Magnetar Financial LLC Makes New Investment in Atlassian Co. (NASDAQ:TEAM)

Magnetar Financial LLC bought a new stake in shares of Atlassian Co. (NASDAQ:TEAM) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund bought 2,183 shares of the technology company’s stock, valued at approximately $426,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Lazard Asset Management LLC grew its holdings in shares of Atlassian by 1,089.4% during the first quarter. Lazard Asset Management LLC now owns 35,764 shares of the technology company’s stock worth $6,976,000 after buying an additional 32,757 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in Atlassian during the 1st quarter worth approximately $55,307,000. Canada Pension Plan Investment Board grew its position in Atlassian by 33.1% during the first quarter. Canada Pension Plan Investment Board now owns 158,180 shares of the technology company’s stock worth $30,862,000 after buying an additional 39,380 shares in the last quarter. Capital International Investors increased its position in shares of Atlassian by 6.3% in the first quarter. Capital International Investors now owns 2,436,567 shares of the technology company’s stock worth $475,399,000 after purchasing an additional 144,117 shares during the period. Finally, Napean Trading & Investment Co Singapore PTE Ltd raised its position in shares of Atlassian by 14.1% in the 1st quarter. Napean Trading & Investment Co Singapore PTE Ltd now owns 40,974 shares of the technology company’s stock valued at $7,994,000 after buying an additional 5,072 shares in the last quarter. Institutional investors own 93.03% of the company’s stock.

Atlassian Stock Performance

Shares of NASDAQ TEAM traded up $2.91 during trading on Monday, reaching $180.23. 80,069 shares of the company traded hands, compared to its average volume of 1,696,582. The stock has a market cap of $46.91 billion, a P/E ratio of -281.46 and a beta of 0.74. The firm’s fifty day simple moving average is $170.19 and its 200 day simple moving average is $193.56. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.82. Atlassian Co. has a 12-month low of $152.34 and a 12-month high of $258.69.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, April 25th. The technology company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.27. Atlassian had a negative return on equity of 13.95% and a negative net margin of 3.90%. The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same quarter in the prior year, the firm earned ($0.40) earnings per share. The business’s revenue was up 29.9% compared to the same quarter last year. As a group, research analysts anticipate that Atlassian Co. will post -0.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on TEAM shares. Robert W. Baird cut their target price on shares of Atlassian from $270.00 to $230.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th. Citigroup reduced their price target on shares of Atlassian from $280.00 to $265.00 and set a “buy” rating for the company in a report on Friday, April 12th. Morgan Stanley lowered their price target on Atlassian from $245.00 to $225.00 and set an “overweight” rating for the company in a research report on Wednesday, July 17th. Mizuho lowered their target price on shares of Atlassian from $225.00 to $220.00 and set an “outperform” rating for the company in a report on Tuesday, July 16th. Finally, Oppenheimer decreased their target price on Atlassian from $300.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, April 26th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $228.81.

Insider Activity at Atlassian

In other news, President Anutthara Bharadwaj sold 4,856 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $184.26, for a total value of $894,766.56. Following the completion of the sale, the president now directly owns 156,994 shares in the company, valued at $28,927,714.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Atlassian news, President Anutthara Bharadwaj sold 4,856 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $184.26, for a total value of $894,766.56. Following the transaction, the president now directly owns 156,994 shares in the company, valued at approximately $28,927,714.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Scott Farquhar sold 7,948 shares of the company’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $153.84, for a total value of $1,222,720.32. Following the completion of the transaction, the chief executive officer now directly owns 55,636 shares in the company, valued at approximately $8,559,042.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 267,923 shares of company stock valued at $46,388,282. 40.48% of the stock is owned by insiders.

Atlassian 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.