KeyCorp Cuts Atlassian (NASDAQ:TEAM) Price Target to $115.00

Key Points

• KeyCorp lowered its price target on Atlassian from $130 to $115 while keeping an overweight rating, implying about 30% upside from the prior close.
• Atlassian continues to draw mixed analyst views: some firms raised targets, while others cut ratings or targets. Overall, MarketBeat shows a Moderate Buy consensus with a $144.70 average price target.
• The stock was trading around $88.39 and the company recently posted strong quarterly results, including EPS of $1.75 and revenue of $1.79 billion, both above estimates and up sharply year over year.

Atlassian (NASDAQ:TEAM - Get Free Report) had its price target lowered by stock analysts at KeyCorp from $130.00 to $115.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the technology company's stock. KeyCorp's price objective indicates a potential upside of 30.11% from the company's previous close.

A number of other analysts have also weighed in on TEAM. Truist Financial increased their price objective on shares of Atlassian from $90.00 to $100.00 and gave the stock a "buy" rating in a research note on Friday, May 1st. BNP Paribas Exane assumed coverage on Atlassian in a research note on Monday, March 16th. They set an "outperform" rating and a $95.00 price objective for the company. Zacks Research lowered Atlassian from a "strong-buy" rating to a "hold" rating in a report on Monday, June 29th. BMO Capital Markets decreased their price target on Atlassian from $105.00 to $95.00 and set an "outperform" rating for the company in a report on Thursday, June 25th. Finally, Citizens Jmp reaffirmed a "market perform" rating on shares of Atlassian in a research note on Wednesday, July 1st. Twenty-one analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Atlassian presently has a consensus rating of "Moderate Buy" and a consensus target price of $144.70.

Atlassian Stock Up 3.4%

Atlassian stock opened at $88.39 on Wednesday. The business's 50-day simple moving average is $87.05 and its two-hundred day simple moving average is $95.44. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market cap of $22.43 billion, a PE ratio of -106.49, a PEG ratio of 4.82 and a beta of 1.11. Atlassian has a fifty-two week low of $56.01 and a fifty-two week high of $222.59.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, topping analysts' consensus estimates of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The firm had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. The company's revenue was up 31.7% compared to the same quarter last year. Equities analysts anticipate that Atlassian will post 0.81 EPS for the current year.

Insider Buying and Selling

In related news, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $775,534.50. Following the sale, the chief financial officer 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 company's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $89.71, for a total transaction of $269,130.00. Following the transaction, the executive owned 227,691 shares of the company's stock, valued at $20,426,159.61. This represents a 1.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 20,041 shares of company stock worth $1,801,069 in the last quarter. Insiders own 36.66% of the company's stock.

Hedge Funds Weigh In On Atlassian

Hedge funds have recently made changes to their positions in the company. OFI Invest Asset Management raised its position in shares of Atlassian by 16.3% in the fourth quarter. OFI Invest Asset Management now owns 254,551 shares of the technology company's stock valued at $41,273,000 after buying an additional 35,682 shares during the last quarter. Baillie Gifford & Co. lifted its stake in Atlassian by 3.9% in the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company's stock worth $1,367,132,000 after purchasing an additional 316,276 shares in the last quarter. Exane Asset Management boosted its holdings in shares of Atlassian by 419.9% during the 4th quarter. Exane Asset Management now owns 31,363 shares of the technology company's stock worth $5,085,000 after purchasing an additional 25,330 shares during the last quarter. Nicholas Company Inc. increased its holdings in shares of Atlassian by 8.7% in the fourth quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company's stock valued at $49,748,000 after purchasing an additional 24,490 shares during the last quarter. Finally, Fisher Funds Management LTD lifted its position in Atlassian by 11.1% during the fourth quarter. Fisher Funds Management LTD now owns 334,011 shares of the technology company's stock worth $54,440,000 after buying an additional 33,485 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company's stock.

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.

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