Zurcher Kantonalbank Zurich Cantonalbank Has $5.75 Million Stake in Atlassian Co. (NASDAQ:TEAM)

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Atlassian Co. (NASDAQ:TEAM) by 13.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 32,502 shares of the technology company’s stock after purchasing an additional 3,958 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Atlassian were worth $5,749,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of TEAM. Hollencrest Capital Management grew its position in Atlassian by 383.9% in the 1st quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock valued at $29,000 after purchasing an additional 119 shares during the period. Trust Co. of Vermont grew its position in Atlassian by 2,175.0% in the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after purchasing an additional 174 shares during the period. Edmond DE Rothschild Holding S.A. bought a new position in Atlassian during the 1st quarter valued at $40,000. Crewe Advisors LLC bought a new position in Atlassian during the 1st quarter valued at $43,000. Finally, Ridgewood Investments LLC bought a new position in Atlassian during the 2nd quarter valued at $58,000. Institutional investors and hedge funds own 93.03% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on TEAM. Piper Sandler upgraded Atlassian from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $200.00 to $225.00 in a research note on Tuesday, July 2nd. Wells Fargo & Company dropped their price objective on Atlassian from $285.00 to $250.00 and set an “overweight” rating on the stock in a research note on Friday, June 21st. The Goldman Sachs Group upgraded Atlassian from a “neutral” rating to a “buy” rating and raised their price objective for the company from $200.00 to $230.00 in a research note on Friday, August 2nd. Morgan Stanley dropped their price objective on Atlassian from $245.00 to $225.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th. Finally, Mizuho lowered their target price on Atlassian from $225.00 to $220.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 16th. Ten investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Atlassian currently has a consensus rating of “Moderate Buy” and a consensus price target of $217.69.

Atlassian Stock Performance

Atlassian stock traded down $0.42 during midday trading on Friday, reaching $167.03. The stock had a trading volume of 380,464 shares, compared to its average volume of 1,780,222. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $43.43 billion, a PE ratio of -265.79 and a beta of 0.74. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $258.69. The firm’s 50-day moving average price is $166.26 and its 200 day moving average price is $180.56.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.13 billion. Atlassian had a negative return on equity of 17.69% and a negative net margin of 6.89%. The company’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.21) EPS. As a group, research analysts predict that Atlassian Co. will post -0.57 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $186.48, for a total transaction of $1,482,143.04. Following the completion of the transaction, the chief executive officer now owns 476,880 shares of the company’s stock, valued at approximately $88,928,582.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $175.00, for a total value of $133,000.00. Following the completion of the sale, the president now owns 152,534 shares of the company’s stock, valued at $26,693,450. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Scott Farquhar sold 7,948 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $186.48, for a total value of $1,482,143.04. Following the completion of the sale, the chief executive officer now directly owns 476,880 shares of the company’s stock, valued at approximately $88,928,582.40. The disclosure for this sale can be found here. Insiders sold 248,400 shares of company stock valued at $41,407,949 in the last quarter. 40.48% of the stock is currently 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.