Voloridge Investment Management LLC Grows Stock Holdings in Atlassian Co. (NASDAQ:TEAM)

Voloridge Investment Management LLC increased its stake in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 210.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 573,519 shares of the technology company's stock after acquiring an additional 388,870 shares during the quarter. Voloridge Investment Management LLC owned about 0.22% of Atlassian worth $139,583,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Corebridge Financial Inc. increased its stake in Atlassian by 0.3% in the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company's stock valued at $2,555,000 after purchasing an additional 35 shares during the period. GeoWealth Management LLC increased its stake in Atlassian by 26.8% in the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock valued at $44,000 after purchasing an additional 38 shares during the period. Assetmark Inc. increased its stake in Atlassian by 30.6% in the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company's stock valued at $43,000 after purchasing an additional 41 shares during the period. Allworth Financial LP increased its stake in Atlassian by 3.1% in the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company's stock valued at $404,000 after purchasing an additional 47 shares during the period. Finally, True Wealth Design LLC increased its stake in Atlassian by 21.6% in the fourth quarter. True Wealth Design LLC now owns 282 shares of the technology company's stock valued at $69,000 after purchasing an additional 50 shares during the period. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have commented on TEAM. Morgan Stanley dropped their price objective on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. The Goldman Sachs Group lifted their target price on shares of Atlassian from $245.00 to $370.00 and gave the company a "buy" rating in a report on Monday, February 3rd. JMP Securities reaffirmed a "market perform" rating on shares of Atlassian in a report on Friday, January 31st. Macquarie lowered their target price on shares of Atlassian from $270.00 to $250.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Finally, Wells Fargo & Company lowered their target price on shares of Atlassian from $330.00 to $315.00 and set an "overweight" rating on the stock in a report on Friday, May 2nd. Five analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $285.29.

Insider Transactions at Atlassian

In other news, President Anutthara Bharadwaj sold 1,723 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $305.84, for a total value of $526,962.32. Following the completion of the sale, the president now owns 199,934 shares of the company's stock, valued at $61,147,814.56. This represents a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $297.51, for a total transaction of $2,364,609.48. Following the completion of the sale, the chief executive officer now directly owns 214,596 shares of the company's stock, valued at $63,844,455.96. The trade was a 3.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold 275,249 shares of company stock valued at $61,999,348 over the last 90 days. Corporate insiders own 38.55% of the company's stock.

Atlassian Stock Performance

Shares of TEAM stock opened at $214.47 on Tuesday. Atlassian Co. has a one year low of $135.29 and a one year high of $326.00. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. The company has a 50 day moving average price of $213.39 and a 200 day moving average price of $247.54. The firm has a market capitalization of $56.30 billion, a price-to-earnings ratio of -160.05 and a beta of 1.06.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.93 by $0.04. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the prior year, the business posted $0.89 earnings per share. Atlassian's revenue for the quarter was up 14.1% compared to the same quarter last year. Sell-side analysts anticipate that Atlassian Co. will post -0.34 EPS for the current 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.

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