Verition Fund Management LLC Has $9.05 Million Holdings in Atlassian Co. (NASDAQ:TEAM)

Verition Fund Management LLC raised its holdings in shares of Atlassian Co. (NASDAQ:TEAM) by 1,715.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 56,999 shares of the technology company’s stock after purchasing an additional 53,860 shares during the period. Verition Fund Management LLC’s holdings in Atlassian were worth $9,052,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Asset Dedication LLC lifted its holdings in shares of Atlassian by 229.8% in the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after purchasing an additional 108 shares in the last quarter. Trust Co. of Vermont increased its stake in shares of Atlassian by 2,175.0% during the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after purchasing an additional 174 shares during the last quarter. Rothschild Investment LLC bought a new stake in shares of Atlassian in the 2nd quarter valued at about $36,000. GAMMA Investing LLC lifted its stake in Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after purchasing an additional 96 shares during the last quarter. Finally, Reston Wealth Management LLC bought a new position in Atlassian during the third quarter worth about $48,000. 93.03% of the stock is owned by institutional investors.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $263.58 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. The stock’s fifty day simple moving average is $206.56 and its two-hundred day simple moving average is $179.82. Atlassian Co. has a 1-year low of $135.29 and a 1-year high of $269.40.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period last year, the firm earned ($0.07) earnings per share. The firm’s revenue was up 21.5% on a year-over-year basis. Research analysts expect that Atlassian Co. will post -0.54 EPS for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Robert W. Baird raised their price objective on Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Oppenheimer lifted their price objective on shares of Atlassian from $230.00 to $270.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Canaccord Genuity Group increased their price objective on shares of Atlassian from $225.00 to $255.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Mizuho raised their target price on Atlassian from $200.00 to $240.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, KeyCorp upgraded Atlassian from a “sector weight” rating to an “overweight” rating and set a $260.00 target price for the company in a report on Friday, November 1st. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and an average price target of $244.21.

Insider Transactions at Atlassian

In other Atlassian news, CTO Rajeev Bashyam Rajan sold 5,172 shares of Atlassian stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $190.00, for a total value of $982,680.00. Following the sale, the chief technology officer now owns 204,109 shares of the company’s stock, valued at approximately $38,780,710. The trade was a 2.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $159.81, for a total transaction of $1,270,169.88. Following the completion of the transaction, the chief executive officer now owns 500,724 shares in the company, valued at approximately $80,020,702.44. The trade was a 1.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 257,694 shares of company stock worth $50,560,726 in the last 90 days. Insiders own 38.55% of the company’s stock.

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.