Atlassian Corporation PLC $TEAM Shares Bought by Bank of Nova Scotia

Bank of Nova Scotia grew its position in Atlassian Corporation PLC (NASDAQ:TEAM) by 631.1% in the second quarter, HoldingsChannel reports. The institutional investor owned 304,215 shares of the technology company’s stock after acquiring an additional 262,604 shares during the period. Bank of Nova Scotia’s holdings in Atlassian were worth $61,783,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its position in Atlassian by 7.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 670,968 shares of the technology company’s stock valued at $142,386,000 after acquiring an additional 49,171 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Atlassian by 10.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 141,532 shares of the technology company’s stock valued at $30,035,000 after purchasing an additional 13,433 shares during the period. Citigroup Inc. grew its holdings in shares of Atlassian by 22.5% in the first quarter. Citigroup Inc. now owns 251,814 shares of the technology company’s stock valued at $53,437,000 after purchasing an additional 46,202 shares in the last quarter. Townsquare Capital LLC increased its stake in Atlassian by 41.1% during the 1st quarter. Townsquare Capital LLC now owns 2,896 shares of the technology company’s stock worth $615,000 after buying an additional 844 shares during the period. Finally, Strengthening Families & Communities LLC lifted its holdings in Atlassian by 121.1% during the 1st quarter. Strengthening Families & Communities LLC now owns 420 shares of the technology company’s stock worth $89,000 after buying an additional 230 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Insider Buying and Selling at Atlassian

In other Atlassian news, Director Scott Farquhar sold 7,665 shares of the firm’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $160.48, for a total transaction of $1,230,079.20. Following the transaction, the director directly owned 130,305 shares of the company’s stock, valued at approximately $20,911,346.40. This trade represents a 5.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the company’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $160.48, for a total transaction of $1,230,079.20. Following the completion of the sale, the chief executive officer directly owned 130,305 shares of the company’s stock, valued at $20,911,346.40. The trade was a 5.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 581,181 shares of company stock valued at $92,174,218. 36.66% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on TEAM shares. Robert W. Baird set a $230.00 price target on shares of Atlassian in a research note on Friday, October 31st. Piper Sandler reissued an “overweight” rating and set a $300.00 target price on shares of Atlassian in a research note on Friday, October 31st. KeyCorp reduced their price target on Atlassian from $250.00 to $210.00 and set an “overweight” rating on the stock in a research report on Thursday, October 23rd. Truist Financial set a $210.00 price objective on Atlassian in a research report on Friday, October 31st. Finally, Zacks Research upgraded shares of Atlassian from a “strong sell” rating to a “hold” rating in a research note on Monday, November 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $240.00.

Atlassian Stock Up 0.9%

Atlassian stock opened at $160.74 on Tuesday. The company has a market capitalization of $42.29 billion, a P/E ratio of -226.39, a PEG ratio of 30.05 and a beta of 0.89. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. Atlassian Corporation PLC has a fifty-two week low of $139.70 and a fifty-two week high of $326.00. The stock has a 50-day simple moving average of $155.11 and a 200-day simple moving average of $176.60.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, October 30th. The technology company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.83 by $0.21. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Atlassian had a negative return on equity of 7.11% and a negative net margin of 3.38%.The firm’s revenue was up 20.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.77 earnings per share. Equities research analysts expect that Atlassian Corporation PLC will post -0.34 earnings per share 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.