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

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

Other institutional investors and hedge funds have also bought and sold shares of the company. Virtu Financial LLC purchased a new stake in Atlassian in the third quarter worth about $606,000. Fulton Bank N.A. purchased a new position in shares of Atlassian during the fourth quarter valued at approximately $447,000. Paloma Partners Management Co purchased a new position in shares of Atlassian during the third quarter valued at approximately $1,588,000. Allworth Financial LP lifted its holdings in shares of Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after purchasing an additional 47 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Atlassian by 2.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 583,579 shares of the technology company’s stock valued at $92,678,000 after purchasing an additional 12,422 shares during the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Trading Up 4.7 %

Shares of Atlassian stock opened at $229.86 on Thursday. The company’s fifty day simple moving average is $271.91 and its 200-day simple moving average is $235.42. The stock has a market capitalization of $60.22 billion, a PE ratio of -171.54 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.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share 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%. As a group, equities analysts anticipate that Atlassian Co. will post -0.34 earnings per share for the current year.

Insider Transactions at Atlassian

In related news, CAO Gene Liu sold 568 shares of Atlassian stock in a transaction on Friday, February 14th. The shares were sold at an average price of $312.08, for a total transaction of $177,261.44. Following the transaction, the chief accounting officer now owns 52,142 shares in the company, valued at approximately $16,272,475.36. The trade was a 1.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Friday, December 20th. The shares were sold at an average price of $255.22, for a total transaction of $2,028,488.56. Following the transaction, the chief executive officer now owns 47,688 shares in the company, valued at approximately $12,170,931.36. This trade represents a 14.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 264,553 shares of company stock worth $71,627,261 in the last 90 days. 38.55% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on TEAM shares. BMO Capital Markets upgraded shares of Atlassian from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $255.00 to $292.00 in a report on Friday, January 10th. Raymond James reiterated an “outperform” rating and set a $330.00 target price (up from $250.00) on shares of Atlassian in a report on Friday, January 31st. Citigroup lifted their target price on shares of Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a report on Friday, January 17th. Oppenheimer lifted their target price on shares of Atlassian from $300.00 to $380.00 and gave the company an “outperform” rating in a report on Friday, January 31st. Finally, Wells Fargo & Company raised their price target on shares of Atlassian from $350.00 to $375.00 and gave the company 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 given a buy rating to the stock. Based on data from MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and a consensus target price of $316.77.

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.