ABC Arbitrage SA Invests $1.50 Million in Atlassian Co. (NASDAQ:TEAM)

ABC Arbitrage SA bought a new position in shares of Atlassian Co. (NASDAQ:TEAM) during the 4th quarter, HoldingsChannel reports. The fund bought 6,145 shares of the technology company’s stock, valued at approximately $1,496,000.

Several other institutional investors and hedge funds have also made changes to their positions in TEAM. GAMMA Investing LLC boosted its holdings in shares of Atlassian by 68.6% during the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after purchasing an additional 96 shares during the last quarter. Creative Planning raised its position in shares of Atlassian by 32.3% during the 3rd quarter. Creative Planning now owns 7,947 shares of the technology company’s stock valued at $1,262,000 after buying an additional 1,941 shares during the period. Swedbank AB raised its position in shares of Atlassian by 4.2% during the 3rd quarter. Swedbank AB now owns 63,535 shares of the technology company’s stock valued at $10,090,000 after buying an additional 2,539 shares during the period. Slow Capital Inc. purchased a new stake in shares of Atlassian during the 3rd quarter valued at approximately $5,228,000. Finally, Sequoia Financial Advisors LLC raised its position in shares of Atlassian by 37.0% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock valued at $306,000 after buying an additional 520 shares during the period. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Stock Performance

Atlassian stock opened at $313.10 on Friday. Atlassian Co. has a twelve month low of $135.29 and a twelve month high of $326.00. The stock’s fifty day simple moving average is $269.40 and its 200-day simple moving average is $216.86. The company has a quick ratio of 1.18, a current ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates 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, analysts expect that Atlassian Co. will post -0.34 EPS for the current year.

Insider Buying and Selling

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $236.89, for a total transaction of $1,882,801.72. Following the completion of the transaction, the chief executive officer now owns 421,244 shares in the company, valued at approximately $99,788,491.16. The trade was a 1.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Joseph Leo Binz sold 2,587 shares of the business’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $312.09, for a total transaction of $807,376.83. Following the transaction, the chief financial officer now owns 169,342 shares of the company’s stock, valued at approximately $52,849,944.78. The trade was a 1.50 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 285,224 shares of company stock worth $76,899,985. Corporate insiders own 38.55% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on TEAM. KeyCorp lifted their price target on shares of Atlassian from $315.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. JMP Securities reaffirmed a “market perform” rating on shares of Atlassian in a research report on Friday, January 31st. UBS Group lifted their price target on shares of Atlassian from $275.00 to $330.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. The Goldman Sachs Group boosted their target price on Atlassian from $245.00 to $370.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Finally, Scotiabank boosted their target price on Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a research report on Friday, January 31st. Nine research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and a consensus price target of $319.71.

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.