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

Truist Financial Corp trimmed its position in shares of Atlassian Co. (NASDAQ:TEAM) by 22.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 94,648 shares of the technology company’s stock after selling 26,641 shares during the quarter. Truist Financial Corp’s holdings in Atlassian were worth $22,513,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Graypoint LLC boosted its stake in shares of Atlassian by 2.4% in the 4th quarter. Graypoint LLC now owns 1,784 shares of the technology company’s stock worth $424,000 after buying an additional 42 shares during the last quarter. Legacy Wealth Asset Management LLC lifted its holdings in Atlassian by 1.4% during the fourth quarter. Legacy Wealth Asset Management LLC now owns 3,095 shares of the technology company’s stock worth $736,000 after acquiring an additional 43 shares during the period. Park National Corp OH boosted its position in Atlassian by 3.5% in the fourth quarter. Park National Corp OH now owns 1,439 shares of the technology company’s stock worth $342,000 after purchasing an additional 48 shares during the last quarter. UMB Bank n.a. grew its stake in Atlassian by 5.7% in the 4th quarter. UMB Bank n.a. now owns 1,041 shares of the technology company’s stock valued at $248,000 after purchasing an additional 56 shares during the period. Finally, Carmel Capital Partners LLC increased its position in shares of Atlassian by 28.5% during the 3rd quarter. Carmel Capital Partners LLC now owns 257 shares of the technology company’s stock valued at $52,000 after purchasing an additional 57 shares during the last quarter. 93.03% of the stock is owned by institutional investors.

Atlassian Stock Down 1.3 %

TEAM stock opened at $177.07 on Tuesday. The firm has a 50 day moving average of $199.36 and a 200-day moving average of $206.52. Atlassian Co. has a 12 month low of $128.02 and a 12 month high of $258.69. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.07 and a current ratio of 1.07.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, April 25th. The technology company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.62 by $0.27. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. Atlassian had a negative net margin of 3.90% and a negative return on equity of 15.54%. The business’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same period last year, the firm earned ($0.40) EPS. Equities analysts expect that Atlassian Co. will post -0.42 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

TEAM has been the subject of several research reports. Oppenheimer reduced their price target on shares of Atlassian from $300.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday. Barclays upgraded shares of Atlassian from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $235.00 to $275.00 in a research note on Thursday, April 11th. Wells Fargo & Company raised their price target on shares of Atlassian from $275.00 to $285.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 24th. KeyCorp started coverage on Atlassian in a research note on Tuesday, March 19th. They issued a “sector weight” rating on the stock. Finally, Truist Financial decreased their target price on Atlassian from $220.00 to $200.00 and set a “hold” rating for the company in a research report on Friday. Ten investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $223.22.

Insider Activity at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 8,241 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $219.24, for a total value of $1,806,756.84. Following the sale, the chief executive officer now owns 313,158 shares of the company’s stock, valued at approximately $68,656,759.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CTO Rajeev Bashyam Rajan sold 872 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total value of $185,622.64. Following the completion of the sale, the chief technology officer now owns 142,103 shares in the company, valued at approximately $30,249,465.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 8,241 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $219.24, for a total transaction of $1,806,756.84. Following the completion of the sale, the chief executive officer now owns 313,158 shares of the company’s stock, valued at $68,656,759.92. The disclosure for this sale can be found here. Over the last quarter, insiders sold 300,450 shares of company stock valued at $61,106,939. Company insiders own 40.48% of the company’s stock.

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.