Polar Asset Management Partners Inc. Acquires Shares of 6,600 Atlassian Co. (NASDAQ:TEAM)

Polar Asset Management Partners Inc. bought a new position in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 6,600 shares of the technology company's stock, valued at approximately $1,606,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its holdings in Atlassian by 72.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock worth $1,042,737,000 after purchasing an additional 1,806,042 shares during the period. Massachusetts Financial Services Co. MA acquired a new position in shares of Atlassian in the 4th quarter valued at $687,486,000. Invesco Ltd. grew its holdings in shares of Atlassian by 265.9% during the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock worth $595,171,000 after purchasing an additional 1,777,179 shares during the last quarter. Geode Capital Management LLC lifted its stake in Atlassian by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company's stock valued at $528,851,000 after buying an additional 27,899 shares during the last quarter. Finally, Voya Investment Management LLC grew its position in shares of Atlassian by 17,941.0% during the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock worth $528,693,000 after acquiring an additional 2,160,810 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Wells Fargo & Company reduced their price target on Atlassian from $330.00 to $315.00 and set an "overweight" rating for the company in a report on Friday, May 2nd. Raymond James reaffirmed an "outperform" rating and set a $300.00 price objective (down previously from $330.00) on shares of Atlassian in a research note on Friday, May 2nd. BMO Capital Markets lowered their target price on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Morgan Stanley decreased their target price on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Jefferies Financial Group cut their price target on shares of Atlassian from $330.00 to $262.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Four research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Atlassian has a consensus rating of "Moderate Buy" and a consensus price target of $285.29.

Atlassian Stock Up 1.8%

TEAM stock traded up $3.70 during mid-day trading on Friday, hitting $207.63. 3,477,528 shares of the company were exchanged, compared to its average volume of 2,103,409. The company has a market capitalization of $54.50 billion, a PE ratio of -154.95 and a beta of 1.06. The firm has a fifty day simple moving average of $211.78 and a 200 day simple moving average of $246.41. 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 Co. has a twelve month low of $135.29 and a twelve month high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, beating analysts' consensus estimates of $0.93 by $0.04. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the prior year, the firm earned $0.89 EPS. The company's revenue for the quarter was up 14.1% compared to the same quarter last year. On average, research analysts forecast that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In other news, President Anutthara Bharadwaj sold 7,674 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $225.51, for a total value of $1,730,563.74. Following the completion of the transaction, the president now directly owns 192,260 shares in the company, valued at $43,356,552.60. This trade represents a 3.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Scott Farquhar sold 7,948 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $218.05, for a total value of $1,733,061.40. Following the transaction, the director now directly owns 119,220 shares of the company's stock, valued at approximately $25,995,921. The trade was a 6.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 295,003 shares of company stock valued at $63,589,173. Insiders own 38.55% of the company's stock.

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.