Manning & Napier Group LLC Sells 4,786 Shares of Atlassian Co. (NASDAQ:TEAM)

Manning & Napier Group LLC reduced its position in Atlassian Co. (NASDAQ:TEAM) by 5.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 76,940 shares of the technology company’s stock after selling 4,786 shares during the period. Manning & Napier Group LLC’s holdings in Atlassian were worth $18,301,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue raised its holdings in Atlassian by 0.9% in the 4th quarter. State of Alaska Department of Revenue now owns 42,580 shares of the technology company’s stock worth $10,128,000 after acquiring an additional 390 shares during the last quarter. Global Retirement Partners LLC raised its holdings in Atlassian by 8.6% in the 4th quarter. Global Retirement Partners LLC now owns 946 shares of the technology company’s stock worth $228,000 after acquiring an additional 75 shares during the last quarter. MJP Associates Inc. ADV raised its holdings in Atlassian by 15.4% in the 4th quarter. MJP Associates Inc. ADV now owns 1,289 shares of the technology company’s stock worth $307,000 after acquiring an additional 172 shares during the last quarter. Pacer Advisors Inc. raised its stake in Atlassian by 11.4% during the 4th quarter. Pacer Advisors Inc. now owns 10,078 shares of the technology company’s stock valued at $2,397,000 after buying an additional 1,030 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its stake in Atlassian by 0.3% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 18,278 shares of the technology company’s stock valued at $4,348,000 after buying an additional 62 shares during the last quarter. 93.03% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Price Performance

Atlassian stock traded up $1.97 during mid-day trading on Friday, hitting $195.11. The stock had a trading volume of 1,130,698 shares, compared to its average volume of 1,777,683. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.04. The firm’s 50 day moving average is $213.10 and its 200 day moving average is $206.82. Atlassian Co. has a one year low of $128.02 and a one year high of $258.69.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, February 1st. The technology company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.24). Atlassian had a negative net margin of 9.87% and a negative return on equity of 34.56%. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.02 billion. On average, sell-side analysts expect that Atlassian Co. will post -0.4 EPS for the current fiscal year.

Insider Buying and Selling at Atlassian

In other Atlassian news, President Anutthara Bharadwaj sold 2,470 shares of the stock in a transaction dated Friday, January 19th. The shares were sold at an average price of $240.55, for a total transaction of $594,158.50. Following the completion of the transaction, the president now owns 171,674 shares of the company’s stock, valued at approximately $41,296,180.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, President Anutthara Bharadwaj sold 2,470 shares of the company’s stock in a transaction dated Friday, January 19th. The shares were sold at an average price of $240.55, for a total transaction of $594,158.50. Following the sale, the president now directly owns 171,674 shares in the company, valued at approximately $41,296,180.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 8,241 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $227.19, for a total transaction of $1,872,272.79. Following the sale, the chief executive officer now owns 494,460 shares in the company, valued at $112,336,367.40. The disclosure for this sale can be found here. Insiders sold 293,159 shares of company stock valued at $63,767,765 in the last 90 days. Insiders own 40.48% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on TEAM. William Blair reiterated an “outperform” rating on shares of Atlassian in a research note on Friday, February 2nd. UBS Group decreased their target price on shares of Atlassian from $260.00 to $250.00 and set a “neutral” rating for the company in a research note on Friday, February 2nd. The Goldman Sachs Group boosted their target price on shares of Atlassian from $188.00 to $215.00 and gave the company a “neutral” rating in a research note on Friday, February 2nd. Scotiabank began coverage on shares of Atlassian in a research note on Friday, December 1st. They set a “sector perform” rating and a $185.00 target price for the company. Finally, Mizuho boosted their target price on shares of Atlassian from $240.00 to $265.00 and gave the company a “buy” rating in a research note on Tuesday, January 16th. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $225.19.

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.