Franklin Resources Inc. Has $10.59 Million Stock Position in Atlassian Co. (NASDAQ:TEAM)

Franklin Resources Inc. lessened its holdings in shares of Atlassian Co. (NASDAQ:TEAM) by 34.2% during the third quarter, Holdings Channel.com reports. The institutional investor owned 66,688 shares of the technology company’s stock after selling 34,718 shares during the quarter. Franklin Resources Inc.’s holdings in Atlassian were worth $10,591,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Tri Ri Asset Management Corp bought a new position in shares of Atlassian during the 3rd quarter worth approximately $2,584,000. Synovus Financial Corp lifted its holdings in Atlassian by 26.4% during the 3rd quarter. Synovus Financial Corp now owns 19,962 shares of the technology company’s stock valued at $3,170,000 after purchasing an additional 4,173 shares during the last quarter. Tidal Investments LLC boosted its position in Atlassian by 143.2% during the third quarter. Tidal Investments LLC now owns 12,605 shares of the technology company’s stock worth $2,002,000 after purchasing an additional 7,422 shares during the period. Wilmington Savings Fund Society FSB increased its holdings in shares of Atlassian by 59.4% in the third quarter. Wilmington Savings Fund Society FSB now owns 2,901 shares of the technology company’s stock valued at $461,000 after purchasing an additional 1,081 shares during the last quarter. Finally, SkyView Investment Advisors LLC raised its position in shares of Atlassian by 3.0% in the third quarter. SkyView Investment Advisors LLC now owns 4,128 shares of the technology company’s stock valued at $656,000 after purchasing an additional 122 shares during the period. Institutional investors own 94.45% of the company’s stock.

Wall Street Analysts Forecast Growth

TEAM has been the topic of several research analyst reports. Jefferies Financial Group increased their price target on shares of Atlassian from $280.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Wells Fargo & Company increased their target price on Atlassian from $300.00 to $350.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Morgan Stanley boosted their price target on Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. UBS Group increased their price objective on Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. Finally, Oppenheimer boosted their target price on shares of Atlassian from $230.00 to $270.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $258.00.

Atlassian Trading Up 2.4 %

Shares of TEAM opened at $257.26 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $287.97. The firm has a market cap of $67.00 billion, a price-to-earnings ratio of -169.25 and a beta of 0.80. The business’s fifty day moving average is $237.54 and its 200-day moving average is $190.31.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.13. The firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The business’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.07) earnings per share. Equities analysts anticipate that Atlassian Co. will post -0.54 EPS for the current fiscal year.

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 that occurred on Monday, September 23rd. The shares were sold at an average price of $162.27, for a total value of $1,289,721.96. Following the completion of the transaction, the chief executive officer now owns 39,740 shares in the company, valued at $6,448,609.80. This trade represents a 16.67 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $188.79, for a total transaction of $143,480.40. Following the sale, the president now owns 228,996 shares in the company, valued at approximately $43,232,154.84. This represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 285,298 shares of company stock worth $62,228,660 over the last quarter. Corporate insiders own 38.55% 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.