Atlassian (NASDAQ:TEAM) Stock Price Target Raised at KeyCorp

Key Points

• KeyCorp raised Atlassian’s price target to $235 from $185 and maintained an “overweight” rating, implying approximately 13% upside from the stock’s current price.
• Analyst sentiment remains broadly positive: 25 analysts rate the stock a Buy, four a Hold and one a Sell, with a consensus price target of $198.59.
• Atlassian reported quarterly EPS of $1.87 versus the $1.50 consensus estimate, while revenue rose 27.6% year over year to $1.77 billion; institutional investors own 94.45% of the company.

Atlassian (NASDAQ:TEAM - Get Free Report) had its price target hoisted by analysts at KeyCorp from $185.00 to $235.00 in a report issued on Monday, Benzinga reports. The firm presently has an "overweight" rating on the technology company's stock. KeyCorp's target price indicates a potential upside of 13.08% from the stock's current price.

A number of other equities analysts have also weighed in on the company. Mizuho increased their price target on Atlassian from $215.00 to $235.00 and gave the company an "outperform" rating in a research report on Thursday. BTIG Research upped their price objective on shares of Atlassian from $180.00 to $230.00 and gave the company a "buy" rating in a research note on Thursday, September 3rd. Zacks Research cut shares of Atlassian from a "strong-buy" rating to a "hold" rating in a report on Monday, June 29th. BMO Capital Markets lifted their target price on shares of Atlassian from $95.00 to $175.00 and gave the stock an "outperform" rating in a research report on Friday, August 7th. Finally, Barclays upped their price target on shares of Atlassian from $172.00 to $222.00 and gave the company an "overweight" rating in a research report on Tuesday, October 13th. Twenty-five equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $198.59.

Atlassian Stock Performance

Shares of TEAM stock opened at $207.82 on Monday. Atlassian has a fifty-two week low of $56.01 and a fifty-two week high of $223.70. The stock has a market capitalization of $52.74 billion, a P/E ratio of -1,093.79, a P/E/G ratio of 16.33 and a beta of 1.22. The stock has a 50-day simple moving average of $184.80 and a 200 day simple moving average of $120.50. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.37. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The firm's quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.98 earnings per share. On average, sell-side analysts expect that Atlassian will post 0.94 earnings per share for the current fiscal year.

Insider Activity

In related news, CRO Brian Duffy sold 1,851 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $319,204.95. Following the completion of the sale, the executive owned 218,223 shares of the company's stock, valued at approximately $37,632,556.35. The trade was a 0.84% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Gene Liu sold 337 shares of the business's stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $210.00, for a total value of $70,770.00. Following the completion of the sale, the chief accounting officer directly owned 55,531 shares of the company's stock, valued at approximately $11,661,510. The trade was a 0.60% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 22,475 shares of company stock worth $3,822,643 in the last three months. 37.63% of the stock is owned by insiders.

Institutional Trading of Atlassian

Large investors have recently added to or reduced their stakes in the business. Frank Rimerman Advisors LLC boosted its holdings in Atlassian by 3.7% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 3,228 shares of the technology company's stock valued at $579,000 after purchasing an additional 115 shares during the period. TD Waterhouse Canada Inc. lifted its position in shares of Atlassian by 660.3% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 66,359 shares of the technology company's stock worth $12,610,000 after buying an additional 57,631 shares during the period. Banque Pictet & Cie SA acquired a new stake in shares of Atlassian in the 3rd quarter valued at $328,000. Aspiriant LLC bought a new position in shares of Atlassian in the third quarter valued at approximately $283,000. Finally, Howard Capital Management LLC acquired a new position in Atlassian in the third quarter worth $333,000. 94.45% of the stock is owned by institutional investors.

Atlassian Company Profile

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for team collaboration and knowledge management, Jira Service Management for IT and enterprise service workflows, Trello for organizing tasks and projects, Loom for video messaging and screen recording, and Bitbucket for source-code management and collaboration.

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