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

Atlassian (NASDAQ:TEAM) had its price objective dropped by equities research analysts at KeyCorp from $170.00 to $130.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. KeyCorp’s target price indicates a potential upside of 90.36% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley cut their price target on shares of Atlassian from $320.00 to $290.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Oppenheimer lowered their price objective on Atlassian from $275.00 to $150.00 and set an “outperform” rating on the stock in a research note on Friday, February 6th. UBS Group reissued a “neutral” rating and issued a $105.00 target price on shares of Atlassian in a report on Friday, February 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Atlassian in a research report on Wednesday, January 21st. Finally, TD Cowen decreased their price target 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 investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and a consensus price target of $179.00.

Atlassian Trading Down 1.6%

Shares of Atlassian stock opened at $68.29 on Wednesday. The firm has a market capitalization of $18.01 billion, a PE ratio of -94.85 and a beta of 0.99. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.89 and a quick ratio of 0.89. The company’s fifty day moving average price is $85.55 and its two-hundred day moving average price is $131.08. Atlassian has a 52-week low of $64.30 and a 52-week high of $242.00.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Friday, February 6th. The technology company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.10. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.33%. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period last year, the firm earned $0.96 EPS. The firm’s revenue for the quarter was up 23.3% compared to the same quarter last year. On average, analysts expect that Atlassian will post -0.34 EPS for the current year.

Insider Activity at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction that occurred 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 chief executive officer directly owned 390,915 shares in the company, valued at $52,249,698.90. This represents a 1.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Scott Farquhar sold 7,665 shares of the firm’s stock in a transaction on Friday, January 16th. The shares were sold at an average price of $120.82, for a total value of $926,085.30. Following the sale, the director directly owned 383,250 shares of the company’s stock, valued at $46,304,265. This represents a 1.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 220,633 shares of company stock worth $28,313,415 over the last three months. 36.66% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Atlassian by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 18,541,267 shares of the technology company’s stock valued at $3,006,281,000 after acquiring an additional 61,706 shares in the last quarter. Baillie Gifford & Co. grew its stake in shares of Atlassian by 3.9% during the fourth quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock valued at $1,367,132,000 after purchasing an additional 316,276 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Atlassian by 291.4% during the fourth quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock valued at $1,256,535,000 after purchasing an additional 5,769,788 shares during the last quarter. Morgan Stanley increased its holdings in shares of Atlassian by 52.4% in the fourth quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock valued at $781,841,000 after purchasing an additional 1,657,309 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of Atlassian by 3.3% in the fourth quarter. State Street Corp now owns 3,995,100 shares of the technology company’s stock valued at $647,766,000 after purchasing an additional 127,105 shares in the last quarter. 94.45% of the stock is owned by institutional investors.

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.