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

Atlassian (NASDAQ:TEAM - Free Report) had its price objective lowered by KeyCorp from $275.00 to $250.00 in a report published on Thursday,Benzinga reports. KeyCorp currently has an overweight rating on the technology company's stock.

Several other brokerages have also recently weighed in on TEAM. Truist Financial decreased their price target on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Macquarie decreased their target price on shares of Atlassian from $270.00 to $250.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. UBS Group reissued a "hold" rating on shares of Atlassian in a research note on Monday, July 7th. BMO Capital Markets decreased their target price on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Finally, Cantor Fitzgerald raised shares of Atlassian from a "neutral" rating to an "overweight" rating and decreased their target price for the company from $304.00 to $272.00 in a research note on Wednesday, April 2nd. Five analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $279.81.

Atlassian Stock Up 0.1%

TEAM stock traded up $0.17 during mid-day trading on Thursday, hitting $190.62. 2,070,218 shares of the company were exchanged, compared to its average volume of 2,198,741. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. The firm has a market cap of $50.04 billion, a P/E ratio of -114.83 and a beta of 0.94. The firm's 50 day simple moving average is $206.58 and its 200 day simple moving average is $232.29. Atlassian has a 1-year low of $135.29 and a 1-year high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.04. The company had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The business's quarterly revenue was up 14.1% on a year-over-year basis. During the same period last year, the business earned $0.89 EPS. On average, sell-side analysts predict that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Atlassian

In other news, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $189.37, for a total transaction of $1,451,521.05. Following the completion of the sale, the director owned 406,245 shares of the company's stock, valued at approximately $76,930,615.65. This trade represents a 1.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $189.37, for a total value of $1,451,521.05. Following the sale, the chief executive officer directly owned 406,245 shares of the company's stock, valued at $76,930,615.65. This represents a 1.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 447,725 shares of company stock valued at $93,163,341 in the last ninety days. Insiders own 38.55% of the company's stock.

Institutional Investors Weigh In On Atlassian

Hedge funds and other institutional investors have recently modified their holdings of the company. Clean Yield Group lifted its holdings in shares of Atlassian by 372.0% during the first quarter. Clean Yield Group now owns 118 shares of the technology company's stock worth $25,000 after buying an additional 93 shares in the last quarter. Murphy & Mullick Capital Management Corp acquired a new position in Atlassian in the fourth quarter valued at about $27,000. Colonial Trust Co SC raised its stake in Atlassian by 100.0% in the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock valued at $34,000 after purchasing an additional 69 shares in the last quarter. Smithfield Trust Co raised its stake in Atlassian by 90.7% in the first quarter. Smithfield Trust Co now owns 164 shares of the technology company's stock valued at $34,000 after purchasing an additional 78 shares in the last quarter. Finally, Summit Securities Group LLC acquired a new position in Atlassian in the fourth quarter valued at about $38,000. Institutional investors and hedge funds own 94.45% of the company's stock.

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.