KeyCorp Cuts Atlassian (NASDAQ:TEAM) Price Target to $130.00

Atlassian (NASDAQ:TEAM) had its price target cut by stock analysts at KeyCorp from $170.00 to $130.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. KeyCorp’s price target indicates a potential upside of 87.12% from the stock’s current price.

A number of other brokerages have also recently issued reports on TEAM. Robert W. Baird set a $140.00 target price on shares of Atlassian in a research report on Friday, February 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a research note on Wednesday, January 21st. Wolfe Research reissued an “outperform” rating and issued a $100.00 price objective on shares of Atlassian in a report on Thursday, March 12th. BTIG Research decreased their target price on shares of Atlassian from $220.00 to $140.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Finally, TD Cowen lowered their target price on shares of Atlassian from $205.00 to $175.00 and set a “hold” rating on the stock in a report on Tuesday, January 20th. Twenty-one research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $179.00.

Atlassian Stock Performance

Shares of NASDAQ TEAM traded up $1.22 during trading hours on Wednesday, reaching $69.47. 2,114,947 shares of the stock were exchanged, compared to its average volume of 6,274,126. The firm has a market capitalization of $18.32 billion, a price-to-earnings ratio of -96.54 and a beta of 0.94. The stock’s fifty day simple moving average is $87.81 and its 200 day simple moving average is $131.96. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.89 and a current ratio of 0.89. Atlassian has a 52 week low of $64.30 and a 52 week high of $242.00.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Friday, February 6th. The technology company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.10. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the company posted $0.96 EPS. The firm’s quarterly revenue was up 23.3% on a year-over-year basis. Sell-side analysts predict that Atlassian will post -0.34 EPS for the current year.

Insider Activity

In other news, Director Scott Farquhar sold 7,665 shares of the business’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $94.81, for a total value of $726,718.65. Following the completion of the transaction, the director directly owned 275,940 shares in the company, valued at approximately $26,161,871.40. The trade was a 2.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Rajeev Bashyam Rajan sold 3,072 shares of the company’s stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $81.35, for a total transaction of $249,907.20. Following the sale, the chief technology officer directly owned 212,916 shares of the company’s stock, valued at approximately $17,320,716.60. This trade represents a 1.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 235,963 shares of company stock valued at $30,707,194. Company insiders own 36.66% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. MV Capital Management Inc. bought a new stake in Atlassian during the 4th quarter worth $25,000. Physician Wealth Advisors Inc. raised its position in Atlassian by 60.4% in the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock valued at $26,000 after purchasing an additional 61 shares during the last quarter. Atlantic Union Bankshares Corp boosted its stake in shares of Atlassian by 19,900.0% during the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock valued at $32,000 after purchasing an additional 199 shares in the last quarter. Board of the Pension Protection Fund acquired a new stake in shares of Atlassian during the fourth quarter valued at about $32,000. Finally, Basepoint Wealth LLC bought a new stake in shares of Atlassian during the fourth quarter worth about $32,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Company Profile

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.