Truist Financial Corp Trims Stock Position in Atlassian Corporation PLC $TEAM

Truist Financial Corp lowered its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 33.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,016 shares of the technology company’s stock after selling 6,993 shares during the quarter. Truist Financial Corp’s holdings in Atlassian were worth $2,272,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Physician Wealth Advisors Inc. increased its stake in shares of Atlassian by 60.4% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock worth $26,000 after purchasing an additional 61 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after purchasing an additional 161 shares in the last quarter. Atlantic Union Bankshares Corp increased its stake in shares of Atlassian by 19,900.0% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock worth $32,000 after purchasing an additional 199 shares in the last quarter. Board of the Pension Protection Fund purchased a new stake in shares of Atlassian in the 4th quarter worth $32,000. Finally, Bogart Wealth LLC increased its stake in shares of Atlassian by 76.4% in the 4th quarter. Bogart Wealth LLC now owns 217 shares of the technology company’s stock worth $35,000 after purchasing an additional 94 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Insider Transactions at Atlassian

In other Atlassian news, CTO Rajeev Bashyam Rajan sold 3,072 shares of Atlassian stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $81.35, for a total value of $249,907.20. Following the sale, the chief technology officer owned 212,916 shares of the company’s stock, valued at $17,320,716.60. The trade was a 1.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Joseph Leo Binz sold 1,653 shares of Atlassian stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $81.35, for a total value of $134,471.55. Following the completion of the sale, the chief financial officer directly owned 208,639 shares in the company, valued at approximately $16,972,782.65. The trade was a 0.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 6,013 shares of company stock valued at $489,158. 36.66% of the stock is currently owned by insiders.

Atlassian Trading Down 5.2%

Atlassian stock opened at $80.62 on Thursday. The stock has a market cap of $20.46 billion, a P/E ratio of -97.13, a PEG ratio of 4.82 and a beta of 0.90. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70. Atlassian Corporation PLC has a 1 year low of $56.01 and a 1 year high of $230.63. The firm’s 50 day moving average price is $72.98 and its 200-day moving average price is $114.15.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.42. The firm had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The company’s revenue for the quarter was up 31.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.97 earnings per share. On average, equities analysts predict that Atlassian Corporation PLC will post 0.81 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

TEAM has been the subject of several analyst reports. Sanford C. Bernstein reissued an “outperform” rating and issued a $295.00 target price on shares of Atlassian in a report on Friday, May 1st. BNP Paribas Exane initiated coverage on shares of Atlassian in a report on Monday, March 16th. They issued an “outperform” rating and a $95.00 target price for the company. KeyCorp reduced their target price on shares of Atlassian from $170.00 to $130.00 and set an “overweight” rating for the company in a report on Wednesday, April 1st. Cantor Fitzgerald increased their target price on shares of Atlassian from $98.00 to $107.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. Finally, Canaccord Genuity Group reduced their target price on shares of Atlassian from $185.00 to $150.00 and set a “buy” rating for the company in a report on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $145.63.

About Atlassian

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.