Manning & Napier Advisors LLC Lowers Position in Atlassian Co. (NASDAQ:TEAM)

Manning & Napier Advisors LLC lessened its position in Atlassian Co. (NASDAQ:TEAM) by 31.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 131,938 shares of the technology company’s stock after selling 60,903 shares during the quarter. Manning & Napier Advisors LLC owned approximately 0.05% of Atlassian worth $32,111,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the business. Baillie Gifford & Co. boosted its holdings in shares of Atlassian by 0.9% during the 3rd quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock valued at $1,352,115,000 after buying an additional 78,454 shares in the last quarter. State Street Corp grew its holdings in Atlassian by 0.3% in the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock worth $565,424,000 after purchasing an additional 8,957 shares during the period. JPMorgan Chase & Co. increased its position in Atlassian by 5.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock valued at $393,588,000 after buying an additional 131,621 shares in the last quarter. FMR LLC increased its position in Atlassian by 7.4% during the 3rd quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock valued at $346,679,000 after buying an additional 150,237 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Atlassian by 2.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company’s stock valued at $340,453,000 after buying an additional 57,911 shares in the last quarter. Institutional investors own 94.45% of the company’s stock.

Insider Buying and Selling

In other Atlassian news, President Anutthara Bharadwaj sold 1,520 shares of Atlassian stock in a transaction on Friday, January 17th. The shares were sold at an average price of $259.85, for a total value of $394,972.00. Following the completion of the transaction, the president now directly owns 210,471 shares of the company’s stock, valued at $54,690,889.35. This trade represents a 0.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Monday, January 27th. The stock was sold at an average price of $269.01, for a total transaction of $2,138,091.48. Following the completion of the transaction, the chief executive officer now directly owns 349,712 shares of the company’s stock, valued at $94,076,025.12. The trade was a 2.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 264,240 shares of company stock worth $66,529,872. Corporate insiders own 38.55% of the company’s stock.

Atlassian Price Performance

Shares of NASDAQ TEAM traded down $7.18 during mid-day trading on Wednesday, reaching $267.53. The company’s stock had a trading volume of 296,965 shares, compared to its average volume of 1,655,759. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $287.97. The stock has a fifty day moving average of $258.81 and a two-hundred day moving average of $206.31. The firm has a market capitalization of $69.67 billion, a PE ratio of -176.91 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.13. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The company’s revenue was up 21.5% on a year-over-year basis. During the same period last year, the firm posted ($0.07) EPS. As a group, sell-side analysts anticipate that Atlassian Co. will post -0.55 EPS for the current fiscal year.

Analysts Set New Price Targets

TEAM has been the subject of a number of analyst reports. Mizuho raised their price objective on Atlassian from $240.00 to $285.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Oppenheimer lifted their price target on Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. Citigroup upped their target price on shares of Atlassian from $255.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Wells Fargo & Company upped their target price on shares of Atlassian from $300.00 to $350.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Finally, Cantor Fitzgerald started coverage on shares of Atlassian in a research note on Friday, January 17th. They issued a “neutral” rating and a $264.00 target price on the stock. Nine investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $273.19.

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.