

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.