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

Manning & Napier Advisors LLC cut its stake in Atlassian Co. (NASDAQ:TEAM - Free Report) by 31.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 131,938 shares of the technology company's stock after selling 60,903 shares during the quarter. Manning & Napier Advisors LLC owned about 0.05% of Atlassian worth $32,111,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. True Wealth Design LLC raised its stake in 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 during the period. GAMMA Investing LLC raised its position in shares of Atlassian by 68.6% during the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company's stock valued at $37,000 after buying an additional 96 shares during the period. Reston Wealth Management LLC purchased a new stake in shares of Atlassian during the 3rd quarter valued at approximately $48,000. Quarry LP lifted its holdings in Atlassian by 143.8% in the second quarter. Quarry LP now owns 373 shares of the technology company's stock valued at $66,000 after acquiring an additional 220 shares during the last quarter. Finally, Brown Brothers Harriman & Co. grew its position in Atlassian by 23.2% in the third quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company's stock worth $69,000 after acquiring an additional 82 shares during the period. Hedge funds and other institutional investors own 94.45% of the company's stock.

Atlassian Stock Down 1.6 %

Atlassian stock traded down $4.38 during mid-day trading on Thursday, hitting $266.95. The company had a trading volume of 4,014,088 shares, compared to its average volume of 1,860,318. The stock has a market cap of $69.52 billion, a price-to-earnings ratio of -175.62 and a beta of 0.83. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $287.97. The business has a fifty day moving average of $259.32 and a 200 day moving average of $206.76.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly 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 return on equity of 23.35% and a negative net margin of 8.59%. On average, sell-side analysts expect that Atlassian Co. will post -0.55 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently commented on TEAM. Raymond James upped their price target on Atlassian from $200.00 to $250.00 and gave the company an "outperform" rating in a research note on Friday, November 1st. Jefferies Financial Group increased their target price on shares of Atlassian from $300.00 to $325.00 and gave the stock a "buy" rating in a research note on Friday, January 24th. Truist Financial upgraded shares of Atlassian from a "hold" rating to a "buy" rating and upped their price objective for the stock from $250.00 to $300.00 in a report on Tuesday, January 7th. KeyCorp lifted their target price on shares of Atlassian from $260.00 to $315.00 and gave the company an "overweight" rating in a report on Thursday, December 5th. Finally, Piper Sandler upped their price target on Atlassian from $265.00 to $310.00 and gave the stock an "overweight" rating in a research note on Monday, January 6th. Nine equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Atlassian currently has an average rating of "Moderate Buy" and an average price target of $273.19.

Insider Activity at Atlassian

In other Atlassian news, President Anutthara Bharadwaj sold 4,560 shares of the firm's stock in a transaction on Friday, November 1st. The shares were sold at an average price of $225.45, for a total transaction of $1,028,052.00. Following the transaction, the president now directly owns 224,436 shares of the company's stock, valued at approximately $50,599,096.20. This trade represents a 1.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Scott Farquhar sold 7,948 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $219.07, for a total transaction of $1,741,168.36. Following the sale, the director now owns 309,972 shares of the company's stock, valued at $67,905,566.04. This trade represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 272,188 shares of company stock valued at $68,680,839 in the last three months. 38.55% of the stock is currently owned by company 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.