Manning & Napier Advisors LLC Has $24.52 Million Stock Holdings in Atlassian Corporation PLC $TEAM

Key Points

• Manning & Napier Advisors cut its Atlassian stake by 17.7% in the first quarter, selling 77,013 shares and ending with 359,192 shares valued at about $24.5 million.
• Institutional ownership remains heavy, with hedge funds and other investors holding 94.45% of Atlassian’s stock. Several large firms, including AQR Capital Management and Morgan Stanley, also increased their positions recently.
• Analysts remain cautiously positive on TEAM, with 21 Buy ratings, seven Hold ratings, and one Sell rating; the consensus price target is $144.70, despite some recent target cuts and one downgrade.

Manning & Napier Advisors LLC decreased its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 17.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 359,192 shares of the technology company's stock after selling 77,013 shares during the period. Manning & Napier Advisors LLC owned approximately 0.14% of Atlassian worth $24,515,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. AQR Capital Management LLC grew its stake in shares of Atlassian by 291.4% in the fourth quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company's stock valued at $1,256,535,000 after acquiring an additional 5,769,788 shares in the last quarter. Norges Bank bought a new stake in Atlassian in the 4th quarter valued at about $323,526,000. Morgan Stanley boosted its holdings in Atlassian by 52.4% in the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company's stock valued at $781,841,000 after purchasing an additional 1,657,309 shares during the period. Carmignac Gestion boosted its holdings in Atlassian by 6,602.0% in the 4th quarter. Carmignac Gestion now owns 1,206,368 shares of the technology company's stock valued at $195,601,000 after purchasing an additional 1,188,368 shares during the period. Finally, DNB Asset Management AS grew its position in shares of Atlassian by 42.2% during the 4th quarter. DNB Asset Management AS now owns 3,990,216 shares of the technology company's stock worth $646,974,000 after purchasing an additional 1,183,328 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company's stock.

Wall Street Analysts Forecast Growth

TEAM has been the topic of several recent research reports. Guggenheim set a $115.00 target price on shares of Atlassian in a report on Thursday, April 9th. Piper Sandler reduced their price target on Atlassian from $200.00 to $175.00 and set an "overweight" rating on the stock in a research report on Friday, May 1st. Truist Financial raised their price objective on Atlassian from $90.00 to $100.00 and gave the stock a "buy" rating in a research note on Friday, May 1st. Zacks Research cut Atlassian from a "strong-buy" rating to a "hold" rating in a report on Monday, June 29th. Finally, Citigroup dropped their price objective on Atlassian from $160.00 to $110.00 and set a "buy" rating for the company in a report on Friday, May 1st. Twenty-one investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $144.70.

Insider Activity

In related news, CFO James Chuong sold 8,838 shares of the firm's stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $775,534.50. Following the sale, the chief financial officer directly owned 288,272 shares of the company's stock, valued at $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of Atlassian stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $89.71, for a total value of $269,130.00. Following the completion of the transaction, the executive owned 227,691 shares in the company, valued at approximately $20,426,159.61. This represents a 1.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 20,041 shares of company stock worth $1,801,069 over the last ninety days. 36.66% of the stock is currently owned by insiders.

Atlassian Price Performance

NASDAQ:TEAM traded down $1.85 during mid-day trading on Friday, reaching $88.86. The stock had a trading volume of 2,457,167 shares, compared to its average volume of 3,884,947. Atlassian Corporation PLC has a 12 month low of $56.01 and a 12 month high of $206.00. The stock has a market capitalization of $22.55 billion, a PE ratio of -107.06, a P/E/G ratio of 5.11 and a beta of 1.11. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a 50-day simple moving average of $88.16 and a two-hundred day simple moving average of $94.34.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The firm had revenue of $1.79 billion during the quarter, compared to analysts' expectations of $1.70 billion. During the same period in the prior year, the company earned $0.97 earnings per share. The company's quarterly revenue was up 31.7% on a year-over-year basis. On average, equities analysts anticipate that Atlassian Corporation PLC will post 0.81 earnings per share for the current year.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian's product portfolio centers on tools designed to help teams plan, build and support software and business processes.

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