Atlassian (NASDAQ:TEAM) Given New $130.00 Price Target at KeyCorp

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

Other research analysts have also recently issued research reports about the stock. Zacks Research cut shares of Atlassian from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 11th. Guggenheim reduced their target price on shares of Atlassian from $225.00 to $190.00 and set a “buy” rating on the stock in a report on Friday, February 6th. Wolfe Research restated an “outperform” rating and issued a $100.00 price target on shares of Atlassian in a research note on Thursday, March 12th. Mizuho cut their price objective on Atlassian from $205.00 to $185.00 and set an “outperform” rating on the stock in a research report on Thursday, March 12th. Finally, TD Cowen reduced their price objective on Atlassian from $205.00 to $175.00 and set a “hold” rating on the stock in a research note 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 stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $179.00.

Atlassian Price Performance

TEAM opened at $69.37 on Wednesday. The stock’s 50-day moving average price is $86.75 and its 200 day moving average price is $131.52. Atlassian has a 12-month low of $64.30 and a 12-month high of $242.00. The firm has a market cap of $18.30 billion, a price-to-earnings ratio of -96.35 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.

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

Insider Buying and Selling

In other news, CEO Michael Cannon-Brookes sold 7,665 shares of the firm’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $147.15, for a total value of $1,127,904.75. Following the sale, the chief executive officer directly owned 406,245 shares in the company, valued at approximately $59,778,951.75. This trade represents a 1.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $133.66, for a total transaction of $1,024,503.90. Following the sale, the director directly owned 390,915 shares of the company’s stock, valued at approximately $52,249,698.90. This trade represents a 1.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 235,963 shares of company stock valued at $30,707,194 in the last quarter. 36.66% of the stock is owned by insiders.

Hedge Funds Weigh In On Atlassian

Several large investors have recently bought and sold shares of TEAM. Vanguard Group Inc. boosted its position in shares of Atlassian by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 18,541,267 shares of the technology company’s stock worth $3,006,281,000 after acquiring an additional 61,706 shares in the last quarter. Baillie Gifford & Co. raised its position in shares of Atlassian by 3.9% during the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock worth $1,367,132,000 after acquiring an additional 316,276 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Atlassian by 291.4% during the 4th quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock worth $1,256,535,000 after acquiring an additional 5,769,788 shares in the last quarter. Morgan Stanley lifted its stake in Atlassian by 52.4% during the fourth quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock worth $781,841,000 after purchasing an additional 1,657,309 shares during the last quarter. Finally, State Street Corp lifted its stake in Atlassian by 3.3% during the fourth quarter. State Street Corp now owns 3,995,100 shares of the technology company’s stock worth $647,766,000 after purchasing an additional 127,105 shares during the last quarter. Hedge funds and other 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.