Verdence Capital Advisors LLC Cuts Position in Atlassian Co. (NASDAQ:TEAM)

Verdence Capital Advisors LLC trimmed its position in shares of Atlassian Co. (NASDAQ:TEAM) by 17.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,231 shares of the technology company’s stock after selling 264 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Atlassian were worth $293,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Baillie Gifford & Co. boosted its holdings in Atlassian by 20.7% in the fourth quarter. Baillie Gifford & Co. now owns 8,807,619 shares of the technology company’s stock valued at $2,094,980,000 after purchasing an additional 1,511,318 shares in the last quarter. Morgan Stanley boosted its holdings in Atlassian by 156.8% in the third quarter. Morgan Stanley now owns 1,793,700 shares of the technology company’s stock valued at $361,449,000 after purchasing an additional 1,095,297 shares in the last quarter. WCM Investment Management LLC boosted its holdings in Atlassian by 2.7% in the fourth quarter. WCM Investment Management LLC now owns 9,640,536 shares of the technology company’s stock valued at $2,325,490,000 after purchasing an additional 249,017 shares in the last quarter. American Century Companies Inc. boosted its holdings in Atlassian by 58.7% in the third quarter. American Century Companies Inc. now owns 430,112 shares of the technology company’s stock valued at $86,672,000 after purchasing an additional 159,102 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in Atlassian by 45.8% in the third quarter. Invesco Ltd. now owns 476,920 shares of the technology company’s stock valued at $96,104,000 after purchasing an additional 149,850 shares in the last quarter. 93.03% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Atlassian news, President Anutthara Bharadwaj sold 4,139 shares of the stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total value of $881,068.93. Following the completion of the transaction, the president now owns 167,535 shares in the company, valued at $35,663,175.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Michael Cannon-Brookes sold 8,241 shares of the firm’s stock in a transaction on Friday, January 26th. The stock was sold at an average price of $247.34, for a total value of $2,038,328.94. Following the completion of the transaction, the chief executive officer now owns 354,363 shares in the company, valued at $87,648,144.42. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, President Anutthara Bharadwaj sold 4,139 shares of the firm’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total value of $881,068.93. Following the completion of the transaction, the president now owns 167,535 shares of the company’s stock, valued at approximately $35,663,175.45. The disclosure for this sale can be found here. Over the last quarter, insiders sold 299,690 shares of company stock worth $61,962,072. 40.48% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on TEAM. William Blair reaffirmed an “outperform” rating on shares of Atlassian in a report on Friday, February 2nd. Truist Financial increased their price objective on Atlassian from $180.00 to $220.00 and gave the company a “hold” rating in a report on Tuesday, January 16th. UBS Group decreased their price objective on Atlassian from $260.00 to $250.00 and set a “neutral” rating for the company in a report on Friday, February 2nd. Barclays raised Atlassian from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $235.00 to $275.00 in a report on Thursday, April 11th. Finally, Mizuho decreased their price objective on Atlassian from $265.00 to $240.00 and set a “buy” rating for the company in a report on Monday, April 15th. Ten analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $224.25.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $199.44 on Wednesday. The stock has a fifty day moving average price of $201.18 and a 200 day moving average price of $206.81. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.04. Atlassian Co. has a 1-year low of $128.02 and a 1-year high of $258.69.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, February 1st. The technology company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.24). The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Atlassian had a negative return on equity of 34.56% and a negative net margin of 9.87%. On average, research analysts anticipate that Atlassian Co. will post -0.4 EPS for the current year.

Atlassian 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.