Zurcher Kantonalbank Zurich Cantonalbank Buys 28,001 Shares of Atlassian Corporation PLC $TEAM

Key Points

• Zurcher Kantonalbank raised its stake in Atlassian by 25.1%, buying 28,001 shares to hold 139,400 shares valued at about $22.6 million (≈0.05% of the company).
• Insiders sold 113,323 shares worth $13.27 million in the last quarter (including CEO and CRO sales), though corporate insiders still own 36.66% of the stock.
• Analyst view and valuation: The consensus is a "Moderate Buy" with an average target of $155.11, while the stock trades near $71, has negative earnings and margins, but reported 23.3% revenue growth last quarter and a 200‑day moving average of $121.55.

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 25.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 139,400 shares of the technology company's stock after purchasing an additional 28,001 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.05% of Atlassian worth $22,602,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Atlassian by 6.0% during the 3rd quarter. Vanguard Group Inc. now owns 18,479,561 shares of the technology company's stock worth $2,951,186,000 after purchasing an additional 1,049,483 shares in the last quarter. Baillie Gifford & Co. increased its holdings in shares of Atlassian by 3.9% during the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company's stock worth $1,367,132,000 after acquiring an additional 316,276 shares during the last quarter. State Street Corp increased its holdings in shares of Atlassian by 1.9% during the 3rd quarter. State Street Corp now owns 3,867,995 shares of the technology company's stock worth $617,719,000 after acquiring an additional 73,014 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Atlassian by 18.7% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,867,886 shares of the technology company's stock worth $458,001,000 after acquiring an additional 451,706 shares during the last quarter. Finally, DNB Asset Management AS increased its holdings in shares of Atlassian by 266.6% during the 3rd quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company's stock worth $448,260,000 after acquiring an additional 2,041,210 shares during the last quarter. Institutional investors own 94.45% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. UBS Group reissued a "neutral" rating and set a $105.00 target price on shares of Atlassian in a report on Friday, February 6th. BTIG Research decreased their target price on Atlassian from $220.00 to $140.00 and set a "buy" rating on the stock in a report on Friday, February 6th. TD Cowen decreased their target price on Atlassian from $140.00 to $85.00 and set a "hold" rating on the stock in a report on Thursday, April 16th. Mizuho decreased their target price on Atlassian from $185.00 to $145.00 and set an "outperform" rating on the stock in a report on Tuesday, April 14th. Finally, Robert W. Baird set a $140.00 target price on Atlassian in a report on Friday, February 6th. Nineteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $155.11.

Insider Activity at Atlassian

In other news, CRO Brian Duffy sold 1,222 shares of the stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $81.35, for a total transaction of $99,409.70. Following the sale, the executive directly owned 124,332 shares of the company's stock, valued at approximately $10,114,408.20. This represents a 0.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction on Friday, February 6th. The stock was sold at an average price of $94.81, for a total value of $726,718.65. Following the sale, the chief executive officer directly owned 275,940 shares in the company, valued at approximately $26,161,871.40. This trade represents a 2.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 113,323 shares of company stock worth $13,274,072 in the last quarter. 36.66% of the stock is currently owned by corporate insiders.

Atlassian Stock Performance

Shares of NASDAQ TEAM opened at $71.22 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.89 and a quick ratio of 0.89. The stock's fifty day moving average price is $72.91 and its two-hundred day moving average price is $121.55. Atlassian Corporation PLC has a one year low of $56.01 and a one year high of $242.00. The firm has a market cap of $18.78 billion, a price-to-earnings ratio of -98.92 and a beta of 0.99.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Friday, February 6th. The technology company reported $1.22 EPS for the quarter, beating analysts' consensus estimates of $1.12 by $0.10. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period in the prior year, the firm posted $0.96 EPS. The company's revenue for the quarter was up 23.3% on a year-over-year basis. On average, equities analysts forecast that Atlassian Corporation PLC will post -0.01 EPS for the current year.

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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