Pictet Asset Management SA Takes $8.96 Million Position in Atlassian Co. (NASDAQ:TEAM)

Posted by on Aug 23rd, 2023

Pictet Asset Management SA bought a new stake in shares of Atlassian Co. (NASDAQ:TEAM – Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 52,322 shares of the technology company’s stock, valued at approximately $8,956,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Swiss National Bank bought a new position in shares of Atlassian during the 1st quarter valued at approximately $101,378,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Atlassian by 21.9% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 171,273 shares of the technology company’s stock valued at $29,317,000 after acquiring an additional 30,729 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Atlassian by 26.8% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 352,853 shares of the technology company’s stock valued at $60,398,000 after acquiring an additional 74,557 shares during the last quarter. SWS Partners purchased a new stake in Atlassian during the 1st quarter valued at $1,108,000. Finally, Allen Investment Management LLC raised its holdings in Atlassian by 49.2% during the 1st quarter. Allen Investment Management LLC now owns 10,780 shares of the technology company’s stock valued at $1,845,000 after buying an additional 3,557 shares during the period. 53.17% of the stock is currently owned by institutional investors.

Atlassian Stock Performance

Shares of Atlassian stock opened at $190.04 on Wednesday. The firm has a market cap of $48.84 billion, a P/E ratio of -100.55 and a beta of 0.75. The company has a current ratio of 1.35, a quick ratio of 1.31 and a debt-to-equity ratio of 1.47. Atlassian Co. has a 12 month low of $113.86 and a 12 month high of $267.58. The stock’s fifty day moving average price is $178.39 and its 200-day moving average price is $167.44.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Barclays increased their price target on Atlassian from $165.00 to $195.00 and gave the company an “equal weight” rating in a report on Friday, August 4th. Mizuho increased their price target on Atlassian from $205.00 to $240.00 and gave the company a “buy” rating in a report on Friday, August 4th. Robert W. Baird increased their price target on Atlassian from $205.00 to $240.00 and gave the company an “outperform” rating in a report on Friday, August 4th. Morgan Stanley restated an “overweight” rating and set a $185.00 price target on shares of Atlassian in a report on Friday, August 4th. Finally, KeyCorp increased their price target on Atlassian from $175.00 to $205.00 in a report on Tuesday, July 18th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $198.56.

Check Out Our Latest Stock Report on TEAM

Insider Activity

In related news, CEO Scott Farquhar sold 8,614 shares of the firm’s stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $160.65, for a total transaction of $1,383,839.10. Following the sale, the chief executive officer now owns 200,394 shares of the company’s stock, valued at $32,193,296.10. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CTO Rajeev Bashyam Rajan sold 5,696 shares of the firm’s stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $190.00, for a total transaction of $1,082,240.00. Following the sale, the chief technology officer now owns 102,194 shares of the company’s stock, valued at $19,416,860. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Scott Farquhar sold 8,614 shares of the firm’s stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $160.65, for a total value of $1,383,839.10. Following the sale, the chief executive officer now directly owns 200,394 shares in the company, valued at approximately $32,193,296.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 334,767 shares of company stock worth $59,710,734. Company insiders own 43.11% of the company’s stock.

About Atlassian

(Free Report)

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its products include Jira Software and Jira Work Management, a workflow management system for teams to plan, track, collaborate, and manage work, and projects; Jira Service Management, a service desk product for creating and managing service experiences for various service team providers, including IT, legal, and HR teams; Jira Align for enterprise organizations to build and manage a master plan that maps strategic projects to the various work streams required to deliver them; and Opsgenie, an incident management tool that enables IT teams to plan for and respond to service disruptions.

See Also

Institutional Ownership by Quarter for Atlassian (NASDAQ:TEAM)

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