Soros Fund Management LLC Trims Stock Position in Atlassian Co. (NASDAQ:TEAM)

Soros Fund Management LLC reduced its stake in Atlassian Co. (NASDAQ:TEAM) by 33.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 86,160 shares of the technology company’s stock after selling 44,000 shares during the quarter. Soros Fund Management LLC’s holdings in Atlassian were worth $20,970,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Massachusetts Financial Services Co. MA purchased a new position in Atlassian during the 4th quarter worth $687,486,000. Voya Investment Management LLC raised its holdings in 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 purchasing an additional 2,160,810 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Atlassian by 72.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock valued at $1,042,737,000 after purchasing an additional 1,806,042 shares during the period. Invesco Ltd. boosted its stake in shares of Atlassian by 265.9% in the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock valued at $595,171,000 after buying an additional 1,777,179 shares in the last quarter. Finally, Norges Bank purchased a new position in Atlassian in the fourth quarter worth $296,697,000. Institutional investors and hedge funds own 94.45% of the company’s stock.

Insider Transactions at Atlassian

In related news, President Anutthara Bharadwaj sold 1,520 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $312.58, for a total value of $475,121.60. Following the transaction, the president now owns 201,657 shares in the company, valued at approximately $63,033,945.06. This trade represents a 0.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on Friday, April 25th. The shares were sold at an average price of $229.11, for a total transaction of $1,820,966.28. Following the transaction, the director now directly owns 230,492 shares in the company, valued at approximately $52,808,022.12. This trade represents a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 261,513 shares of company stock worth $65,866,506 in the last three months. 38.55% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Robert W. Baird raised shares of Atlassian from a “neutral” rating to an “outperform” rating and decreased their price objective for the stock from $320.00 to $255.00 in a report on Monday, April 14th. Morgan Stanley dropped their price objective on Atlassian from $370.00 to $320.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Baird R W upgraded Atlassian from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 14th. UBS Group dropped their price target on Atlassian from $330.00 to $230.00 and set a “neutral” rating for the company in a research report on Tuesday, April 1st. Finally, Barclays boosted their price objective on shares of Atlassian from $275.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Five 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 data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $301.90.

Atlassian Price Performance

TEAM opened at $229.83 on Tuesday. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $326.00. The company’s 50 day simple moving average is $227.77 and its 200 day simple moving average is $244.92. The stock has a market capitalization of $60.22 billion, a PE ratio of -171.51 and a beta of 1.07. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results 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 net margin of 7.22% and a negative return on equity of 17.37%. As a group, sell-side analysts expect that Atlassian Co. will post -0.34 EPS for the current 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.