Norges Bank Makes New Investment in Atlassian Co. (NASDAQ:TEAM)

Norges Bank bought a new position in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,041,539 shares of the technology company's stock, valued at approximately $247,740,000. Norges Bank owned about 0.40% of Atlassian at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. ING Groep NV raised its position in shares of Atlassian by 1,391.2% in the fourth quarter. ING Groep NV now owns 19,743 shares of the technology company's stock worth $4,696,000 after acquiring an additional 18,419 shares during the period. Sheaff Brock Investment Advisors LLC raised its position in shares of Atlassian by 13.2% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 1,283 shares of the technology company's stock worth $305,000 after acquiring an additional 150 shares during the period. Brown Advisory Inc. raised its position in shares of Atlassian by 7.9% in the fourth quarter. Brown Advisory Inc. now owns 3,473,105 shares of the technology company's stock worth $826,113,000 after acquiring an additional 255,653 shares during the period. Great Lakes Advisors LLC acquired a new position in shares of Atlassian in the fourth quarter worth about $222,000. Finally, Integrity Wealth Solutions LLC acquired a new position in shares of Atlassian in the fourth quarter worth about $256,000. Hedge funds and other institutional investors own 93.03% of the company's stock.

Atlassian Trading Down 1.8 %

Shares of TEAM stock traded down $3.25 during trading hours on Wednesday, hitting $174.80. The company had a trading volume of 1,638,072 shares, compared to its average volume of 1,702,064. The company's fifty day moving average is $191.11 and its 200 day moving average is $206.02. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.18 and a quick ratio of 1.18. Atlassian Co. has a fifty-two week low of $156.05 and a fifty-two week high of $258.69. The stock has a market capitalization of $45.50 billion, a PE ratio of -277.46 and a beta of 0.67.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its earnings results on Thursday, April 25th. The technology company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.62 by $0.27. Atlassian had a negative return on equity of 13.95% and a negative net margin of 3.90%. The firm had revenue of $1.19 billion during the quarter, compared to analysts' expectations of $1.10 billion. During the same period in the previous year, the firm posted ($0.40) EPS. Atlassian's revenue for the quarter was up 29.9% on a year-over-year basis. Research analysts expect that Atlassian Co. will post -0.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, President Anutthara Bharadwaj sold 1,520 shares of the business's stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $201.05, for a total value of $305,596.00. Following the completion of the sale, the president now directly owns 163,370 shares of the company's stock, valued at approximately $32,845,538.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Atlassian news, President Anutthara Bharadwaj sold 1,520 shares of the company's stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $201.05, for a total transaction of $305,596.00. Following the completion of the sale, the president now directly owns 163,370 shares of the company's stock, valued at approximately $32,845,538.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 8,241 shares of the company's stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $178.45, for a total value of $1,470,606.45. Following the sale, the chief executive officer now directly owns 209,871 shares of the company's stock, valued at $37,451,479.95. The disclosure for this sale can be found here. Insiders sold 302,465 shares of company stock valued at $58,614,236 in the last ninety days. Insiders own 40.48% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. The Goldman Sachs Group upped their price objective on shares of Atlassian from $188.00 to $215.00 and gave the stock a "neutral" rating in a research report on Friday, February 2nd. TD Cowen cut their target price on shares of Atlassian from $220.00 to $210.00 and set a "hold" rating for the company in a research note on Friday, April 26th. StockNews.com raised shares of Atlassian from a "hold" rating to a "buy" rating in a research note on Monday, April 29th. Wells Fargo & Company boosted their target price on shares of Atlassian from $275.00 to $285.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 24th. Finally, Truist Financial cut their target price on shares of Atlassian from $220.00 to $200.00 and set a "hold" rating for the company in a research note on Friday, April 26th. Ten research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, Atlassian presently has an average rating of "Moderate Buy" and an average target price of $223.22.

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.