KBC Group NV Acquires 1,359,624 Shares of Atlassian Corporation PLC $TEAM

Key Points

• KBC Group NV sharply boosted its stake in Atlassian, increasing holdings by 1,691.2% in the first quarter to 1,440,019 shares worth about $98.3 million. The fund now owns roughly 0.55% of the company.
• Atlassian reported better-than-expected quarterly results, posting EPS of $1.75 versus the $1.33 estimate and revenue of $1.79 billion versus $1.70 billion expected. Revenue rose 31.7% year over year.
• Analyst sentiment remains broadly positive but mixed, with the stock carrying a Moderate Buy consensus and an average price target of $138.50. However, some firms have recently cut targets or downgraded the stock, reflecting caution around the shares.

KBC Group NV increased its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 1,691.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,440,019 shares of the technology company's stock after purchasing an additional 1,359,624 shares during the period. KBC Group NV owned approximately 0.55% of Atlassian worth $98,281,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its position in shares of Atlassian by 12.0% in the fourth quarter. GAMMA Investing LLC now owns 615 shares of the technology company's stock valued at $100,000 after acquiring an additional 66 shares during the period. Snowden Capital Advisors LLC increased its position in Atlassian by 1.6% during the second quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company's stock worth $907,000 after acquiring an additional 71 shares during the period. Financial Perspectives Inc raised its stake in Atlassian by 11.7% during the 4th quarter. Financial Perspectives Inc now owns 718 shares of the technology company's stock valued at $116,000 after purchasing an additional 75 shares during the last quarter. Slow Capital Inc. raised its stake in Atlassian by 0.3% during the 4th quarter. Slow Capital Inc. now owns 33,486 shares of the technology company's stock valued at $5,429,000 after purchasing an additional 84 shares during the last quarter. Finally, Verdence Capital Advisors LLC boosted its holdings in Atlassian by 3.0% in the 4th quarter. Verdence Capital Advisors LLC now owns 3,079 shares of the technology company's stock valued at $499,000 after purchasing an additional 89 shares during the period. Institutional investors and hedge funds own 94.45% of the company's stock.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $93.29 on Monday. The company's fifty day moving average is $88.74 and its 200-day moving average is $91.40. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. Atlassian Corporation PLC has a 52 week low of $56.01 and a 52 week high of $206.00. The company has a market capitalization of $23.67 billion, a PE ratio of -112.40, a P/E/G ratio of 6.08 and a beta of 1.11.

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on TEAM shares. Zacks Research downgraded shares of Atlassian from a "strong-buy" rating to a "hold" rating in a report on Monday, June 29th. UBS Group reduced their target price on shares of Atlassian from $105.00 to $95.00 and set a "neutral" rating for the company in a research note on Friday, May 1st. Mizuho lowered their price target on Atlassian from $185.00 to $145.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 14th. Piper Sandler cut their price target on Atlassian from $200.00 to $175.00 and set an "overweight" rating for the company in a report on Friday, May 1st. Finally, Guggenheim set a $115.00 price objective on Atlassian in a research report on Thursday, April 9th. Twenty-one research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Atlassian currently has an average rating of "Moderate Buy" and a consensus target price of $138.50.

Insider Activity at Atlassian

In other news, CFO James Chuong sold 8,838 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the sale, the chief financial officer owned 288,272 shares of the company's stock, valued at approximately $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 SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of Atlassian stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $89.71, for a total transaction of $269,130.00. Following the completion of the transaction, the executive owned 227,691 shares of the company's stock, valued at $20,426,159.61. This trade represents a 1.30% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 20,041 shares of company stock valued at $1,801,069. Company insiders own 36.66% of the company's stock.

Atlassian Profile

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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