KeyCorp Has Lowered Expectations for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its price objective cut by stock analysts at KeyCorp from $365.00 to $275.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. KeyCorp’s target price would indicate a potential upside of 35.72% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Cantor Fitzgerald raised Atlassian from a “neutral” rating to an “overweight” rating and dropped their price objective for the stock from $304.00 to $272.00 in a research note on Wednesday, April 2nd. Piper Sandler raised their price target on Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Raymond James reaffirmed an “outperform” rating and issued a $330.00 price objective (up from $250.00) on shares of Atlassian in a research note on Friday, January 31st. Macquarie raised their target price on shares of Atlassian from $290.00 to $317.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Finally, UBS Group dropped their price objective on shares of Atlassian from $330.00 to $230.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 1st. Nine analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $301.68.

Atlassian Trading Down 3.3 %

Shares of NASDAQ TEAM traded down $7.00 during midday trading on Thursday, hitting $202.62. The company’s stock had a trading volume of 567,425 shares, compared to its average volume of 2,025,534. Atlassian has a 12-month low of $135.29 and a 12-month high of $326.00. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The firm has a market cap of $53.09 billion, a P/E ratio of -151.35 and a beta of 1.07. The business’s 50 day moving average is $255.77 and its two-hundred day moving average is $240.75.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. As a group, equities research analysts expect that Atlassian will post -0.34 EPS for the current year.

Insider Activity at Atlassian

In related news, President Anutthara Bharadwaj sold 1,520 shares of Atlassian stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $259.85, for a total transaction of $394,972.00. Following the completion of the sale, the president now owns 210,471 shares of the company’s stock, valued at $54,690,889.35. The trade was a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $322.31, for a total transaction of $2,561,719.88. Following the completion of the transaction, the chief executive officer now owns 270,232 shares in the company, valued at approximately $87,098,475.92. This trade represents a 2.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 270,981 shares of company stock valued at $70,925,444 in the last ninety days. Company insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

Several large investors have recently made changes to their positions in the business. Juncture Wealth Strategies LLC lifted its position in Atlassian by 60.9% during the first quarter. Juncture Wealth Strategies LLC now owns 1,569 shares of the technology company’s stock valued at $333,000 after purchasing an additional 594 shares during the period. Fulton Bank N.A. lifted its holdings in shares of Atlassian by 3.1% in the 1st quarter. Fulton Bank N.A. now owns 1,892 shares of the technology company’s stock valued at $402,000 after buying an additional 57 shares during the period. Merit Financial Group LLC grew its holdings in Atlassian by 224.5% during the first quarter. Merit Financial Group LLC now owns 9,679 shares of the technology company’s stock worth $2,054,000 after acquiring an additional 6,696 shares during the period. Harbor Investment Advisory LLC raised its position in Atlassian by 18.1% during the first quarter. Harbor Investment Advisory LLC now owns 1,402 shares of the technology company’s stock valued at $298,000 after acquiring an additional 215 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Atlassian by 41,683.4% in the first quarter. GAMMA Investing LLC now owns 121,172 shares of the technology company’s stock valued at $25,714,000 after acquiring an additional 120,882 shares during the period. 94.45% of the stock is owned by hedge funds and other institutional investors.

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.