Atlassian (NASDAQ:TEAM) Price Target Raised to $315.00 at KeyCorp

Atlassian (NASDAQ:TEAM) had its price target lifted by KeyCorp from $260.00 to $315.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. KeyCorp’s price target points to a potential upside of 13.11% from the company’s previous close.

Several other equities research analysts have also recently commented on the stock. Oppenheimer raised their target price on shares of Atlassian from $230.00 to $270.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Robert W. Baird raised their target price on Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Mizuho boosted their price objective on shares of Atlassian from $200.00 to $240.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. UBS Group raised their target price on shares of Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a research note on Tuesday, October 22nd. Finally, Wells Fargo & Company lifted their target price on shares of Atlassian from $250.00 to $300.00 and gave the company an “overweight” rating in a report on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $249.74.

Atlassian Price Performance

TEAM stock opened at $278.50 on Thursday. The stock has a market capitalization of $72.53 billion, a price-to-earnings ratio of -183.22 and a beta of 0.80. The firm’s 50-day moving average price is $217.88 and its two-hundred day moving average price is $183.09. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. Atlassian has a 12-month low of $135.29 and a 12-month high of $287.97.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. During the same period last year, the company earned ($0.07) EPS. The business’s quarterly revenue was up 21.5% compared to the same quarter last year. As a group, equities analysts predict that Atlassian will post -0.54 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In related news, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $163.11, for a total transaction of $123,963.60. Following the completion of the sale, the president now directly owns 143,966 shares in the company, valued at approximately $23,482,294.26. The trade was a 0.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $278.79, for a total transaction of $2,215,822.92. Following the sale, the chief executive officer now directly owns 135,116 shares of the company’s stock, valued at approximately $37,668,989.64. This represents a 5.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 268,642 shares of company stock worth $55,234,863. Company insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC raised its stake in Atlassian by 37.0% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock valued at $306,000 after purchasing an additional 520 shares during the period. Paloma Partners Management Co purchased a new stake in Atlassian during the 3rd quarter valued at approximately $1,588,000. Impax Asset Management Group plc raised its position in shares of Atlassian by 590.6% during the third quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock valued at $5,940,000 after buying an additional 31,986 shares during the last quarter. Parnassus Investments LLC lifted its holdings in shares of Atlassian by 322.9% in the third quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock worth $51,016,000 after buying an additional 245,286 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in shares of Atlassian in the third quarter worth $97,350,000. 93.03% of the stock is owned by hedge funds and other institutional investors.

About Atlassian

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.