Principal Financial Group Inc. Has $1.71 Million Position in Atlassian Co. (NASDAQ:TEAM)

Principal Financial Group Inc. raised its holdings in Atlassian Co. (NASDAQ:TEAM) by 61.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,770 shares of the technology company’s stock after acquiring 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 quarter.

Other large investors also recently added to or reduced their stakes in the company. Asset Dedication LLC raised its stake in shares of Atlassian by 229.8% in the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after acquiring an additional 108 shares in the last quarter. Trust Co. of Vermont raised its position in shares of Atlassian by 2,175.0% in the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after purchasing an additional 174 shares during the period. Rothschild Investment LLC bought a new position in shares of Atlassian in the second quarter valued at approximately $36,000. GAMMA Investing LLC boosted its holdings 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 buying an additional 96 shares during the period. Finally, Reston Wealth Management LLC bought a new stake in shares of Atlassian during the 3rd quarter worth $48,000. 93.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

TEAM has been the subject of several research analyst reports. Barclays cut their price objective on Atlassian from $275.00 to $250.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Scotiabank increased their price objective on Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a research report on Friday, November 1st. Robert W. Baird boosted their target price on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. The Goldman Sachs Group raised shares of Atlassian from a “neutral” rating to a “buy” rating and increased their price target for the company from $200.00 to $230.00 in a report on Friday, August 2nd. Finally, BMO Capital Markets boosted their price objective on shares of Atlassian from $177.00 to $255.00 and gave the stock a “market perform” rating in a report on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $244.21.

Insider Buying and Selling

In other news, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $163.11, for a total value of $123,963.60. Following the transaction, the president now directly owns 143,966 shares of the company’s stock, valued at $23,482,294.26. The trade was a 0.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $159.81, for a total value of $1,270,169.88. Following the sale, the chief executive officer now directly owns 500,724 shares of the company’s stock, valued at $80,020,702.44. This represents a 1.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 257,694 shares of company stock valued at $49,012,774 in the last three months. Insiders own 38.55% of the company’s stock.

Atlassian Price Performance

Shares of TEAM stock opened at $260.58 on Friday. Atlassian Co. has a twelve month low of $135.29 and a twelve month high of $262.00. 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 business has a fifty day simple moving average of $194.53 and a 200 day simple moving average of $176.48. The company has a market cap of $67.86 billion, a P/E ratio of -171.43 and a beta of 0.71.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. The firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The company’s revenue was up 21.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.07) earnings per share. On average, sell-side analysts forecast that Atlassian Co. will post -0.56 EPS for the current fiscal year.

Atlassian 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.