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

Principal Financial Group Inc. reduced its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 16.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,246 shares of the technology company’s stock after selling 1,771 shares during the quarter. Principal Financial Group Inc.’s holdings in Atlassian were worth $1,583,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Price T Rowe Associates Inc. MD lifted its position in Atlassian by 2.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 19,513,417 shares of the technology company’s stock worth $2,510,987,000 after buying an additional 477,234 shares during the last quarter. Brown Advisory Inc. lifted its position in Atlassian by 26.8% in the first quarter. Brown Advisory Inc. now owns 3,073,164 shares of the technology company’s stock worth $526,034,000 after buying an additional 649,079 shares during the last quarter. Franklin Resources Inc. bought a new stake in Atlassian in the fourth quarter worth $324,141,000. State Street Corp lifted its position in Atlassian by 3.8% in the second quarter. State Street Corp now owns 1,707,326 shares of the technology company’s stock worth $319,953,000 after buying an additional 62,297 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Atlassian by 553.1% in the fourth quarter. Geode Capital Management LLC now owns 1,539,256 shares of the technology company’s stock worth $198,071,000 after buying an additional 1,303,576 shares during the last quarter. 53.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on TEAM shares. Truist Financial raised their price target on Atlassian from $150.00 to $200.00 and gave the stock a “hold” rating in a research report on Friday, August 4th. Barclays lifted their target price on Atlassian from $165.00 to $195.00 and gave the stock an “equal weight” rating in a research report on Friday, August 4th. Wells Fargo & Company lifted their target price on Atlassian from $200.00 to $230.00 and gave the stock an “overweight” rating in a research report on Friday, August 4th. Mizuho lifted their target price on Atlassian from $205.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, August 4th. Finally, Berenberg Bank began coverage on Atlassian in a research report on Thursday, June 29th. They set a “hold” rating and a $150.00 target price for the company. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Atlassian currently has an average rating of “Moderate Buy” and an average target price of $199.81.

Insider Transactions at Atlassian

In other news, President Anutthara Bharadwaj sold 2,470 shares of the business’s stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $183.12, for a total transaction of $452,306.40. Following the sale, the president now owns 203,326 shares in the company, valued at $37,233,057.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, President Anutthara Bharadwaj sold 2,470 shares of the company’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $183.12, for a total value of $452,306.40. Following the sale, the president now owns 203,326 shares in the company, valued at $37,233,057.12. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Enrique T. Salem sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $170.99, for a total value of $1,709,900.00. Following the completion of the sale, the director now owns 114,162 shares in the company, valued at approximately $19,520,560.38. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 345,018 shares of company stock worth $62,560,852. Insiders own 43.11% of the company’s stock.

Atlassian Price Performance

Shares of TEAM stock opened at $204.45 on Tuesday. Atlassian Co. has a fifty-two week low of $113.86 and a fifty-two week high of $264.97. The firm has a market capitalization of $52.62 billion, a price-to-earnings ratio of -108.17 and a beta of 0.70. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.35 and a current ratio of 1.35. The stock’s 50-day simple moving average is $182.75 and its 200-day simple moving average is $168.71.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, August 3rd. The technology company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.04. Atlassian had a negative return on equity of 61.15% and a negative net margin of 13.77%. The business had revenue of $939.10 million for the quarter, compared to analyst estimates of $911.23 million. As a group, equities analysts forecast that Atlassian Co. will post -0.48 earnings per share for the current fiscal year.

Atlassian Company 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.