Magnetar Financial LLC Takes $5.58 Million Position in Atlassian Co. (NASDAQ:TEAM)

Magnetar Financial LLC bought a new stake in Atlassian Co. (NASDAQ:TEAM) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 22,940 shares of the technology company’s stock, valued at approximately $5,583,000.

Several other institutional investors have also bought and sold shares of the company. State Street Corp lifted its stake in Atlassian by 0.3% in the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock valued at $565,424,000 after purchasing an additional 8,957 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Atlassian by 5.6% in the third quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock valued at $393,588,000 after purchasing an additional 131,621 shares during the last quarter. FMR LLC lifted its stake in Atlassian by 7.4% in the third quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock valued at $346,679,000 after purchasing an additional 150,237 shares during the last quarter. Geode Capital Management LLC lifted its stake in Atlassian by 2.8% in the third quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company’s stock valued at $340,453,000 after purchasing an additional 57,911 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Atlassian by 5.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,210,351 shares of the technology company’s stock worth $192,216,000 after acquiring an additional 58,536 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Stock Up 4.7 %

Shares of NASDAQ:TEAM opened at $229.86 on Thursday. The stock’s 50-day moving average price is $271.91 and its 200-day moving average price is $235.42. Atlassian Co. has a 12-month low of $135.29 and a 12-month high of $326.00. The stock has a market capitalization of $60.22 billion, a P/E ratio of -171.54 and a beta of 0.91. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81.

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

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on TEAM shares. StockNews.com upgraded Atlassian from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Barclays increased their target price on Atlassian from $275.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. The Goldman Sachs Group increased their target price on Atlassian from $245.00 to $370.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. William Blair restated an “outperform” rating on shares of Atlassian in a research report on Friday, January 31st. Finally, Piper Sandler increased their target price on Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Nine investment analysts have rated the stock with a hold rating and seventeen have assigned a buy 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 $316.77.

Insider Activity

In other news, CAO Gene Liu sold 779 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $320.01, for a total transaction of $249,287.79. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $253.01, for a total transaction of $2,010,923.48. Following the sale, the director now owns 389,452 shares of the company’s stock, valued at approximately $98,535,250.52. This represents a 2.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 264,553 shares of company stock valued at $71,627,261. 38.55% of the stock is currently owned by 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.