Adage Capital Partners GP L.L.C. Makes New $3.04 Million Investment in Atlassian Co. (NASDAQ:TEAM)

Adage Capital Partners GP L.L.C. purchased a new stake in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 12,500 shares of the technology company's stock, valued at approximately $3,042,000.

Other hedge funds have also made changes to their positions in the company. Murphy & Mullick Capital Management Corp purchased a new stake in shares of Atlassian in the fourth quarter valued at $27,000. Summit Securities Group LLC purchased a new stake in Atlassian in the 4th quarter worth about $38,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in Atlassian during the 4th quarter worth about $39,000. Avion Wealth grew its stake in Atlassian by 1,308.3% during the 4th quarter. Avion Wealth now owns 169 shares of the technology company's stock valued at $41,000 after acquiring an additional 157 shares in the last quarter. Finally, Assetmark Inc. increased its holdings in shares of Atlassian by 30.6% in the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company's stock valued at $43,000 after purchasing an additional 41 shares during the period. Hedge funds and other institutional investors own 94.45% of the company's stock.

Atlassian Trading Down 0.6 %

Shares of Atlassian stock opened at $228.49 on Wednesday. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $326.00. The company's fifty day simple moving average is $226.37 and its 200-day simple moving average is $244.81. The company has a market cap of $59.86 billion, a price-to-earnings ratio of -170.51 and a beta of 1.07. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81.

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

Analyst Upgrades and Downgrades

Several research firms recently commented on TEAM. Jefferies Financial Group decreased their price target on shares of Atlassian from $330.00 to $262.00 and set a "buy" rating for the company in a report on Monday, April 7th. Barclays boosted their price target on shares of Atlassian from $275.00 to $350.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Robert W. Baird upgraded Atlassian from a "neutral" rating to an "outperform" rating and cut their price objective for the stock from $320.00 to $255.00 in a report on Monday, April 14th. Cantor Fitzgerald raised Atlassian from a "neutral" rating to an "overweight" rating and dropped their target price for the stock from $304.00 to $272.00 in a research report on Wednesday, April 2nd. Finally, Oppenheimer raised their price target on Atlassian from $300.00 to $380.00 and gave the stock an "outperform" rating in a research note on Friday, January 31st. Five investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Atlassian presently has a consensus rating of "Moderate Buy" and a consensus price target of $301.90.

Insider Buying and Selling at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction on Monday, April 28th. The stock was sold at an average price of $229.59, for a total value of $1,824,781.32. Following the completion of the transaction, the chief executive officer now directly owns 222,544 shares in the company, valued at approximately $51,093,876.96. This represents a 3.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Anutthara Bharadwaj sold 1,723 shares of Atlassian stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $305.84, for a total transaction of $526,962.32. Following the sale, the president now owns 199,934 shares in the company, valued at $61,147,814.56. This represents a 0.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 261,513 shares of company stock valued at $65,540,320 in the last quarter. Corporate insiders own 38.55% of the company's stock.

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.

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