Synovus Financial Corp Reduces Holdings in Atlassian Co. (NASDAQ:TEAM)

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

Several other hedge funds also recently modified their holdings of the stock. Townsquare Capital LLC lifted its holdings in Atlassian by 53.4% during the fourth quarter. Townsquare Capital LLC now owns 2,052 shares of the technology company's stock valued at $499,000 after purchasing an additional 714 shares during the last quarter. Fortis Capital Advisors LLC bought a new position in shares of Atlassian in the 4th quarter worth $934,000. Sterling Capital Management LLC lifted its stake in Atlassian by 4.6% during the fourth quarter. Sterling Capital Management LLC now owns 44,908 shares of the technology company's stock worth $10,930,000 after purchasing an additional 1,966 shares during the last quarter. Whetstone Capital Advisors LLC boosted its stake in Atlassian by 0.4% in the fourth quarter. Whetstone Capital Advisors LLC now owns 31,573 shares of the technology company's stock worth $7,684,000 after buying an additional 117 shares in the last quarter. Finally, Harbert Fund Advisors Inc. purchased a new stake in shares of Atlassian in the 4th quarter valued at $1,217,000. Hedge funds and other institutional investors own 94.45% of the company's stock.

Wall Street Analysts Forecast Growth

TEAM has been the subject of several analyst reports. Baird R W upgraded Atlassian from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. Robert W. Baird upgraded Atlassian from a "neutral" rating to an "outperform" rating and reduced their target price for the stock from $320.00 to $255.00 in a report on Monday, April 14th. Jefferies Financial Group decreased their price target on shares of Atlassian from $330.00 to $262.00 and set a "buy" rating for the company in a research note on Monday, April 7th. The Goldman Sachs Group lifted their price objective on Atlassian from $245.00 to $370.00 and gave the company a "buy" rating in a research note on Monday, February 3rd. Finally, Oppenheimer increased their price target on shares of Atlassian from $300.00 to $380.00 and gave the company an "outperform" rating in a report on Friday, January 31st. Six analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Atlassian currently has a consensus rating of "Moderate Buy" and an average price target of $297.73.

Insider Buying and Selling at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm's stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $205.94, for a total value of $1,636,811.12. Following the completion of the transaction, the chief executive officer now directly owns 278,180 shares of the company's stock, valued at approximately $57,288,389.20. This trade represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Gene Liu sold 779 shares of the company's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $320.01, for a total transaction of $249,287.79. Following the sale, the chief accounting officer now directly owns 52,710 shares in the company, valued at approximately $16,867,727.10. The trade was a 1.46 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 261,513 shares of company stock worth $67,123,959 in the last quarter. 38.55% of the stock is owned by corporate insiders.

Atlassian Price Performance

Shares of TEAM stock traded down $2.56 during mid-day trading on Friday, hitting $202.75. The company had a trading volume of 1,564,440 shares, compared to its average volume of 2,048,175. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The stock's 50 day moving average price is $239.67 and its 200-day moving average price is $242.17. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $326.00. The company has a market capitalization of $53.12 billion, a P/E ratio of -151.30 and a beta of 1.07.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. Equities research analysts forecast that Atlassian Co. will post -0.34 earnings per share for the current 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.