OVERSEA CHINESE BANKING Corp Ltd Has $3.87 Million Stock Holdings in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd increased its stake in Atlassian Corporation by 31.1%, now owning 18,252 shares worth approximately $3.87 million.
• Several analyst firms have raised their ratings on Atlassian shares; for example, Robert W. Baird upgraded it to "outperform" with a new price target of $255.
• Significant insider sales were reported, with Director Scott Farquhar and CEO Michael Cannon-Brookes respectively selling 7,948 shares each, reflecting a decrease in their holdings.

OVERSEA CHINESE BANKING Corp Ltd raised its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 31.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 18,252 shares of the technology company's stock after purchasing an additional 4,328 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Atlassian were worth $3,873,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in TEAM. Voya Investment Management LLC increased its stake in shares of Atlassian by 17,941.0% in the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock worth $528,693,000 after acquiring an additional 2,160,810 shares during the last quarter. Invesco Ltd. increased its stake in shares of Atlassian by 265.9% in the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock worth $595,171,000 after acquiring an additional 1,777,179 shares during the last quarter. Durable Capital Partners LP increased its stake in shares of Atlassian by 499.7% in the fourth quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company's stock worth $383,456,000 after acquiring an additional 1,312,820 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in shares of Atlassian in the fourth quarter worth $298,327,000. Finally, Whale Rock Capital Management LLC acquired a new position in shares of Atlassian in the fourth quarter worth $170,943,000. 94.45% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the company'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 of the company's stock, valued at approximately $24,636,733.52. This represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Scott Farquhar sold 7,948 shares of the company's 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 transaction, the director directly owned 103,324 shares of the company's stock, valued at $22,206,394.08. This represents a 7.14% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 499,399 shares of company stock valued at $102,317,172 in the last ninety days. 38.55% of the stock is owned by company insiders.

Atlassian Stock Performance

Shares of TEAM traded down $2.04 during trading hours on Tuesday, reaching $183.65. 270,239 shares of the company traded hands, compared to its average volume of 2,265,774. The stock's fifty day moving average is $202.31 and its 200 day moving average is $228.31. The stock has a market cap of $48.21 billion, a P/E ratio of -110.49 and a beta of 0.96. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. Atlassian Corporation PLC has a 1-year low of $136.84 and a 1-year high of $326.00.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. BMO Capital Markets dropped their price target on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. KeyCorp dropped their price target on shares of Atlassian from $275.00 to $250.00 and set an "overweight" rating on the stock in a research note on Thursday, July 17th. Canaccord Genuity Group decreased their price objective on shares of Atlassian from $300.00 to $255.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Raymond James Financial reiterated an "outperform" rating and issued a $300.00 price objective (down from $330.00) on shares of Atlassian in a report on Friday, May 2nd. Finally, Stephens decreased their price objective on shares of Atlassian from $255.00 to $221.00 and set an "equal weight" rating for the company in a report on Friday, May 2nd. Five analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $274.05.

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.