Franklin Resources Inc. Sells 34,718 Shares of Atlassian Co. (NASDAQ:TEAM)

Franklin Resources Inc. lessened its position in shares of Atlassian Co. (NASDAQ:TEAM) by 34.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. 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 and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of TEAM. Asset Dedication LLC boosted its stake in shares of Atlassian by 229.8% in the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after purchasing an additional 108 shares in the last quarter. Rothschild Investment LLC acquired a new position in shares of Atlassian in the 2nd quarter worth approximately $36,000. True Wealth Design LLC grew its position in Atlassian by 23,100.0% during the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after acquiring an additional 231 shares during the last quarter. GAMMA Investing LLC raised its position in Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after purchasing an additional 96 shares during the last quarter. Finally, Reston Wealth Management LLC acquired a new position in Atlassian in the third quarter worth $48,000. 94.45% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Truist Financial raised their target price on Atlassian from $200.00 to $250.00 and gave the company a “hold” rating in a research note on Thursday, December 12th. Oppenheimer upped their price objective on Atlassian from $230.00 to $270.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Raymond James lifted their target price on Atlassian from $200.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. KeyCorp upped their price target on Atlassian from $260.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Finally, UBS Group lifted 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. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Atlassian has an average rating of “Moderate Buy” and an average price target of $258.00.

Insider Activity

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $161.98, for a total value of $1,287,417.04. Following the sale, the chief executive officer now owns 23,844 shares of the company’s stock, valued at approximately $3,862,251.12. The trade was a 25.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Rajeev Bashyam Rajan sold 5,172 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $190.00, for a total value of $982,680.00. Following the transaction, the chief technology officer now directly owns 204,109 shares of the company’s stock, valued at $38,780,710. This trade represents a 2.47 % 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 ninety days. Insiders own 38.55% of the company’s stock.

Atlassian Price Performance

TEAM stock opened at $257.26 on Friday. The stock has a 50-day moving average price of $237.54 and a two-hundred day moving average price of $190.31. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $287.97. The stock has a market cap of $67.00 billion, a PE ratio of -169.25 and a beta of 0.80. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96.

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

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.