Comerica Bank Purchases 4,027 Shares of Atlassian Co. (NASDAQ:TEAM)

Comerica Bank lifted its position in shares of Atlassian Co. (NASDAQ:TEAM) by 14.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,728 shares of the technology company’s stock after acquiring an additional 4,027 shares during the quarter. Comerica Bank’s holdings in Atlassian were worth $7,722,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in TEAM. JPMorgan Chase & Co. lifted its position in Atlassian by 72.9% during 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. Massachusetts Financial Services Co. MA bought a new position in Atlassian in the fourth quarter valued at approximately $687,486,000. Invesco Ltd. boosted its stake in Atlassian by 265.9% in the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock valued at $595,171,000 after acquiring an additional 1,777,179 shares during the last quarter. Geode Capital Management LLC grew its holdings in Atlassian by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company’s stock worth $528,851,000 after acquiring an additional 27,899 shares during the period. Finally, Voya Investment Management LLC raised its position in shares of Atlassian by 17,941.0% during the 4th quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company’s stock valued at $528,693,000 after acquiring an additional 2,160,810 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $322.31, for a total value of $2,561,719.88. Following the sale, the chief executive officer now owns 270,232 shares in the company, valued at $87,098,475.92. This represents a 2.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Anutthara Bharadwaj sold 1,520 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $312.58, for a total value of $475,121.60. Following the transaction, the president now directly owns 201,657 shares in the company, valued at $63,033,945.06. The trade was a 0.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 260,734 shares of company stock worth $64,629,600 over the last quarter. 38.55% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on TEAM shares. Scotiabank upped their price objective on Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a report on Friday, January 31st. JMP Securities reaffirmed a “market perform” rating on shares of Atlassian in a research note on Friday, January 31st. Raymond James reissued an “outperform” rating and set a $300.00 price objective (down previously from $330.00) on shares of Atlassian in a research note on Friday. Jefferies Financial Group lowered their target price on shares of Atlassian from $330.00 to $262.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Finally, BMO Capital Markets decreased their price target on shares of Atlassian from $295.00 to $245.00 and set an “outperform” rating for the company in a report on Friday. Five investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Atlassian currently has a consensus rating of “Moderate Buy” and a consensus price target of $289.57.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $208.48 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The business has a 50-day moving average of $222.61 and a 200-day moving average of $245.45. The stock has a market capitalization of $54.62 billion, a price-to-earnings ratio of -155.58 and a beta of 1.06. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $326.00.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.04. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The business’s quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.89 EPS. As a group, sell-side analysts predict that Atlassian Co. will post -0.34 earnings per share for the current fiscal 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.