KeyCorp Issues Positive Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its price target hoisted by analysts at KeyCorp from $260.00 to $315.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. KeyCorp’s target price points to a potential upside of 9.57% from the stock’s previous close.

A number of other analysts also recently issued reports on the stock. BMO Capital Markets lifted their price target on shares of Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a report on Friday, November 1st. Morgan Stanley lifted their price target on shares of Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a report on Friday, October 11th. UBS Group lifted their price target on shares of Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. Canaccord Genuity Group boosted their target price on shares of Atlassian from $225.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, Raymond James boosted their target price on shares of Atlassian from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $247.11.

Atlassian Stock Up 7.1 %

Shares of TEAM stock opened at $287.50 on Thursday. The company has a market capitalization of $74.87 billion, a price-to-earnings ratio of -189.14 and a beta of 0.80. Atlassian has a one year low of $135.29 and a one year high of $287.97. The company’s fifty day moving average price is $213.27 and its 200-day moving average price is $181.75. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18.

Atlassian (NASDAQ:TEAM) last announced its quarterly 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 company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. Atlassian’s revenue for the quarter was up 21.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.07) EPS. Sell-side analysts expect that Atlassian will post -0.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, President Anutthara Bharadwaj sold 760 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $163.11, for a total transaction of $123,963.60. Following the transaction, the president now directly owns 143,966 shares of the company’s stock, valued at approximately $23,482,294.26. This represents a 0.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $265.96, for a total value of $2,113,850.08. Following the completion of the sale, the director now directly owns 158,960 shares of the company’s stock, valued at approximately $42,277,001.60. This represents a 4.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 257,694 shares of company stock worth $52,194,040 over the last 90 days. Company insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several institutional investors have recently added to or reduced their stakes in the business. Asset Dedication LLC lifted its holdings in shares of Atlassian by 229.8% during the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after purchasing an additional 108 shares during the period. Rothschild Investment LLC acquired a new stake in shares of Atlassian during the second quarter worth about $36,000. GAMMA Investing LLC lifted its holdings in Atlassian by 68.6% in the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after acquiring an additional 96 shares during the period. True Wealth Design LLC lifted its holdings in Atlassian by 23,100.0% in the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after acquiring an additional 231 shares during the period. Finally, Reston Wealth Management LLC acquired a new position in Atlassian in the third quarter valued at approximately $48,000. Institutional investors and hedge funds own 93.03% 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.