Synovus Financial Corp Cuts Position in Atlassian Corporation PLC $TEAM

Key Points

• Synovus Financial Corp decreased its holdings in Atlassian Corporation PLC by 67.9% during the first quarter, leaving them with 2,161 shares valued at approximately $459,000.
• Insider transactions included CTO Rajeev Bashyam Rajan selling 3,517 shares and CEO Michael Cannon-Brookes selling 7,665 shares, resulting in decreases of 2.39% and 4.17% in their respective ownership stakes.
• Atlassian's latest earnings report showed a positive trend with $0.98 EPS exceeding analysts' expectations of $0.83, and a revenue increase of 22.3% year-over-year, totaling $1.38 billion for the quarter.

Synovus Financial Corp lowered its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 67.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,161 shares of the technology company's stock after selling 4,573 shares during the quarter. Synovus Financial Corp's holdings in Atlassian were worth $459,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Clean Yield Group raised its position in shares of Atlassian by 372.0% during the 1st quarter. Clean Yield Group now owns 118 shares of the technology company's stock worth $25,000 after acquiring an additional 93 shares in the last quarter. Colonial Trust Co SC lifted its stake in Atlassian by 100.0% during the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock worth $34,000 after purchasing an additional 69 shares during the last quarter. Smithfield Trust Co lifted its stake in Atlassian by 90.7% during the first quarter. Smithfield Trust Co now owns 164 shares of the technology company's stock worth $34,000 after purchasing an additional 78 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in Atlassian by 82.7% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 243 shares of the technology company's stock worth $52,000 after purchasing an additional 110 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its stake in Atlassian by 25.9% during the first quarter. First Horizon Advisors Inc. now owns 267 shares of the technology company's stock worth $57,000 after purchasing an additional 55 shares during the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Stock Performance

Shares of Atlassian stock traded up $1.00 during trading hours on Friday, hitting $177.78. 2,893,757 shares of the company were exchanged, compared to its average volume of 3,134,040. Atlassian Corporation PLC has a 1 year low of $154.07 and a 1 year high of $326.00. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.73. The business has a 50-day moving average of $188.25 and a 200-day moving average of $211.60. The stock has a market capitalization of $46.64 billion, a price-to-earnings ratio of -179.57 and a beta of 0.95.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The technology company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.83 by $0.15. Atlassian had a negative return on equity of 14.77% and a negative net margin of 4.92%.The business had revenue of $1.38 billion during the quarter, compared to analysts' expectations of $1.36 billion. During the same quarter in the prior year, the business earned $0.66 earnings per share. The company's quarterly revenue was up 22.3% compared to the same quarter last year. Atlassian has set its Q1 2026 guidance at EPS. FY 2026 guidance at EPS. As a group, analysts expect that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the company's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $208.43, for a total value of $1,656,601.64. Following the sale, the director owned 23,844 shares of the company's stock, valued at approximately $4,969,804.92. This represents a 25.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Anutthara Bharadwaj sold 7,728 shares of the company's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $163.43, for a total value of $1,262,987.04. Following the completion of the sale, the president directly owned 182,801 shares in the company, valued at $29,875,167.43. This trade represents a 4.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 539,662 shares of company stock valued at $103,608,546 over the last quarter. Company insiders own 38.55% of the company's stock.

Wall Street Analysts Forecast Growth

TEAM has been the subject of several recent analyst reports. Cantor Fitzgerald decreased their target price on Atlassian from $256.00 to $240.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. BMO Capital Markets decreased their target price on Atlassian from $225.00 to $200.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Wall Street Zen upgraded Atlassian from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. Barclays decreased their target price on Atlassian from $244.00 to $215.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Finally, UBS Group reiterated a "hold" rating on shares of Atlassian in a research note on Monday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $256.90.

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.