Truist Financial Corp Trims Position in Atlassian Co. (NASDAQ:TEAM)

Truist Financial Corp trimmed its holdings in Atlassian Co. (NASDAQ:TEAM) by 11.8% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 39,548 shares of the technology company’s stock after selling 5,306 shares during the period. Truist Financial Corp’s holdings in Atlassian were worth $9,625,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Baillie Gifford & Co. raised its holdings in shares of Atlassian by 0.9% in the third quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock valued at $1,352,115,000 after buying an additional 78,454 shares during the last quarter. State Street Corp raised its holdings in shares of Atlassian by 0.3% in the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock valued at $565,424,000 after buying an additional 8,957 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Atlassian by 5.6% during the third quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock worth $393,588,000 after purchasing an additional 131,621 shares in the last quarter. FMR LLC raised its holdings in Atlassian by 7.4% during the third quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock worth $346,679,000 after purchasing an additional 150,237 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Atlassian by 2.8% during the third quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company’s stock worth $340,453,000 after purchasing an additional 57,911 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, President Anutthara Bharadwaj sold 1,723 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $305.84, for a total value of $526,962.32. Following the transaction, the president now owns 199,934 shares in the company, valued at approximately $61,147,814.56. The trade was a 0.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $236.89, for a total value of $1,882,801.72. Following the completion of the transaction, the chief executive officer now directly owns 421,244 shares of the company’s stock, valued at $99,788,491.16. This represents a 1.85 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 283,449 shares of company stock valued at $77,580,151. Company insiders own 38.55% of the company’s stock.

Atlassian Stock Performance

Shares of TEAM stock opened at $285.99 on Friday. The company’s fifty day simple moving average is $272.83 and its 200-day simple moving average is $221.70. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $326.00. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The company has a market cap of $74.93 billion, a PE ratio of -213.42 and a beta of 0.87.

Atlassian (NASDAQ:TEAM) last issued 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%. As a group, equities research analysts anticipate that Atlassian Co. will post -0.34 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently issued reports on TEAM shares. Cantor Fitzgerald increased their price target on shares of Atlassian from $264.00 to $304.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Barclays increased their price target on shares of Atlassian from $275.00 to $350.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. BMO Capital Markets raised shares of Atlassian from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $255.00 to $292.00 in a report on Friday, January 10th. Oppenheimer increased their price target on shares of Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. Finally, UBS Group increased their target price on shares of Atlassian from $275.00 to $330.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Eight equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $319.71.

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.