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

Verdence Capital Advisors LLC decreased its holdings in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 44.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,929 shares of the technology company's stock after selling 1,574 shares during the quarter. Verdence Capital Advisors LLC's holdings in Atlassian were worth $469,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. True Wealth Design LLC increased its stake in Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company's stock worth $37,000 after acquiring an additional 231 shares during the last quarter. Avion Wealth increased its stake in Atlassian by 1,308.3% during the fourth quarter. Avion Wealth now owns 169 shares of the technology company's stock worth $41,000 after acquiring an additional 157 shares during the last quarter. Assetmark Inc. increased its stake in Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company's stock worth $43,000 after acquiring an additional 41 shares during the last quarter. Mainstream Capital Management LLC acquired a new stake in Atlassian during the fourth quarter worth $49,000. Finally, Kestra Investment Management LLC acquired a new stake in Atlassian during the fourth quarter worth $56,000. Institutional investors and hedge funds own 94.45% of the company's stock.

Insider Activity at Atlassian

In related news, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $269.35, for a total value of $2,140,793.80. Following the transaction, the director now owns 111,272 shares in the company, valued at $29,971,113.20. The trade was a 6.67 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, President Anutthara Bharadwaj sold 1,520 shares of the business's stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $254.76, for a total value of $387,235.20. Following the completion of the transaction, the president now owns 211,991 shares in the company, valued at $54,006,827.16. This trade represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 272,501 shares of company stock worth $74,977,422 in the last quarter. Company insiders own 38.55% of the company's stock.

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Wall Street Analysts Forecast Growth

TEAM has been the subject of several recent analyst reports. William Blair reissued an "outperform" rating on shares of Atlassian in a research note on Friday, January 31st. Oppenheimer raised their price target on Atlassian from $300.00 to $380.00 and gave the stock an "outperform" rating in a research report on Friday, January 31st. Piper Sandler raised their price target on Atlassian from $310.00 to $365.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. Wells Fargo & Company raised their price target on Atlassian from $350.00 to $375.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. Finally, Scotiabank raised their price target on Atlassian from $250.00 to $330.00 and gave the stock a "sector perform" rating in a research report on Friday, January 31st. Nine research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $319.71.

Atlassian Stock Performance

Shares of TEAM traded down $11.80 during midday trading on Friday, reaching $238.86. 3,872,546 shares of the stock were exchanged, compared to its average volume of 1,901,917. The business's 50-day moving average price is $276.11 and its 200 day moving average price is $232.69. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. Atlassian Co. has a twelve month low of $135.29 and a twelve month high of $326.00. The company has a market capitalization of $62.58 billion, a price-to-earnings ratio of -178.25 and a beta of 0.91.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings results 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 net margin of 7.22% and a negative return on equity of 17.37%. On average, sell-side analysts expect that Atlassian Co. will post -0.34 EPS for the current fiscal year.

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.