Atlassian Co. (NASDAQ:TEAM) Stock Position Lifted by Magnetar Financial LLC

Magnetar Financial LLC raised its holdings in Atlassian Co. (NASDAQ:TEAM) by 514.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,417 shares of the technology company’s stock after acquiring an additional 11,234 shares during the quarter. Magnetar Financial LLC’s holdings in Atlassian were worth $2,373,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Asset Dedication LLC boosted its holdings in shares of Atlassian by 229.8% during the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after buying an additional 108 shares during the period. Hollencrest Capital Management boosted its holdings in Atlassian by 383.9% in the 1st quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock valued at $29,000 after purchasing an additional 119 shares during the period. Trust Co. of Vermont boosted its holdings in Atlassian by 2,175.0% in the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after purchasing an additional 174 shares during the period. Rothschild Investment LLC acquired a new position in shares of Atlassian in the 2nd quarter valued at $36,000. Finally, Edmond DE Rothschild Holding S.A. acquired a new position in shares of Atlassian in the 1st quarter valued at $40,000. 93.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $170.45, for a total value of $1,354,736.60. Following the completion of the sale, the chief executive officer now owns 15,896 shares of the company’s stock, valued at $2,709,473.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $170.45, for a total transaction of $1,354,736.60. Following the completion of the sale, the chief executive officer now owns 15,896 shares of the company’s stock, valued at $2,709,473.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Rajeev Bashyam Rajan sold 199 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $146.08, for a total transaction of $29,069.92. Following the sale, the chief technology officer now directly owns 128,957 shares of the company’s stock, valued at approximately $18,838,038.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 232,211 shares of company stock valued at $39,010,518. 40.48% of the stock is owned by company insiders.

Atlassian Price Performance

Shares of TEAM opened at $161.98 on Tuesday. The company has a market cap of $42.16 billion, a price-to-earnings ratio of -257.11 and a beta of 0.73. Atlassian Co. has a 1-year low of $135.29 and a 1-year high of $258.69. The company’s fifty day simple moving average is $161.63 and its 200 day simple moving average is $174.94. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The firm had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the previous year, the business posted ($0.21) earnings per share. The company’s revenue for the quarter was up 20.5% compared to the same quarter last year. On average, research analysts forecast that Atlassian Co. will post -0.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TEAM. Truist Financial dropped their price objective on shares of Atlassian from $200.00 to $160.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. Barclays dropped their target price on shares of Atlassian from $275.00 to $250.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Capital One Financial upgraded shares of Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 price objective for the company in a research report on Thursday, July 11th. Wells Fargo & Company lowered their price objective on shares of Atlassian from $285.00 to $250.00 and set an “overweight” rating for the company in a research report on Friday, June 21st. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $230.00 target price on shares of Atlassian in a research note on Monday. Ten research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $217.69.

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.