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

Verdence Capital Advisors LLC lessened its position in shares of Atlassian Co. (NASDAQ:TEAM) by 44.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,929 shares of the technology company’s stock after selling 1,574 shares during the period. Verdence Capital Advisors LLC’s holdings in Atlassian were worth $469,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Avion Wealth grew its position in Atlassian by 1,308.3% during the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after acquiring an additional 157 shares during the period. Assetmark Inc. lifted its stake in shares of Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock worth $43,000 after purchasing an additional 41 shares in the last quarter. Mainstream Capital Management LLC acquired a new position in shares of Atlassian during the fourth quarter worth about $49,000. True Wealth Design LLC lifted its stake in shares of 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 purchasing an additional 231 shares in the last quarter. Finally, Kestra Investment Management LLC acquired a new position in shares of Atlassian during the fourth quarter worth about $56,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Insider Activity

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $322.31, for a total value of $2,561,719.88. Following the completion of the transaction, the chief executive officer now directly owns 270,232 shares of the company’s stock, valued at $87,098,475.92. This represents a 2.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Anutthara Bharadwaj sold 1,520 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was 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 directly owns 211,991 shares of the company’s stock, valued at $54,006,827.16. This trade represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 264,553 shares of company stock valued at $72,913,406. 38.55% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. BMO Capital Markets upgraded Atlassian from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $255.00 to $292.00 in a research note on Friday, January 10th. Raymond James restated an “outperform” rating and set a $330.00 price objective (up previously from $250.00) on shares of Atlassian in a research note on Friday, January 31st. The Goldman Sachs Group boosted their price objective on Atlassian from $245.00 to $370.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Morgan Stanley boosted their price objective on Atlassian from $315.00 to $370.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Finally, Jefferies Financial Group boosted their price target on Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a research note on Friday, January 24th. Nine analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $319.71.

Atlassian Stock Down 9.4 %

NASDAQ:TEAM opened at $250.66 on Friday. The firm has a market capitalization of $65.67 billion, a PE ratio of -187.06 and a beta of 0.87. The stock has a 50 day moving average of $276.34 and a 200-day moving average of $231.09. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $326.00. 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 (NASDAQ:TEAM) last posted its earnings results on Thursday, January 30th. The technology company reported ($0.12) 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%. Analysts predict that Atlassian Co. will post -0.34 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.