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

Atlassian (NASDAQ:TEAM) had its target price lowered by KeyCorp from $365.00 to $275.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

A number of other equities analysts have also commented on the stock. Barclays raised their price target on shares of Atlassian from $275.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Morgan Stanley lifted their price target on shares of Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Wells Fargo & Company increased their price target on Atlassian from $350.00 to $375.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Scotiabank lifted their price objective on Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a report on Friday, January 31st. Finally, Citigroup increased their target price on Atlassian from $255.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Eight analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $297.50.

Atlassian Trading Up 0.2 %

Shares of NASDAQ:TEAM opened at $198.37 on Thursday. The stock has a market cap of $51.97 billion, a PE ratio of -148.04 and a beta of 1.07. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian has a 12-month low of $135.29 and a 12-month high of $326.00. The business has a 50 day moving average of $251.13 and a 200-day moving average of $241.25.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. As a group, equities research analysts forecast that Atlassian will post -0.34 earnings per share for the current year.

Insider Activity at Atlassian

In other Atlassian news, CAO Gene Liu sold 779 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $320.01, for a total value of $249,287.79. Following the completion of the transaction, the chief accounting officer now directly owns 52,710 shares in the company, valued at approximately $16,867,727.10. This represents a 1.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Wednesday, April 9th. The stock was sold at an average price of $195.56, for a total transaction of $1,554,310.88. Following the transaction, the chief executive officer now owns 317,920 shares in the company, valued at approximately $62,172,435.20. This trade represents a 2.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 263,033 shares of company stock worth $68,608,284 in the last quarter. 38.55% of the stock is owned by insiders.

Hedge Funds Weigh In On Atlassian

A number of hedge funds have recently made changes to their positions in TEAM. Virtu Financial LLC acquired a new stake in Atlassian during the 3rd quarter valued at approximately $606,000. Fulton Bank N.A. bought a new stake in shares of Atlassian in the 4th quarter valued at $447,000. Allworth Financial LP increased its position in shares of Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock worth $404,000 after buying an additional 47 shares during the period. Nordea Investment Management AB raised its stake in Atlassian by 20.1% during the fourth quarter. Nordea Investment Management AB now owns 30,442 shares of the technology company’s stock worth $7,458,000 after buying an additional 5,088 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Atlassian by 61.4% in the third quarter. Principal Financial Group Inc. now owns 10,770 shares of the technology company’s stock valued at $1,710,000 after buying an additional 4,099 shares during the period. 94.45% of the stock is currently owned by institutional investors.

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.