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

KBC Group NV increased its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 1,691.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,440,019 shares of the technology company’s stock after buying an additional 1,359,624 shares during the period. KBC Group NV’s holdings in Atlassian were worth $98,281,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. SEB Asset Management AB bought a new position in shares of Atlassian in the first quarter worth about $4,406,000. Swiss National Bank grew its stake in shares of Atlassian by 8.2% during the first quarter. Swiss National Bank now owns 493,267 shares of the technology company’s stock valued at $33,665,000 after purchasing an additional 37,500 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its holdings in shares of Atlassian by 224.2% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 4,960 shares of the technology company’s stock valued at $339,000 after purchasing an additional 3,430 shares in the last quarter. Assetmark Inc. raised its position in Atlassian by 431.5% in the 1st quarter. Assetmark Inc. now owns 2,110 shares of the technology company’s stock worth $144,000 after purchasing an additional 1,713 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in Atlassian by 63.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 221,370 shares of the technology company’s stock worth $15,356,000 after purchasing an additional 85,769 shares during the last quarter. Institutional investors own 94.45% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Atlassian in a report on Monday, April 20th. Oppenheimer boosted their target price on Atlassian from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, May 11th. Bank of America cut their price target on Atlassian from $110.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday. BTIG Research reiterated a “buy” rating and issued a $130.00 price target on shares of Atlassian in a report on Friday, July 10th. Finally, Robert W. Baird set a $120.00 price objective on Atlassian in a research report on Friday, May 1st. Twenty-one 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $138.50.

Insider Transactions at Atlassian

In related news, CFO James Chuong sold 8,838 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $775,534.50. Following the sale, the chief financial officer directly owned 288,272 shares in the company, valued at $25,295,868. This trade represents a 2.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at 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 stock was sold at an average price of $89.71, for a total transaction of $269,130.00. Following the transaction, the executive directly owned 227,691 shares in the company, valued at $20,426,159.61. The trade was a 1.30% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 20,041 shares of company stock worth $1,801,069. Company insiders own 36.66% of the company’s stock.

Atlassian Stock Performance

TEAM stock opened at $93.29 on Monday. Atlassian Corporation PLC has a twelve month low of $56.01 and a twelve month high of $206.00. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13. The company has a market cap of $23.67 billion, a P/E ratio of -112.40, a price-to-earnings-growth ratio of 6.08 and a beta of 1.11. The business’s fifty day moving average is $88.74 and its 200-day moving average is $91.40.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 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 positive return on equity of 6.22% and a negative net margin of 3.50%.The firm’s quarterly revenue was up 31.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.97 earnings per share. Equities research analysts forecast that Atlassian Corporation PLC will post 0.81 EPS for the current year.

About Atlassian

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.