Soros Fund Management LLC Purchases 37,122 Shares of Atlassian Co. (NASDAQ:TEAM)

Soros Fund Management LLC grew its position in Atlassian Co. (NASDAQ:TEAM) by 39.9% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 130,160 shares of the technology company’s stock after buying an additional 37,122 shares during the period. Soros Fund Management LLC’s holdings in Atlassian were worth $20,671,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Financial Advocates Investment Management grew its holdings in Atlassian by 1.7% in the second quarter. Financial Advocates Investment Management now owns 3,745 shares of the technology company’s stock worth $662,000 after purchasing an additional 62 shares during the last quarter. Legacy Wealth Asset Management LLC boosted its position in shares of Atlassian by 2.1% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company’s stock worth $544,000 after purchasing an additional 70 shares in the last quarter. Brown Brothers Harriman & Co. grew its stake in Atlassian by 23.2% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock worth $69,000 after buying an additional 82 shares during the last quarter. Commerce Bank increased its position in Atlassian by 1.8% during the 3rd quarter. Commerce Bank now owns 4,966 shares of the technology company’s stock valued at $789,000 after buying an additional 90 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in Atlassian by 68.6% in the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after buying an additional 96 shares during the last quarter. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Atlassian Stock Performance

Shares of TEAM stock opened at $276.72 on Friday. The firm has a fifty day moving average price of $215.54 and a 200 day moving average price of $182.41. The company has a market cap of $72.07 billion, a P/E ratio of -182.05 and a beta of 0.80. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $287.97. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.13. The firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The firm’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.07) EPS. Sell-side analysts predict that Atlassian Co. will post -0.54 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on TEAM shares. Scotiabank upped their price objective on shares of Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a report on Friday, November 1st. Piper Sandler lifted their price target on Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a research report on Friday, November 1st. Canaccord Genuity Group lifted their target price on Atlassian from $225.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Mizuho boosted their target price on shares of Atlassian from $200.00 to $240.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, Oppenheimer increased their price target on Atlassian from $230.00 to $270.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $249.74.

Insider Transactions at Atlassian

In other Atlassian news, Director Heather Mirjahangir Fernandez sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $275.00, for a total value of $825,000.00. Following the completion of the transaction, the director now directly owns 5,610 shares in the company, valued at $1,542,750. This trade represents a 34.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, President Anutthara Bharadwaj sold 760 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $163.11, for a total value of $123,963.60. Following the completion of the sale, the president now directly owns 143,966 shares of the company’s stock, valued at approximately $23,482,294.26. This trade represents a 0.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 260,694 shares of company stock worth $53,019,040 over the last ninety days. 38.55% of the stock is currently owned by corporate insiders.

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.