iA Global Asset Management Inc. Has $12.20 Million Stock Holdings in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• iA Global Asset Management Inc. boosted its holdings in Atlassian Corporation by 40.2% in the first quarter, reaching a total of 57,481 shares valued at approximately $12.2 million.
• Institutional investors and hedge funds now own 94.45% of Atlassian's stock, with significant increases in holdings reported by several firms in recent quarters.
• Wall Street analysts have largely rated Atlassian positively, with nineteen of them giving a buy rating, despite several cuts in price targets, indicating ongoing interest in the company's growth potential.

iA Global Asset Management Inc. lifted its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 40.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,481 shares of the technology company's stock after purchasing an additional 16,482 shares during the period. iA Global Asset Management Inc.'s holdings in Atlassian were worth $12,198,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Clean Yield Group boosted its position in Atlassian by 372.0% during the 1st quarter. Clean Yield Group now owns 118 shares of the technology company's stock worth $25,000 after acquiring an additional 93 shares during the period. Colonial Trust Co SC raised its stake in shares of Atlassian by 100.0% during the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock worth $34,000 after purchasing an additional 69 shares in the last quarter. Smithfield Trust Co raised its position in Atlassian by 90.7% during the first quarter. Smithfield Trust Co now owns 164 shares of the technology company's stock valued at $34,000 after acquiring an additional 78 shares in the last quarter. GeoWealth Management LLC increased its stake in shares of Atlassian by 26.8% during the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock worth $44,000 after purchasing an additional 38 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its position in Atlassian by 82.7% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 243 shares of the technology company's stock worth $52,000 after buying an additional 110 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on TEAM shares. Raymond James Financial reissued an "outperform" rating and set a $300.00 price objective (down previously from $330.00) on shares of Atlassian in a report on Friday, May 2nd. Piper Sandler reissued an "overweight" rating and set a $300.00 target price (down previously from $365.00) on shares of Atlassian in a research report on Friday, May 2nd. UBS Group reaffirmed a "hold" rating on shares of Atlassian in a research report on Monday, July 7th. Capital One Financial cut Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 price objective for the company. in a research report on Wednesday, July 16th. Finally, Wall Street Zen raised Atlassian from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. Five research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $274.05.

Atlassian Price Performance

Shares of TEAM traded up $0.06 during mid-day trading on Wednesday, reaching $185.50. The company had a trading volume of 2,987,393 shares, compared to its average volume of 1,977,906. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The company has a market capitalization of $48.70 billion, a P/E ratio of -111.75 and a beta of 0.96. Atlassian Corporation PLC has a twelve month low of $136.84 and a twelve month high of $326.00. The company's 50-day moving average is $200.82 and its 200-day moving average is $227.26.

Insider Buying and Selling at Atlassian

In related news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $214.92, for a total transaction of $1,708,184.16. Following the completion of the transaction, the director directly owned 103,324 shares of the company's stock, valued at $22,206,394.08. This trade represents a 7.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $221.41, for a total transaction of $1,759,766.68. Following the completion of the transaction, the chief executive officer owned 111,272 shares in the company, valued at approximately $24,636,733.52. This trade represents a 6.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 514,729 shares of company stock valued at $105,159,814 over the last quarter. Corporate insiders own 38.55% of the company's stock.

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.