Synovus Financial Corp Sells 13,228 Shares of Atlassian Co. (NASDAQ:TEAM)

Synovus Financial Corp lessened its stake in Atlassian Co. (NASDAQ:TEAM) by 66.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,734 shares of the technology company’s stock after selling 13,228 shares during the period. Synovus Financial Corp’s holdings in Atlassian were worth $1,639,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA purchased a new position in shares of Atlassian in the 4th quarter worth $687,486,000. JPMorgan Chase & Co. boosted its position in Atlassian by 72.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock worth $1,042,737,000 after purchasing an additional 1,806,042 shares during the last quarter. Invesco Ltd. grew its stake in shares of Atlassian by 265.9% during the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock valued at $595,171,000 after purchasing an additional 1,777,179 shares during the period. Norges Bank purchased a new stake in shares of Atlassian during the 4th quarter valued at about $296,697,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Atlassian in the 4th quarter worth approximately $234,547,000. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Price Performance

NASDAQ:TEAM opened at $207.25 on Wednesday. The company has a market capitalization of $54.30 billion, a P/E ratio of -154.66 and a beta of 1.07. The business’s 50-day moving average is $246.50 and its 200 day moving average is $241.83. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $326.00.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. On average, equities research analysts forecast that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. JMP Securities reaffirmed a “market perform” rating on shares of Atlassian in a report on Friday, January 31st. Piper Sandler upped their price objective on Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Macquarie upgraded Atlassian from a “neutral” rating to an “outperform” rating and lowered their target price for the company from $317.00 to $270.00 in a research report on Thursday, April 10th. Canaccord Genuity Group upped their price target on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, Truist Financial cut their price objective on Atlassian from $350.00 to $300.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Six 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 company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $300.00.

Insider Buying and Selling at Atlassian

In other news, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $185.61, for a total value of $1,475,228.28. Following the completion of the sale, the director now directly owns 333,816 shares of the company’s stock, valued at $61,959,587.76. This trade represents a 2.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Anutthara Bharadwaj sold 1,520 shares of Atlassian stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $259.85, for a total value of $394,972.00. Following the completion of the transaction, the president now owns 210,471 shares of the company’s stock, valued at approximately $54,690,889.35. This trade represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 263,033 shares of company stock worth $67,893,043 over the last 90 days. 38.55% of the stock is owned by insiders.

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.