The Manufacturers Life Insurance Company Reduces Holdings in Atlassian Co. (NASDAQ:TEAM)

The Manufacturers Life Insurance Company reduced its position in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 55.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,456 shares of the technology company's stock after selling 16,897 shares during the period. The Manufacturers Life Insurance Company's holdings in Atlassian were worth $3,279,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Corebridge Financial Inc. boosted its stake in Atlassian by 0.3% during the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company's stock valued at $2,555,000 after buying an additional 35 shares during the period. GeoWealth Management LLC boosted its stake in Atlassian by 26.8% during the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock valued at $44,000 after buying an additional 38 shares during the period. Assetmark Inc. raised its position in Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company's stock valued at $43,000 after purchasing an additional 41 shares in the last quarter. Allworth Financial LP raised its position in Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company's stock valued at $404,000 after purchasing an additional 47 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in Atlassian by 22.9% during the fourth quarter. GAMMA Investing LLC now owns 290 shares of the technology company's stock valued at $71,000 after purchasing an additional 54 shares in the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Atlassian news, President Anutthara Bharadwaj sold 1,520 shares of the business's stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $312.58, for a total value of $475,121.60. Following the sale, the president now owns 201,657 shares of the company's stock, valued at $63,033,945.06. The trade was a 0.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $283.26, for a total value of $2,251,350.48. Following the completion of the sale, the director now directly owns 198,700 shares in the company, valued at approximately $56,283,762. The trade was a 3.85% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 252,786 shares of company stock valued at $59,536,362. 38.55% of the stock is currently owned by company insiders.

Atlassian Price Performance

Shares of Atlassian stock traded up $16.23 on Monday, hitting $223.75. 2,413,663 shares of the company were exchanged, compared to its average volume of 2,089,641. The stock has a market capitalization of $58.62 billion, a price-to-earnings ratio of -166.98 and a beta of 1.06. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. The company has a 50-day moving average price of $215.36 and a 200 day moving average price of $246.41. Atlassian Co. has a 1-year low of $135.29 and a 1-year high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.93 by $0.04. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. The business's revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.89 EPS. As a group, sell-side analysts predict that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on TEAM. Baird R W upgraded Atlassian from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. KeyCorp decreased their price objective on Atlassian from $365.00 to $275.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Canaccord Genuity Group decreased their price objective on Atlassian from $300.00 to $255.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Oppenheimer lifted their price objective on Atlassian from $300.00 to $380.00 and gave the stock an "outperform" rating in a report on Friday, January 31st. Finally, Barclays decreased their price objective on Atlassian from $350.00 to $260.00 and set an "overweight" rating on the stock in a report on Monday, May 5th. Five investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $285.29.

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.