Skandinaviska Enskilda Banken AB publ Boosts Stake in Atlassian Corporation PLC $TEAM

Skandinaviska Enskilda Banken AB publ increased its position in Atlassian Corporation PLC (NASDAQ:TEAM) by 45.9% in the third quarter, HoldingsChannel reports. The firm owned 152,345 shares of the technology company’s stock after purchasing an additional 47,943 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Atlassian were worth $24,337,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capco Asset Management LLC bought a new position in Atlassian in the second quarter worth $25,000. Physician Wealth Advisors Inc. grew its position in shares of Atlassian by 60.4% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock worth $26,000 after buying an additional 61 shares during the period. Geneos Wealth Management Inc. increased its stake in shares of Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after acquiring an additional 161 shares in the last quarter. Atlantic Union Bankshares Corp lifted its position in Atlassian by 19,900.0% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock valued at $32,000 after acquiring an additional 199 shares during the period. Finally, Virtus Advisers LLC bought a new stake in Atlassian during the second quarter worth about $61,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TEAM. Jefferies Financial Group set a $150.00 target price on shares of Atlassian in a research note on Friday, February 6th. Mizuho reduced their price objective on Atlassian from $225.00 to $205.00 and set an “outperform” rating for the company in a research report on Friday, February 6th. Weiss Ratings reissued a “sell (e+)” rating on shares of Atlassian in a report on Wednesday, January 21st. Morgan Stanley cut their target price on Atlassian from $320.00 to $290.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. Finally, BTIG Research lowered their price target on Atlassian from $220.00 to $140.00 and set a “buy” rating for the company in a research report on Friday, February 6th. Twenty investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $189.32.

Insider Buying and Selling

In other Atlassian news, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $160.48, for a total value of $1,230,079.20. Following the completion of the sale, the director owned 130,305 shares of the company’s stock, valued at approximately $20,911,346.40. The trade was a 5.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $155.08, for a total value of $1,188,688.20. Following the transaction, the chief executive officer directly owned 137,970 shares in the company, valued at $21,396,387.60. The trade was a 5.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 475,758 shares of company stock worth $68,994,874. 36.66% of the stock is owned by insiders.

Atlassian Trading Down 2.6%

Shares of NASDAQ:TEAM opened at $82.15 on Wednesday. Atlassian Corporation PLC has a 1 year low of $80.40 and a 1 year high of $316.99. The stock’s fifty day moving average price is $134.67 and its 200-day moving average price is $152.46. The company has a market cap of $21.61 billion, a P/E ratio of -114.10, a PEG ratio of 70.43 and a beta of 0.88. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.89 and a quick ratio of 0.89.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, February 5th. The technology company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.10. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.54 billion. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.Atlassian’s revenue was up 23.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.96 EPS. Sell-side analysts expect that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.