Aviva PLC Has $31.70 Million Position in Atlassian Co. (NASDAQ:TEAM)

Aviva PLC cut its stake in Atlassian Co. (NASDAQ:TEAM) by 31.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 130,241 shares of the technology company’s stock after selling 58,737 shares during the period. Aviva PLC’s holdings in Atlassian were worth $31,698,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of TEAM. Massachusetts Financial Services Co. MA acquired a new position in Atlassian in the fourth quarter valued at about $687,486,000. JPMorgan Chase & Co. grew its position in shares of Atlassian by 72.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock valued at $1,042,737,000 after purchasing an additional 1,806,042 shares during the period. Norges Bank bought a new stake in Atlassian during the 4th quarter worth approximately $296,697,000. Arrowstreet Capital Limited Partnership acquired a new stake in Atlassian during the 4th quarter worth approximately $234,547,000. Finally, Los Angeles Capital Management LLC lifted its stake in Atlassian by 12,047.2% in the fourth quarter. Los Angeles Capital Management LLC now owns 228,124 shares of the technology company’s stock valued at $55,521,000 after buying an additional 226,246 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $222.68, for a total transaction of $1,769,860.64. Following the completion of the sale, the chief executive officer now owns 357,660 shares of the company’s stock, valued at $79,643,728.80. This represents a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Anutthara Bharadwaj sold 1,520 shares of the stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $259.85, for a total transaction of $394,972.00. Following the sale, the president now owns 210,471 shares in the company, valued at $54,690,889.35. This represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 263,033 shares of company stock worth $69,887,912. Corporate insiders own 38.55% of the company’s stock.

Atlassian Stock Performance

TEAM opened at $187.67 on Monday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. The business has a 50 day moving average of $264.05 and a 200-day moving average of $240.72. Atlassian Co. has a 12-month low of $135.29 and a 12-month high of $326.00. The stock has a market cap of $49.17 billion, a price-to-earnings ratio of -140.05 and a beta of 1.07.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. On average, equities research analysts expect that Atlassian Co. will post -0.34 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on TEAM shares. Jefferies Financial Group lowered their price objective on shares of Atlassian from $400.00 to $330.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Scotiabank lifted their price target on Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a research note on Friday, January 31st. JMP Securities reaffirmed a “market perform” rating on shares of Atlassian in a research report on Friday, January 31st. Barclays upped their price target on Atlassian from $275.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Finally, StockNews.com downgraded shares of Atlassian from a “buy” rating to a “hold” rating in a report on Monday, March 31st. Nine investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $308.73.

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.