Atlassian Corporation PLC $TEAM Holdings Cut by ING Groep NV

Key Points

• ING Groep NV cut its Atlassian stake by 45.7% in the fourth quarter, leaving it with 54,882 shares worth about $8.9 million.
• Several other institutional investors adjusted positions, but hedge funds and other institutions still own 94.45% of Atlassian’s stock.
• Atlassian reported strong quarterly results with EPS of $1.75 versus $1.33 expected and revenue of $1.79 billion, while analysts currently rate the stock a Moderate Buy with a consensus target of $145.63.

ING Groep NV decreased its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 45.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 54,882 shares of the technology company's stock after selling 46,223 shares during the quarter. ING Groep NV's holdings in Atlassian were worth $8,899,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. OFI Invest Asset Management increased its stake in shares of Atlassian by 16.3% during the 4th quarter. OFI Invest Asset Management now owns 254,551 shares of the technology company's stock worth $41,273,000 after purchasing an additional 35,682 shares during the last quarter. Baillie Gifford & Co. increased its stake in shares of Atlassian by 3.9% during the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company's stock worth $1,367,132,000 after purchasing an additional 316,276 shares during the last quarter. Exane Asset Management increased its stake in shares of Atlassian by 419.9% during the 4th quarter. Exane Asset Management now owns 31,363 shares of the technology company's stock worth $5,085,000 after purchasing an additional 25,330 shares during the last quarter. Nicholas Company Inc. increased its stake in shares of Atlassian by 8.7% during the 4th quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company's stock worth $49,748,000 after purchasing an additional 24,490 shares during the last quarter. Finally, Intech Investment Management LLC increased its stake in shares of Atlassian by 180.3% during the 3rd quarter. Intech Investment Management LLC now owns 140,984 shares of the technology company's stock worth $22,515,000 after purchasing an additional 90,692 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

Insider Transactions at Atlassian

In related news, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the sale, the chief financial officer directly owned 288,272 shares of the company's stock, valued at $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 1,986 shares of Atlassian stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $174,271.50. Following the sale, the executive directly owned 236,841 shares in the company, valued at approximately $20,782,797.75. This trade represents a 0.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 10,891 shares of company stock worth $955,683. 36.66% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Morgan Stanley dropped their price target on shares of Atlassian from $290.00 to $120.00 and set an "overweight" rating on the stock in a research note on Thursday, April 16th. Sanford C. Bernstein reiterated an "outperform" rating and issued a $295.00 target price on shares of Atlassian in a research note on Friday, May 1st. Truist Financial raised their target price on shares of Atlassian from $90.00 to $100.00 and gave the company a "buy" rating in a research note on Friday, May 1st. Wall Street Zen lowered shares of Atlassian from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 30th. Finally, Mizuho lowered their target price on shares of Atlassian from $185.00 to $145.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 14th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Atlassian has an average rating of "Moderate Buy" and a consensus target price of $145.63.

Atlassian Stock Performance

NASDAQ:TEAM opened at $99.47 on Monday. Atlassian Corporation PLC has a 1 year low of $56.01 and a 1 year high of $222.59. The firm's fifty day simple moving average is $78.95 and its 200 day simple moving average is $106.17. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. The firm has a market capitalization of $25.24 billion, a PE ratio of -119.84, a PEG ratio of 5.64 and a beta of 1.07.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.42. The company had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The business's quarterly revenue was up 31.7% on a year-over-year basis. During the same period last year, the business posted $0.97 EPS. On average, sell-side analysts anticipate that Atlassian Corporation PLC will post 0.81 EPS for the current year.

About Atlassian

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian's product portfolio centers on tools designed to help teams plan, build and support software and business processes.

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