Zurcher Kantonalbank Zurich Cantonalbank Acquires 62,812 Shares of Atlassian Co. (NASDAQ:TEAM)

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Atlassian Co. (NASDAQ:TEAM) by 193.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 95,274 shares of the technology company’s stock after acquiring an additional 62,812 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Atlassian were worth $23,188,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of TEAM. Principal Financial Group Inc. raised its stake in shares of Atlassian by 61.4% during the 3rd quarter. Principal Financial Group Inc. now owns 10,770 shares of the technology company’s stock worth $1,710,000 after purchasing an additional 4,099 shares during the period. Venturi Wealth Management LLC grew its position in Atlassian by 18.6% during the third quarter. Venturi Wealth Management LLC now owns 1,411 shares of the technology company’s stock valued at $224,000 after buying an additional 221 shares during the period. GSA Capital Partners LLP increased its holdings in Atlassian by 140.4% during the third quarter. GSA Capital Partners LLP now owns 4,827 shares of the technology company’s stock worth $767,000 after buying an additional 2,819 shares during the last quarter. Baillie Gifford & Co. raised its position in Atlassian by 0.9% in the third quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock worth $1,352,115,000 after acquiring an additional 78,454 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in Atlassian by 1.8% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 366,254 shares of the technology company’s stock valued at $58,165,000 after acquiring an additional 6,470 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on TEAM. UBS Group lifted their price target on shares of Atlassian from $275.00 to $330.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. BMO Capital Markets upgraded Atlassian from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $255.00 to $292.00 in a research note on Friday, January 10th. Wells Fargo & Company upped their price target on Atlassian from $350.00 to $375.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. JMP Securities reissued a “market perform” rating on shares of Atlassian in a report on Friday, January 31st. Finally, Macquarie upped their price objective on shares of Atlassian from $290.00 to $317.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Eight equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, Atlassian currently has an average rating of “Moderate Buy” and an average price target of $319.71.

Atlassian Price Performance

Atlassian stock opened at $224.10 on Wednesday. The stock has a market cap of $58.71 billion, a price-to-earnings ratio of -167.24 and a beta of 0.91. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. The business has a 50-day simple moving average of $275.10 and a 200 day simple moving average of $233.57. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $326.00.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. On average, research analysts forecast that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction on Monday, March 10th. The shares were sold at an average price of $218.05, for a total transaction of $1,733,061.40. Following the completion of the sale, the director now directly owns 119,220 shares of the company’s stock, valued at approximately $25,995,921. The trade was a 6.25 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Gene Liu sold 779 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $320.01, for a total value of $249,287.79. Following the completion of the transaction, the chief accounting officer now directly owns 52,710 shares in the company, valued at approximately $16,867,727.10. This represents a 1.46 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 272,501 shares of company stock valued at $74,569,690 in the last quarter. Corporate insiders own 38.55% of the company’s stock.

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.