Principal Financial Group Inc. Raises Stake in Atlassian Co. (NASDAQ:TEAM)

Principal Financial Group Inc. increased its holdings in Atlassian Co. (NASDAQ:TEAM) by 61.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,770 shares of the technology company’s stock after buying an additional 4,099 shares during the quarter. Principal Financial Group Inc.’s holdings in Atlassian were worth $1,710,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Asset Dedication LLC boosted its holdings in Atlassian by 229.8% during the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after buying an additional 108 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Atlassian by 68.6% during the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after acquiring an additional 96 shares in the last quarter. True Wealth Design LLC grew its position in shares of Atlassian by 23,100.0% during the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after acquiring an additional 231 shares during the period. Reston Wealth Management LLC acquired a new stake in shares of Atlassian during the 3rd quarter valued at about $48,000. Finally, Quarry LP increased its stake in shares of Atlassian by 143.8% in the 2nd quarter. Quarry LP now owns 373 shares of the technology company’s stock valued at $66,000 after purchasing an additional 220 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on the company. UBS Group raised their price objective on Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. Morgan Stanley lifted their price target on shares of Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Canaccord Genuity Group increased their price objective on shares of Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a report on Friday, December 20th. BMO Capital Markets boosted their target price on shares of Atlassian from $177.00 to $255.00 and gave the stock a “market perform” rating in a research note on Friday, November 1st. Finally, Robert W. Baird raised their price target on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $258.00.

Insider Transactions at Atlassian

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $169.00, for a total transaction of $1,343,212.00. Following the sale, the director now directly owns 468,932 shares in the company, valued at $79,249,508. This represents a 1.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Gene Liu sold 1,024 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $225.45, for a total transaction of $230,860.80. Following the sale, the chief accounting officer now directly owns 59,168 shares in the company, valued at $13,339,425.60. This represents a 1.70 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 277,350 shares of company stock worth $63,774,069. 38.55% of the stock is currently owned by insiders.

Atlassian Price Performance

TEAM stock opened at $250.27 on Friday. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $287.97. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. The stock has a market cap of $65.18 billion, a price-to-earnings ratio of -164.65 and a beta of 0.83. The business has a fifty day moving average of $249.33 and a two-hundred day moving average of $196.29.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the company earned ($0.07) EPS. The company’s quarterly revenue was up 21.5% on a year-over-year basis. As a group, research analysts anticipate that Atlassian Co. will post -0.54 earnings per share for the current year.

About Atlassian

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.