Polar Asset Management Partners Inc. Invests $1.61 Million in Atlassian Co. (NASDAQ:TEAM)

Polar Asset Management Partners Inc. bought a new position in shares of Atlassian Co. (NASDAQ:TEAM) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 6,600 shares of the technology company’s stock, valued at approximately $1,606,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Polar Capital Holdings Plc bought a new position in shares of Atlassian during the fourth quarter worth about $5,565,000. ProShare Advisors LLC increased its position in Atlassian by 22.0% during the 4th quarter. ProShare Advisors LLC now owns 183,288 shares of the technology company’s stock valued at $44,609,000 after purchasing an additional 33,006 shares during the period. Quantinno Capital Management LP raised its holdings in Atlassian by 43.6% during the 4th quarter. Quantinno Capital Management LP now owns 19,213 shares of the technology company’s stock worth $4,676,000 after purchasing an additional 5,832 shares during the last quarter. Nia Impact Advisors LLC acquired a new position in shares of Atlassian in the 4th quarter worth approximately $3,483,000. Finally, Nissay Asset Management Corp Japan ADV boosted its stake in shares of Atlassian by 6.8% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 35,510 shares of the technology company’s stock valued at $8,881,000 after purchasing an additional 2,259 shares during the last quarter. Institutional investors own 94.45% of the company’s stock.

Insider Buying and Selling at Atlassian

In related news, President Anutthara Bharadwaj sold 7,674 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $225.51, for a total value of $1,730,563.74. Following the transaction, the president now owns 192,260 shares in the company, valued at approximately $43,356,552.60. This represents a 3.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Gene Liu sold 541 shares of the firm’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $225.51, for a total value of $122,000.91. Following the completion of the sale, the chief accounting officer now directly owns 51,481 shares of the company’s stock, valued at $11,609,480.31. This represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 267,301 shares of company stock worth $60,975,089 in the last quarter. 38.55% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

TEAM has been the subject of a number of recent analyst reports. Mizuho increased their price target on Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. Wells Fargo & Company decreased their target price on Atlassian from $330.00 to $315.00 and set an “overweight” rating for the company in a research note on Friday, May 2nd. Oppenheimer increased their price target on Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. Piper Sandler reaffirmed an “overweight” rating and set a $300.00 price objective (down previously from $365.00) on shares of Atlassian in a research report on Friday, May 2nd. Finally, BMO Capital Markets cut their target price on shares of Atlassian from $295.00 to $245.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. Five investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $285.29.

Atlassian Stock Performance

NASDAQ TEAM opened at $220.79 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The company has a fifty day moving average price of $213.69 and a 200-day moving average price of $246.60. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $326.00. The firm has a market cap of $57.85 billion, a price-to-earnings ratio of -164.77 and a beta of 1.06.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.04. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The company’s revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.89 EPS. As a group, equities research analysts predict that Atlassian Co. will post -0.34 EPS for the current fiscal year.

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.