Atlassian (NASDAQ:TEAM) Price Target Cut to $115.00 by Analysts at KeyCorp

Atlassian (NASDAQ:TEAM) had its price target cut by KeyCorp from $130.00 to $115.00 in a research note released on Wednesday, MarketBeat reports. They currently have an overweight rating on the technology company’s stock.

Several other analysts also recently commented on the company. Citigroup cut their target price on Atlassian from $160.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday, May 1st. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Atlassian in a report on Monday, April 20th. Wall Street Zen downgraded Atlassian from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 30th. BTIG Research boosted their target price on Atlassian from $120.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Finally, Barclays upped their target price on shares of Atlassian from $106.00 to $112.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Twenty-one equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Atlassian currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.70.

Atlassian Stock Performance

Shares of Atlassian stock opened at $85.47 on Wednesday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. The firm has a market capitalization of $21.69 billion, a P/E ratio of -102.98, a P/E/G ratio of 4.98 and a beta of 1.11. The business has a fifty day simple moving average of $87.37 and a two-hundred day simple moving average of $94.88. Atlassian has a 12 month low of $56.01 and a 12 month high of $222.59.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.42. The business had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The firm’s quarterly revenue was up 31.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.97 earnings per share. On average, equities analysts forecast that Atlassian will post 0.81 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In related news, CFO James Chuong sold 8,838 shares of the firm’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $775,534.50. Following the transaction, the chief financial officer directly owned 288,272 shares of the company’s stock, valued at approximately $25,295,868. This trade represents a 2.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the completion of the transaction, the executive directly owned 227,691 shares in the company, valued at $20,426,159.61. This trade represents a 1.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 20,041 shares of company stock valued at $1,801,069. Corporate insiders own 36.66% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in TEAM. MV Capital Management Inc. bought a new stake in shares of Atlassian during the 4th quarter valued at $25,000. MassMutual Private Wealth & Trust FSB boosted its holdings in Atlassian by 139.2% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 378 shares of the technology company’s stock worth $29,000 after buying an additional 220 shares during the period. Western Wealth Management LLC purchased a new stake in Atlassian in the 1st quarter worth $30,000. State of Wyoming raised its holdings in Atlassian by 65.7% during the first quarter. State of Wyoming now owns 449 shares of the technology company’s stock valued at $31,000 after acquiring an additional 178 shares during the period. Finally, Board of the Pension Protection Fund bought a new stake in Atlassian during the fourth quarter valued at about $32,000. 94.45% of the stock is currently 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.