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

Atlassian (NASDAQ:TEAM) had its target price lowered by KeyCorp from $170.00 to $130.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the technology company’s stock.

Several other research firms also recently weighed in on TEAM. Robert W. Baird set a $140.00 target price on Atlassian in a research report on Friday, February 6th. BNP Paribas Exane started coverage on Atlassian in a research report on Monday, March 16th. They issued an “outperform” rating and a $95.00 price target for the company. Canaccord Genuity Group set a $185.00 price objective on Atlassian in a research note on Friday, February 6th. UBS Group reaffirmed a “neutral” rating and set a $105.00 price objective on shares of Atlassian in a research report on Friday, February 6th. Finally, Jefferies Financial Group set a $150.00 target price on shares of Atlassian in a report on Friday, February 6th. Twenty-one equities 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $179.00.

Atlassian Stock Performance

Shares of NASDAQ TEAM opened at $68.29 on Wednesday. Atlassian has a 12-month low of $64.30 and a 12-month high of $242.00. The firm has a market capitalization of $18.01 billion, a price-to-earnings ratio of -94.85 and a beta of 0.99. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.62. The firm has a 50 day moving average of $84.28 and a 200 day moving average of $130.35.

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

Insider Activity at Atlassian

In related news, CFO Joseph Leo Binz sold 1,653 shares of the firm’s stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $81.35, for a total value of $134,471.55. Following the completion of the sale, the chief financial officer directly owned 208,639 shares in the company, valued at $16,972,782.65. This trade represents a 0.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $94.81, for a total transaction of $726,718.65. Following the transaction, the chief executive officer directly owned 275,940 shares of the company’s stock, valued at approximately $26,161,871.40. This represents a 2.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 220,633 shares of company stock worth $28,313,415 in the last ninety days. Corporate insiders own 36.66% of the company’s stock.

Institutional Trading of Atlassian

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Physician Wealth Advisors Inc. boosted its holdings in shares of Atlassian by 60.4% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock valued at $26,000 after buying an additional 61 shares in the last quarter. GAMMA Investing LLC raised its stake in Atlassian by 12.0% in the 4th quarter. GAMMA Investing LLC now owns 615 shares of the technology company’s stock worth $100,000 after acquiring an additional 66 shares during the last quarter. Snowden Capital Advisors LLC lifted its position in Atlassian by 1.6% during the 2nd quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company’s stock worth $907,000 after acquiring an additional 71 shares during the period. Financial Perspectives Inc lifted its position in Atlassian by 11.7% during the 4th quarter. Financial Perspectives Inc now owns 718 shares of the technology company’s stock worth $116,000 after acquiring an additional 75 shares during the period. Finally, ABN Amro Investment Solutions grew its stake in Atlassian by 3.4% during the 3rd quarter. ABN Amro Investment Solutions now owns 2,452 shares of the technology company’s stock valued at $392,000 after purchasing an additional 80 shares during the last quarter. Institutional investors own 94.45% of the company’s stock.

About Atlassian

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.