TIAA Trust National Association Takes Position in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• TIAA Trust National Association has invested $10.93 million in Atlassian Corporation PLC, acquiring 51,488 shares during the first quarter of the year.
• Several institutional investors have adjusted their positions in Atlassian, with 94.45% of the company's stock now held by institutional investors.
• Atlassian has faced a decrease in stock prices, opening at $182.96 recently, marking a 4.6% decline.

TIAA Trust National Association purchased a new stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 51,488 shares of the technology company's stock, valued at approximately $10,926,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of TEAM. Clean Yield Group increased its stake in Atlassian by 372.0% during the 1st quarter. Clean Yield Group now owns 118 shares of the technology company's stock valued at $25,000 after purchasing an additional 93 shares in the last quarter. Colonial Trust Co SC increased its stake 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 in the last quarter. Pilgrim Partners Asia Pte Ltd bought a new stake in Atlassian during the 4th quarter valued at $39,000. GeoWealth Management LLC increased its stake in Atlassian by 26.8% during the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock valued at $44,000 after purchasing an additional 38 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its stake in Atlassian by 82.7% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 243 shares of the technology company's stock valued at $52,000 after purchasing an additional 110 shares in the last quarter. Institutional investors own 94.45% of the company's stock.

Analysts Set New Price Targets

TEAM has been the subject of a number of recent research reports. Barclays decreased their price target on shares of Atlassian from $260.00 to $244.00 and set an "overweight" rating for the company in a research note on Monday, July 21st. Morgan Stanley cut their price objective on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Baird R W raised shares of Atlassian from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. Robert W. Baird raised shares of Atlassian from a "neutral" rating to an "outperform" rating and cut their price objective for the stock from $320.00 to $255.00 in a report on Monday, April 14th. Finally, Macquarie cut their price objective on shares of Atlassian from $270.00 to $250.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Five equities research 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. Based on data from MarketBeat.com, Atlassian presently has a consensus rating of "Moderate Buy" and a consensus target price of $274.05.

Atlassian Price Performance

Shares of TEAM traded down $1.10 during midday trading on Tuesday, hitting $184.59. 225,013 shares of the company traded hands, compared to its average volume of 2,264,916. The stock has a 50-day moving average of $202.31 and a 200-day moving average of $228.31. Atlassian Corporation PLC has a one year low of $136.84 and a one year high of $326.00. The firm has a market cap of $48.46 billion, a P/E ratio of -111.38 and a beta of 0.96. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26.

Insider Activity at Atlassian

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the company's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $214.92, for a total value of $1,708,184.16. Following the completion of the sale, the director owned 103,324 shares of the company's stock, valued at $22,206,394.08. This represents a 7.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $221.41, for a total value of $1,759,766.68. Following the completion of the sale, the chief executive officer directly owned 111,272 shares of the company's stock, valued at approximately $24,636,733.52. This represents a 6.67% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 499,399 shares of company stock worth $102,317,172. 38.55% of the stock is owned by company insiders.

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.