Atlassian (NASDAQ:TEAM) Price Target Cut to $115.00 by Analysts at KeyCorp

Atlassian (NASDAQ:TEAM) had its price target decreased by stock analysts at KeyCorp from $130.00 to $115.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. KeyCorp’s price target would suggest a potential upside of 30.11% from the company’s previous close.

A number of other analysts also recently issued reports on TEAM. Mizuho cut their price objective on Atlassian from $185.00 to $145.00 and set an “outperform” rating for the company in a research report on Tuesday, April 14th. Barclays increased their target price on shares of Atlassian from $106.00 to $112.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. TD Cowen boosted their price target on shares of Atlassian from $85.00 to $105.00 and gave the company a “hold” rating in a research note on Friday, May 1st. Sanford C. Bernstein restated an “outperform” rating on shares of Atlassian in a report on Monday, June 29th. Finally, Wells Fargo & Company lowered their price objective on shares of Atlassian from $155.00 to $120.00 and set an “overweight” rating for the company in a research report on Tuesday, March 17th. Twenty-one equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and a consensus price target of $144.70.

Atlassian Stock Up 3.4%

TEAM stock opened at $88.39 on Wednesday. The firm has a market cap of $22.43 billion, a PE ratio of -106.49, a PEG ratio of 4.82 and a beta of 1.11. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. The firm’s 50 day moving average price is $87.05 and its 200-day moving average price is $95.44. Atlassian has a one year low of $56.01 and a one year high of $222.59.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.42. The company had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.70 billion. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The firm’s revenue for the quarter was up 31.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.97 earnings per share. On average, equities research analysts anticipate that Atlassian will post 0.81 EPS for the current year.

Insider Activity at Atlassian

In other Atlassian news, CFO James Chuong sold 8,838 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the sale, the chief financial officer directly owned 288,272 shares in the company, valued at $25,295,868. This represents a 2.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $89.71, for a total transaction of $269,130.00. Following the completion of the transaction, the executive directly owned 227,691 shares of the company’s stock, valued at $20,426,159.61. This represents a 1.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 20,041 shares of company stock valued at $1,801,069. Insiders own 36.66% of the company’s stock.

Institutional Trading of Atlassian

Several hedge funds have recently modified their holdings of TEAM. MV Capital Management Inc. purchased a new position in Atlassian in the fourth quarter valued at $25,000. MassMutual Private Wealth & Trust FSB increased its holdings in Atlassian by 139.2% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 378 shares of the technology company’s stock worth $29,000 after purchasing an additional 220 shares during the period. Western Wealth Management LLC purchased a new stake in Atlassian during the 1st quarter worth about $30,000. State of Wyoming raised its position in Atlassian by 65.7% in the 1st quarter. State of Wyoming now owns 449 shares of the technology company’s stock valued at $31,000 after purchasing an additional 178 shares in the last quarter. Finally, Board of the Pension Protection Fund acquired a new stake in Atlassian in the 4th quarter valued at about $32,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.