Manning & Napier Advisors LLC Sells 77,013 Shares of Atlassian Corporation PLC $TEAM

Manning & Napier Advisors LLC lessened its position in Atlassian Corporation PLC (NASDAQ:TEAM) by 17.7% in the first quarter, Holdings Channel.com reports. The firm owned 359,192 shares of the technology company’s stock after selling 77,013 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Atlassian were worth $24,515,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. MV Capital Management Inc. acquired a new stake in shares of Atlassian during the fourth quarter valued at about $25,000. Geneos Wealth Management Inc. increased its stake in shares of Atlassian by 447.2% in the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after buying an additional 161 shares during the period. Board of the Pension Protection Fund bought a new position in Atlassian in the 4th quarter valued at approximately $32,000. Basepoint Wealth LLC bought a new position in Atlassian in the 4th quarter valued at approximately $32,000. Finally, Garton & Associates Financial Advisors LLC acquired a new stake in Atlassian during the 4th quarter worth approximately $32,000. 94.45% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on TEAM shares. Sanford C. Bernstein restated an “outperform” rating on shares of Atlassian in a research report on Monday, June 29th. KeyCorp cut their price target on shares of Atlassian from $130.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday. TD Cowen boosted their price objective on shares of Atlassian from $85.00 to $105.00 and gave the stock a “hold” rating in a research note on Friday, May 1st. Raymond James Financial set a $130.00 price objective on Atlassian in a report on Friday, May 1st. Finally, Robert W. Baird set a $120.00 target price on Atlassian in a research 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 given a Sell rating to the stock. Based on data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and a consensus target price of $144.70.

Insider Transactions at Atlassian

In other news, CRO Brian Duffy sold 3,000 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the transaction, the executive directly owned 227,691 shares of the company’s stock, valued at $20,426,159.61. The trade was a 1.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO James Chuong sold 8,838 shares of the firm’s stock in a transaction that occurred on 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 represents a 2.97% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 20,041 shares of company stock valued at $1,801,069. Company insiders own 36.66% of the company’s stock.

Atlassian Trading Down 2.0%

Shares of NASDAQ:TEAM traded down $1.85 during 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. The firm’s fifty day moving average is $88.16 and its 200 day moving average is $94.34. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. Atlassian Corporation PLC has a 52 week low of $56.01 and a 52 week high of $206.00. The stock has a market cap of $22.55 billion, a price-to-earnings ratio of -107.06, a P/E/G ratio of 5.11 and a beta of 1.11.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data 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 negative net margin of 3.50% and a positive return on equity of 6.22%. The company 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 posted $0.97 earnings per share. Atlassian’s revenue for the quarter was up 31.7% compared to the same quarter last year. As a group, equities analysts forecast that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

About Atlassian

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.