Royal London Asset Management Ltd. Has $16.45 Million Stake in Atlassian Co. (NASDAQ:TEAM)

Royal London Asset Management Ltd. grew its stake in Atlassian Co. (NASDAQ:TEAM) by 8.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 67,580 shares of the technology company’s stock after purchasing an additional 5,172 shares during the period. Royal London Asset Management Ltd.’s holdings in Atlassian were worth $16,448,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of TEAM. Avion Wealth boosted its position in shares of 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 acquiring an additional 157 shares in the last quarter. Assetmark Inc. boosted its position in shares of 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 acquiring an additional 41 shares in the last quarter. Mainstream Capital Management LLC acquired a new stake in shares of Atlassian during the 4th quarter valued at about $49,000. True Wealth Design LLC boosted its position in shares of Atlassian by 23,100.0% during the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after acquiring an additional 231 shares in the last quarter. Finally, Kestra Investment Management LLC acquired a new stake in shares of Atlassian during the 4th quarter valued at about $56,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TEAM. Piper Sandler lifted their target price on shares of Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Morgan Stanley lifted their target price on shares of Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. BMO Capital Markets raised shares of Atlassian from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $255.00 to $292.00 in a report on Friday, January 10th. UBS Group lifted their price target on shares of Atlassian from $275.00 to $330.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Finally, Citigroup lifted their price target on shares of Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a report on Friday, January 17th. Nine investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $316.77.

Insider Activity at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $226.93, for a total transaction of $1,803,639.64. Following the completion of the transaction, the chief executive officer now owns 55,636 shares in the company, valued at approximately $12,625,477.48. The trade was a 12.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Gene Liu sold 779 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $320.01, for a total transaction of $249,287.79. Following the transaction, the chief accounting officer now owns 52,710 shares of the company’s stock, valued at approximately $16,867,727.10. This represents a 1.46 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 263,033 shares of company stock worth $71,015,177. 38.55% of the stock is currently owned by company insiders.

Atlassian Stock Up 0.5 %

Shares of NASDAQ:TEAM opened at $227.34 on Friday. Atlassian Co. has a one year low of $135.29 and a one year high of $326.00. The company has a 50 day moving average of $271.24 and a 200-day moving average of $236.29. 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 has a market cap of $59.56 billion, a price-to-earnings ratio of -169.66 and a beta of 0.91.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) 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%. On average, sell-side analysts forecast that Atlassian Co. will post -0.34 earnings per share for the current year.

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.