ING Groep NV Decreases Stock Position in Atlassian Co. (NASDAQ:TEAM)

ING Groep NV lessened its position in shares of Atlassian Co. (NASDAQ:TEAM) by 25.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,272 shares of the technology company’s stock after selling 8,573 shares during the period. ING Groep NV’s holdings in Atlassian were worth $4,013,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in TEAM. Palo Alto Wealth Advisors LLC purchased a new stake in Atlassian during the third quarter valued at about $481,000. Tokio Marine Asset Management Co. Ltd. raised its position in shares of Atlassian by 5.2% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,836 shares of the technology company’s stock valued at $768,000 after purchasing an additional 238 shares during the period. Metis Global Partners LLC lifted its stake in shares of Atlassian by 12.9% during the 3rd quarter. Metis Global Partners LLC now owns 4,030 shares of the technology company’s stock valued at $640,000 after buying an additional 459 shares in the last quarter. Plato Investment Management Ltd purchased a new position in Atlassian in the 3rd quarter valued at approximately $1,243,000. Finally, ICICI Prudential Asset Management Co Ltd raised its holdings in Atlassian by 19.4% during the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 2,089 shares of the technology company’s stock valued at $332,000 after acquiring an additional 340 shares during the period. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on TEAM shares. Piper Sandler lifted their price target on Atlassian from $225.00 to $265.00 and gave the company an “overweight” rating in a research report on Friday, November 1st. KeyCorp raised shares of Atlassian from a “sector weight” rating to an “overweight” rating and set a $260.00 target price on the stock in a report on Friday, November 1st. JMP Securities raised shares of Atlassian to a “hold” rating in a report on Friday, August 2nd. Canaccord Genuity Group lifted their price objective on Atlassian from $225.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, BMO Capital Markets lifted their price target on Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a research report on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $244.21.

Atlassian Price Performance

Shares of Atlassian stock opened at $240.04 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. Atlassian Co. has a one year low of $135.29 and a one year high of $258.69. The business’s 50 day simple moving average is $186.37 and its two-hundred day simple moving average is $174.14. The stock has a market capitalization of $62.51 billion, a P/E ratio of -157.92 and a beta of 0.71.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period last year, the firm earned ($0.07) earnings per share. Atlassian’s quarterly revenue was up 21.5% on a year-over-year basis. Analysts forecast that Atlassian Co. will post -0.56 EPS for the current year.

Insider Activity at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $156.92, for a total value of $1,247,200.16. Following the completion of the transaction, the chief executive officer now owns 214,596 shares in the company, valued at $33,674,404.32. This trade represents a 3.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Gene Liu sold 785 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $240.00, for a total value of $188,400.00. Following the completion of the sale, the chief accounting officer now directly owns 57,938 shares in the company, valued at approximately $13,905,120. The trade was a 1.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 246,248 shares of company stock worth $45,553,294 over the last quarter. 38.55% of the stock is 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.