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

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

A number of other large investors have also recently made changes to their positions in the company. Baillie Gifford & Co. grew its stake in shares of Atlassian by 0.9% during the third 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 during the last quarter. State Street Corp grew its stake in shares of Atlassian by 0.3% during the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock valued at $565,424,000 after buying an additional 8,957 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Atlassian by 5.6% in the third quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock worth $393,588,000 after purchasing an additional 131,621 shares during the period. FMR LLC increased its stake in Atlassian by 7.4% in the third quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock worth $346,679,000 after purchasing an additional 150,237 shares during the period. Finally, Geode Capital Management LLC increased its stake in Atlassian by 2.8% in the third quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company’s stock worth $340,453,000 after purchasing an additional 57,911 shares during the period. 94.45% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on TEAM shares. Canaccord Genuity Group lifted their price objective on shares of Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a report on Friday, December 20th. Piper Sandler boosted their price target on Atlassian from $265.00 to $310.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Macquarie initiated coverage on Atlassian in a research report on Thursday, December 12th. They set a “neutral” rating and a $290.00 price target on the stock. Jefferies Financial Group increased their price target on Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a research report on Friday, January 24th. Finally, Truist Financial raised shares of Atlassian from a “hold” rating to a “buy” rating and raised their target price for the company from $250.00 to $300.00 in a research report on Tuesday, January 7th. Nine research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $273.19.

Atlassian Stock Performance

NASDAQ:TEAM traded down $7.18 during trading hours on Wednesday, reaching $267.53. The company had a trading volume of 296,965 shares, compared to its average volume of 1,655,759. Atlassian Co. has a 1-year low of $135.29 and a 1-year high of $287.97. The firm has a market cap of $69.67 billion, a PE ratio of -176.91 and a beta of 0.83. The business’s 50 day moving average price is $258.81 and its 200-day moving average price is $206.31. 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 (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the firm posted ($0.07) earnings per share. The firm’s quarterly revenue was up 21.5% compared to the same quarter last year. Research analysts forecast that Atlassian Co. will post -0.55 EPS for the current year.

Insider Activity

In other news, CEO Michael Cannon-Brookes sold 15,896 shares of Atlassian stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $243.55, for a total value of $3,871,470.80. Following the sale, the chief executive officer now directly owns 429,192 shares of the company’s stock, valued at $104,529,711.60. The trade was a 3.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $255.71, for a total value of $2,032,383.08. Following the completion of the sale, the director now directly owns 381,504 shares in the company, valued at $97,554,387.84. This represents a 2.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 264,240 shares of company stock worth $66,529,872 over the last three months. 38.55% of the stock is currently owned by corporate insiders.

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.