The Manufacturers Life Insurance Company Lowers Position in Atlassian Co. (NASDAQ:TEAM)

The Manufacturers Life Insurance Company decreased its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 55.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & 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 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of TEAM. JPMorgan Chase & Co. grew its stake in shares of Atlassian by 72.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock worth $1,042,737,000 after acquiring an additional 1,806,042 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new stake in Atlassian in the 4th quarter worth about $687,486,000. Invesco Ltd. grew its position in Atlassian by 265.9% in the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock worth $595,171,000 after purchasing an additional 1,777,179 shares in the last quarter. Geode Capital Management LLC increased its stake in Atlassian by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company’s stock valued at $528,851,000 after buying an additional 27,899 shares during the last quarter. Finally, Voya Investment Management LLC boosted its stake in shares of Atlassian by 17,941.0% in the 4th quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company’s stock worth $528,693,000 after buying an additional 2,160,810 shares during the last quarter. Institutional investors own 94.45% of the company’s stock.

Insider Activity

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $315.74, for a total value of $2,509,501.52. Following the completion of the sale, the chief executive officer now owns 254,336 shares in the company, valued at $80,304,048.64. The trade was a 3.03 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Gene Liu sold 568 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $312.08, for a total transaction of $177,261.44. Following the transaction, the chief accounting officer now owns 52,142 shares in the company, valued at $16,272,475.36. The trade was a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 260,734 shares of company stock worth $62,098,082. 38.55% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on TEAM shares. Barclays dropped their price target on Atlassian from $350.00 to $260.00 and set an “overweight” rating on the stock in a report on Monday, May 5th. Piper Sandler reiterated an “overweight” rating and set a $300.00 target price (down from $365.00) on shares of Atlassian in a research note on Friday, May 2nd. Morgan Stanley reduced their price target on shares of Atlassian from $370.00 to $320.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Macquarie lowered their price objective on shares of Atlassian from $270.00 to $250.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Finally, BMO Capital Markets reduced their target price on shares of Atlassian from $295.00 to $245.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. Five analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $285.29.

Atlassian Price Performance

NASDAQ:TEAM opened at $207.25 on Friday. The firm has a market capitalization of $54.30 billion, a price-to-earnings ratio of -154.66 and a beta of 1.06. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. The stock has a fifty day moving average of $215.36 and a 200 day moving average of $245.61. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $326.00.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.93 by $0.04. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. Atlassian’s revenue was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.89 earnings per share. On average, research analysts expect that Atlassian Co. will post -0.34 EPS for the current fiscal year.

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.