OVERSEA CHINESE BANKING Corp Ltd Has $12.02 Million Position in Atlassian Corporation PLC (NASDAQ:TEAM)

OVERSEA CHINESE BANKING Corp Ltd raised its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 306.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 56,662 shares of the technology company's stock after buying an additional 42,738 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Atlassian were worth $12,024,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in TEAM. Clean Yield Group raised its position in shares of Atlassian by 372.0% during the first 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 last quarter. Murphy & Mullick Capital Management Corp bought a new stake in Atlassian during the 4th quarter worth about $27,000. Colonial Trust Co SC lifted its position in Atlassian by 100.0% during the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock valued at $34,000 after purchasing an additional 69 shares during the period. Summit Securities Group LLC bought a new position in shares of Atlassian in the 4th quarter valued at about $38,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Atlassian during the 4th quarter worth approximately $39,000. 94.45% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. KeyCorp cut their price objective on shares of Atlassian from $365.00 to $275.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Baird R W upgraded Atlassian from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Raymond James Financial reiterated an "outperform" rating and issued a $300.00 price objective (down previously from $330.00) on shares of Atlassian in a report on Friday, May 2nd. Truist Financial cut their target price on Atlassian from $350.00 to $300.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Finally, Wall Street Zen upgraded Atlassian from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. Four analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Atlassian has a consensus rating of "Moderate Buy" and an average target price of $285.75.

Atlassian Stock Up 2.5%

Shares of TEAM stock traded up $4.60 during trading on Monday, reaching $191.61. The company's stock had a trading volume of 2,880,497 shares, compared to its average volume of 2,346,130. Atlassian Corporation PLC has a one year low of $135.29 and a one year high of $326.00. The business has a fifty day moving average price of $207.96 and a 200-day moving average price of $233.70. The company has a market cap of $50.30 billion, a price-to-earnings ratio of -115.43 and a beta of 0.94. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.93 by $0.04. Atlassian had a negative return on equity of 23.41% and a negative net margin of 8.66%. The company had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. During the same quarter in the prior year, the business posted $0.89 EPS. The business's revenue was up 14.1% compared to the same quarter last year. Analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Insider Transactions at Atlassian

In other news, Director Scott Farquhar sold 7,948 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $206.80, for a total value of $1,643,646.40. Following the transaction, the director directly owned 174,856 shares of the company's stock, valued at $36,160,220.80. This represents a 4.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $222.47, for a total transaction of $1,768,191.56. Following the sale, the chief executive officer owned 143,064 shares of the company's stock, valued at approximately $31,827,448.08. This represents a 5.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 425,013 shares of company stock valued at $88,952,830 in the last quarter. 38.55% of the stock is currently owned by corporate insiders.

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.