Man Group plc Reduces Stake in Atlassian Co. (NASDAQ:TEAM)

Man Group plc lowered its position in Atlassian Co. (NASDAQ:TEAM) by 32.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 315,920 shares of the technology company’s stock after selling 154,562 shares during the period. Man Group plc owned approximately 0.12% of Atlassian worth $76,889,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of TEAM. Murphy & Mullick Capital Management Corp purchased a new stake in Atlassian in the 4th quarter worth approximately $27,000. Colonial Trust Co SC boosted its position in Atlassian by 100.0% in the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock worth $34,000 after purchasing an additional 69 shares in the last quarter. Summit Securities Group LLC purchased a new stake in Atlassian in the 4th quarter worth approximately $38,000. Pilgrim Partners Asia Pte Ltd purchased a new stake in Atlassian in the 4th quarter worth approximately $39,000. Finally, Avion Wealth boosted its position in Atlassian by 1,308.3% in the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after purchasing an additional 157 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on TEAM shares. Canaccord Genuity Group lowered their price objective on Atlassian from $300.00 to $255.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Scotiabank upped their price objective on Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a research report on Friday, January 31st. StockNews.com lowered Atlassian from a “buy” rating to a “hold” rating in a research report on Monday, March 31st. Wells Fargo & Company decreased their target price on Atlassian from $330.00 to $315.00 and set an “overweight” rating on the stock in a research report on Friday, May 2nd. Finally, BMO Capital Markets decreased their target price on Atlassian from $295.00 to $245.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Five research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $285.29.

Insider Activity

In related news, CAO Gene Liu sold 568 shares of the business’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $312.08, for a total value of $177,261.44. Following the sale, the chief accounting officer now directly owns 52,142 shares in the company, valued at approximately $16,272,475.36. The trade was a 1.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Anutthara Bharadwaj sold 1,520 shares of the business’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $312.58, for a total transaction of $475,121.60. Following the completion of the sale, the president now owns 201,657 shares in the company, valued at approximately $63,033,945.06. This trade represents a 0.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 252,786 shares of company stock valued at $58,795,052. 38.55% of the stock is currently owned by insiders.

Atlassian Trading Up 2.6%

Shares of TEAM stock opened at $229.52 on Wednesday. The stock’s fifty day moving average is $214.30 and its two-hundred day moving average is $246.65. 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 firm has a market capitalization of $60.13 billion, a P/E ratio of -171.28 and a beta of 1.06. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $326.00.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share 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 analysts’ expectations of $1.35 billion. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. The company’s revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.89 EPS. Research analysts expect that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Atlassian Company Profile

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.