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

Synovus Financial Corp trimmed its position in shares of Atlassian Co. (NASDAQ:TEAM) by 66.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Murphy & Mullick Capital Management Corp purchased a new position in shares of Atlassian during the fourth quarter worth approximately $27,000. Summit Securities Group LLC purchased a new stake in shares of Atlassian in the 4th quarter valued at $38,000. Pilgrim Partners Asia Pte Ltd bought a new position in shares of Atlassian during the 4th quarter valued at $39,000. Avion Wealth raised its position in Atlassian by 1,308.3% in the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after purchasing an additional 157 shares during the period. Finally, Assetmark Inc. lifted its stake in Atlassian by 30.6% in the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock worth $43,000 after purchasing an additional 41 shares during the last quarter. Institutional investors own 94.45% of the company’s stock.

Atlassian Trading Up 3.1 %

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

Atlassian (NASDAQ:TEAM) last issued its quarterly 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 return on equity of 17.37% and a negative net margin of 7.22%. As a group, analysts forecast that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Insider Activity

In other news, Director Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $253.01, for a total transaction of $2,010,923.48. Following the sale, the director now owns 389,452 shares in the company, valued at $98,535,250.52. This represents a 2.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Gene Liu sold 568 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $312.08, for a total transaction of $177,261.44. Following the sale, the chief accounting officer now directly owns 52,142 shares of the company’s stock, valued at $16,272,475.36. This trade represents a 1.08 % 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 three months. 38.55% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

TEAM has been the topic of a number of recent research reports. KeyCorp reduced their price objective on Atlassian from $365.00 to $275.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. StockNews.com lowered Atlassian from a “buy” rating to a “hold” rating in a research report on Monday, March 31st. Morgan Stanley boosted their price objective on Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Cantor Fitzgerald raised shares of Atlassian from a “neutral” rating to an “overweight” rating and decreased their target price for the stock from $304.00 to $272.00 in a research note on Wednesday, April 2nd. Finally, Macquarie raised shares of Atlassian from a “neutral” rating to an “outperform” rating and dropped their price target for the company from $317.00 to $270.00 in a research report on Thursday, April 10th. Six investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $300.00.

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.