Sit Investment Associates Inc. Purchases 2,433 Shares of Atlassian Co. (NASDAQ:TEAM)

Sit Investment Associates Inc. lifted its position in shares of Atlassian Co. (NASDAQ:TEAM) by 4.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 56,702 shares of the technology company’s stock after buying an additional 2,433 shares during the quarter. Sit Investment Associates Inc.’s holdings in Atlassian were worth $13,800,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Pilgrim Partners Asia Pte Ltd bought a new stake in Atlassian in the fourth quarter worth approximately $39,000. Resona Asset Management Co. Ltd. acquired a new stake in shares of Atlassian during the 4th quarter worth approximately $11,516,000. Wells Fargo & Company MN increased its stake in shares of Atlassian by 12.1% in the 4th quarter. Wells Fargo & Company MN now owns 114,909 shares of the technology company’s stock valued at $27,967,000 after acquiring an additional 12,426 shares in the last quarter. Prudential PLC lifted its position in shares of Atlassian by 40.9% during the 4th quarter. Prudential PLC now owns 8,996 shares of the technology company’s stock valued at $2,189,000 after acquiring an additional 2,612 shares during the period. Finally, Thoroughbred Financial Services LLC boosted its stake in Atlassian by 42.9% during the fourth quarter. Thoroughbred Financial Services LLC now owns 2,423 shares of the technology company’s stock worth $589,000 after acquiring an additional 728 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Wall Street Analysts Forecast Growth

TEAM has been the subject of several research analyst reports. Jefferies Financial Group decreased their price target on shares of Atlassian from $400.00 to $330.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Scotiabank upped their price target on Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a research note on Friday, January 31st. Piper Sandler increased their price target on Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Oppenheimer boosted their price objective on Atlassian from $300.00 to $380.00 and gave the company an “outperform” rating in a report on Friday, January 31st. Finally, William Blair reiterated an “outperform” rating on shares of Atlassian in a report on Friday, January 31st. Nine research 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, Atlassian has an average rating of “Moderate Buy” and an average price target of $308.73.

Insider Transactions at Atlassian

In other news, President Anutthara Bharadwaj sold 1,723 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $305.84, for a total transaction of $526,962.32. Following the completion of the transaction, the president now owns 199,934 shares of the company’s stock, valued at approximately $61,147,814.56. The trade was a 0.85 % 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 the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $222.68, for a total transaction of $1,769,860.64. Following the completion of the transaction, the chief executive officer now owns 357,660 shares in the company, valued at approximately $79,643,728.80. This trade represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 270,981 shares of company stock valued at $71,914,254 over the last three months. Company insiders own 38.55% of the company’s stock.

Atlassian Trading Down 5.4 %

Shares of TEAM opened at $187.67 on Friday. The firm has a market cap of $49.17 billion, a P/E ratio of -140.05 and a beta of 1.07. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. The business has a 50-day moving average of $264.05 and a 200 day moving average of $239.57.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results 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 net margin of 7.22% and a negative return on equity of 17.37%. As a group, research analysts forecast that Atlassian Co. will post -0.34 EPS 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.