ING Groep NV Trims Holdings in Atlassian Co. (NASDAQ:TEAM)

ING Groep NV cut its stake in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 25.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 25,272 shares of the technology company's stock after selling 8,573 shares during the quarter. ING Groep NV's holdings in Atlassian were worth $4,013,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in TEAM. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Atlassian by 25.1% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 96,296 shares of the technology company's stock valued at $18,788,000 after purchasing an additional 19,299 shares during the last quarter. M&G Plc purchased a new position in Atlassian in the first quarter valued at $6,676,000. Intech Investment Management LLC raised its stake in Atlassian by 2.7% in the first quarter. Intech Investment Management LLC now owns 8,626 shares of the technology company's stock valued at $1,683,000 after buying an additional 230 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Atlassian by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 15,577,302 shares of the technology company's stock worth $3,039,287,000 after buying an additional 221,650 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its position in shares of Atlassian by 7.6% during the 1st quarter. Acadian Asset Management LLC now owns 1,072,078 shares of the technology company's stock worth $209,145,000 after acquiring an additional 75,724 shares in the last quarter. 93.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CTO Rajeev Bashyam Rajan sold 5,172 shares of the firm's stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $190.00, for a total transaction of $982,680.00. Following the completion of the transaction, the chief technology officer now directly owns 204,109 shares of the company's stock, valued at $38,780,710. This trade represents a 2.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Scott Farquhar sold 7,948 shares of the company's stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $164.81, for a total value of $1,309,909.88. Following the completion of the sale, the chief executive officer now directly owns 182,804 shares in the company, valued at approximately $30,127,927.24. The trade was a 4.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 246,248 shares of company stock worth $45,553,294 in the last quarter. Company insiders own 38.55% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on TEAM shares. Robert W. Baird boosted their target price on Atlassian from $175.00 to $200.00 and gave the stock a "neutral" rating in a research note on Friday, November 1st. The Goldman Sachs Group raised shares of Atlassian from a "neutral" rating to a "buy" rating and increased their target price for the company from $200.00 to $230.00 in a research report on Friday, August 2nd. Baird R W cut shares of Atlassian from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 2nd. Barclays dropped their price objective on Atlassian from $275.00 to $250.00 and set an "overweight" rating on the stock in a report on Monday, August 5th. Finally, BMO Capital Markets boosted their price objective on Atlassian from $177.00 to $255.00 and gave the company a "market perform" rating in a research note on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $244.21.

Atlassian Price Performance

Shares of Atlassian stock traded down $9.95 during trading on Friday, reaching $240.04. The company's stock had a trading volume of 2,279,443 shares, compared to its average volume of 1,864,679. The business has a 50 day moving average price of $187.95 and a 200-day moving average price of $174.58. The company has a market capitalization of $62.51 billion, a P/E ratio of -157.92 and a beta of 0.71. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. Atlassian Co. has a 12-month low of $135.29 and a 12-month high of $258.69.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping analysts' consensus estimates of $0.64 by $0.13. The business had revenue of $1.19 billion for the quarter, compared to analysts' expectations of $1.16 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The business's revenue for the quarter was up 21.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.07) EPS. As a group, sell-side analysts anticipate that Atlassian Co. will post -0.56 EPS for the current year.

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.