Bokf Na Raises Stake in Atlassian Co. (NASDAQ:TEAM)

Posted by on Jun 12th, 2023

Bokf Na grew its stake in shares of Atlassian Co. (NASDAQ:TEAM – Get Rating) by 170.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,381 shares of the technology company’s stock after purchasing an additional 2,759 shares during the quarter. Bokf Na’s holdings in Atlassian were worth $564,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. WCM Investment Management LLC lifted its stake in Atlassian by 61.6% in the fourth quarter. WCM Investment Management LLC now owns 9,503,757 shares of the technology company’s stock worth $1,222,943,000 after acquiring an additional 3,623,862 shares during the period. Baillie Gifford & Co. lifted its stake in Atlassian by 40.4% in the fourth quarter. Baillie Gifford & Co. now owns 7,643,211 shares of the technology company’s stock worth $983,528,000 after acquiring an additional 2,199,990 shares during the period. Durable Capital Partners LP lifted its stake in Atlassian by 8.5% in the third quarter. Durable Capital Partners LP now owns 2,812,701 shares of the technology company’s stock worth $592,327,000 after acquiring an additional 221,181 shares during the period. Franklin Resources Inc. purchased a new stake in Atlassian in the fourth quarter worth about $324,141,000. Finally, Alliancebernstein L.P. lifted its stake in Atlassian by 14.0% in the third quarter. Alliancebernstein L.P. now owns 1,893,159 shares of the technology company’s stock worth $398,680,000 after acquiring an additional 232,868 shares during the period. 45.50% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Atlassian news, Director Enrique T. Salem sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 9th. The stock was sold at an average price of $130.00, for a total value of $1,300,000.00. Following the sale, the director now owns 124,162 shares in the company, valued at approximately $16,141,060. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Michael Cannon-Brookes sold 8,614 shares of the stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $131.51, for a total transaction of $1,132,827.14. Following the transaction, the chief executive officer now owns 312,376 shares in the company, valued at approximately $41,080,567.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Enrique T. Salem sold 10,000 shares of the stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $130.00, for a total value of $1,300,000.00. Following the transaction, the director now owns 124,162 shares in the company, valued at approximately $16,141,060. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 311,195 shares of company stock worth $47,970,118. Corporate insiders own 43.11% of the company’s stock.

Wall Street Analyst Weigh In

TEAM has been the subject of a number of research reports. The Goldman Sachs Group lowered shares of Atlassian from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $240.00 to $165.00 in a research note on Friday, May 5th. BMO Capital Markets decreased their price target on shares of Atlassian from $190.00 to $155.00 in a research report on Friday, May 5th. Barclays decreased their price target on shares of Atlassian from $155.00 to $130.00 in a research report on Sunday, May 7th. Oppenheimer reissued an “outperform” rating and set a $200.00 price target on shares of Atlassian in a research report on Monday, April 17th. Finally, Mizuho decreased their price target on shares of Atlassian from $235.00 to $215.00 in a research report on Friday, May 5th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $199.32.

Atlassian Price Performance

NASDAQ:TEAM traded up $2.42 during midday trading on Monday, hitting $174.41. The company’s stock had a trading volume of 988,598 shares, compared to its average volume of 2,274,290. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.31 and a quick ratio of 1.31. Atlassian Co. has a fifty-two week low of $113.86 and a fifty-two week high of $300.29. The firm’s 50 day moving average is $157.22 and its 200-day moving average is $153.31.

Atlassian (NASDAQ:TEAM – Get Rating) last released its quarterly earnings data on Thursday, May 4th. The technology company reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.15). Atlassian had a negative return on equity of 79.71% and a negative net margin of 15.89%. The company had revenue of $915.45 million during the quarter, compared to analysts’ expectations of $898.71 million. On average, equities analysts anticipate that Atlassian Co. will post -0.8 earnings per share for the current fiscal year.

Atlassian Company Profile

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Atlassian Corp. is a holding company, which engages in providing team collaboration and productivity software. Its software helps teams organize, discuss, and complete shared work. Its products include Jira Software, Confluence, Jira Service Management, and Trello. The company was founded by Michael Cannon-Brookes and Scott Farquhar in October 2002 and is headquartered in San Francisco, CA.

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Institutional Ownership by Quarter for Atlassian (NASDAQ:TEAM)

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