Atlassian Corporation PLC (NASDAQ:TEAM) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank increased its holdings in Atlassian Corporation PLC by 4.2%, now owning 99,261 shares valued at $21,064,000.
• Atlassian's shares are trading down 0.9% at $200.06, with a market capitalization of $52.52 billion and a P/E ratio of -120.52.
• Analysts have mixed ratings for Atlassian, with a consensus "Moderate Buy" and an average price target of $274.05 despite recent target downgrades from several firms.

Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 4.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 99,261 shares of the technology company's stock after buying an additional 3,987 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Atlassian were worth $21,064,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TEAM. Clean Yield Group raised its position in shares of 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 buying an additional 93 shares during the period. Colonial Trust Co SC raised its position in shares of 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 buying an additional 69 shares during the period. Summit Securities Group LLC purchased a new stake in shares of Atlassian during the 4th quarter valued at approximately $38,000. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Atlassian during the 4th quarter valued at approximately $39,000. Finally, GeoWealth Management LLC raised its position in shares of 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 buying an additional 38 shares during the period. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Stock Performance

TEAM traded down $2.87 on Wednesday, reaching $197.19. The company had a trading volume of 1,376,312 shares, compared to its average volume of 2,290,248. Atlassian Corporation PLC has a 1 year low of $135.29 and a 1 year high of $326.00. The stock has a market capitalization of $51.76 billion, a PE ratio of -118.79 and a beta of 0.94. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. The stock has a 50-day moving average price of $203.36 and a 200-day moving average price of $229.61.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.04. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the prior year, the firm earned $0.89 earnings per share. The business's quarterly revenue was up 14.1% compared to the same quarter last year. As a group, research analysts forecast that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $202.05, for a total transaction of $1,548,713.25. Following the completion of the sale, the chief executive officer directly owned 344,925 shares of the company's stock, valued at approximately $69,692,096.25. This trade represents a 2.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Scott Farquhar sold 7,665 shares of the business's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $202.05, for a total transaction of $1,548,713.25. Following the completion of the transaction, the director directly owned 344,925 shares in the company, valued at $69,692,096.25. This represents a 2.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 484,635 shares of company stock valued at $99,779,418 over the last ninety days. 38.55% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Canaccord Genuity Group reduced their price target on shares of Atlassian from $300.00 to $255.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Wells Fargo & Company dropped their target price on shares of Atlassian from $330.00 to $315.00 and set an "overweight" rating for the company in a report on Friday, May 2nd. Barclays dropped their target price on shares of Atlassian from $260.00 to $244.00 and set an "overweight" rating for the company in a report on Monday, July 21st. BMO Capital Markets dropped their target price on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Finally, Mizuho dropped their target price on shares of Atlassian from $290.00 to $265.00 and set an "outperform" rating for the company in a report on Wednesday, July 16th. 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. According to MarketBeat.com, Atlassian presently has an average rating of "Moderate Buy" and an average price target of $274.05.

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.