ING Groep NV Increases Stock Holdings in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• ING Groep NV increased its stake in Atlassian Corporation PLC by 542.3% in Q1, owning 25,334 shares valued at approximately $5.38 million after an additional purchase of 21,390 shares.
• Other institutional investors, including Baillie Gifford & Co. and Massachusetts Financial Services, have also significantly increased their holdings in Atlassian, highlighting a trend of growing institutional interest.
• Analysts have downgraded target prices for Atlassian, with a current average target price of $274.05 amid a general rating of "Moderate Buy" from various firms.

ING Groep NV lifted its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 542.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 25,334 shares of the technology company's stock after purchasing an additional 21,390 shares during the quarter. ING Groep NV's holdings in Atlassian were worth $5,376,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Baillie Gifford & Co. lifted its stake in shares of Atlassian by 7.1% during the 1st quarter. Baillie Gifford & Co. now owns 8,694,755 shares of the technology company's stock worth $1,845,114,000 after acquiring an additional 573,696 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Atlassian by 21.8% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,440,813 shares of the technology company's stock worth $730,175,000 after acquiring an additional 616,071 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Atlassian by 265.9% during the 4th 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. Voya Investment Management LLC lifted its stake in shares of Atlassian by 17,941.0% during the 4th 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. Finally, Durable Capital Partners LP lifted its stake in shares of Atlassian by 499.7% during the 4th 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. Hedge funds and other institutional investors own 94.45% of the company's stock.

Atlassian Stock Down 0.1%

Atlassian stock opened at $185.44 on Wednesday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. The business's 50-day simple moving average is $201.37 and its two-hundred day simple moving average is $227.55. The company has a market cap of $48.68 billion, a PE ratio of -111.71 and a beta of 0.96. Atlassian Corporation PLC has a fifty-two week low of $136.84 and a fifty-two week high of $326.00.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on TEAM shares. Oppenheimer decreased their target price on Atlassian from $300.00 to $275.00 and set an "outperform" rating for the company in a research report on Monday, July 21st. Raymond James Financial reaffirmed an "outperform" rating and set a $300.00 target price (down from $330.00) on shares of Atlassian in a research report on Friday, May 2nd. Wells Fargo & Company decreased their target price on Atlassian from $330.00 to $315.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. Mizuho decreased their target price on Atlassian from $290.00 to $265.00 and set an "outperform" rating for the company in a research report on Wednesday, July 16th. Finally, BMO Capital Markets decreased their target price on Atlassian from $295.00 to $245.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Five research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $274.05.

Insider Activity

In other Atlassian news, Director Scott Farquhar sold 7,665 shares of the business's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $185.43, for a total transaction of $1,421,320.95. Following the sale, the director owned 306,600 shares in the company, valued at approximately $56,852,838. The trade was a 2.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the business's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $185.43, for a total value of $1,421,320.95. Following the sale, the chief executive officer owned 306,600 shares in the company, valued at approximately $56,852,838. The trade was a 2.44% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 514,729 shares of company stock worth $105,159,814. Company insiders own 38.55% of the company's stock.

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.

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