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

Magnetar Financial LLC acquired a new position in Atlassian Co. (NASDAQ:TEAM - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 22,940 shares of the technology company's stock, valued at approximately $5,583,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Point72 Asset Management L.P. grew its holdings in Atlassian by 760.5% during the third quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company's stock worth $110,972,000 after buying an additional 617,566 shares in the last quarter. Two Sigma Advisers LP grew its stake in shares of Atlassian by 122.0% in the 3rd quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company's stock worth $159,382,000 after acquiring an additional 551,500 shares in the last quarter. Westfield Capital Management Co. LP bought a new position in shares of Atlassian during the third quarter valued at about $57,149,000. Los Angeles Capital Management LLC boosted its holdings in Atlassian by 12,047.2% during the fourth quarter. Los Angeles Capital Management LLC now owns 228,124 shares of the technology company's stock worth $55,521,000 after purchasing an additional 226,246 shares during the last quarter. Finally, Fisher Funds Management LTD bought a new stake in Atlassian in the 4th quarter worth about $47,469,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Price Performance

TEAM stock traded up $7.28 during midday trading on Monday, reaching $234.62. The company had a trading volume of 1,897,222 shares, compared to its average volume of 1,941,153. The firm has a 50-day moving average price of $271.24 and a 200-day moving average price of $236.81. The company has a market capitalization of $61.47 billion, a P/E ratio of -175.09 and a beta of 0.91. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $326.00. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24.

Remove Ads

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (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 anticipate that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

TEAM has been the topic of a number of recent analyst reports. Citigroup lifted their price target on Atlassian from $255.00 to $300.00 and gave the stock a "buy" rating in a report on Friday, January 17th. Piper Sandler lifted their target price on Atlassian from $310.00 to $365.00 and gave the stock an "overweight" rating in a research note on Friday, January 31st. The Goldman Sachs Group boosted their price target on shares of Atlassian from $245.00 to $370.00 and gave the stock a "buy" rating in a report on Monday, February 3rd. William Blair restated an "outperform" rating on shares of Atlassian in a report on Friday, January 31st. Finally, BMO Capital Markets upgraded shares of 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. Nine investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, Atlassian presently has an average rating of "Moderate Buy" and an average price target of $316.77.

Insider Activity at Atlassian

In related news, CAO Gene Liu sold 779 shares of the firm's stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $320.01, for a total transaction of $249,287.79. Following the transaction, the chief accounting officer now directly owns 52,710 shares in the company, valued at $16,867,727.10. This trade represents a 1.46 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 15,896 shares of the firm's stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $243.55, for a total transaction of $3,871,470.80. Following the completion of the transaction, the chief executive officer now owns 429,192 shares in the company, valued at $104,529,711.60. This represents a 3.57 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 263,033 shares of company stock valued at $71,015,177. Corporate insiders own 38.55% of the company's stock.

About Atlassian

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.