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

Atlassian (NASDAQ:TEAM) had its price objective cut by investment analysts at KeyCorp from $170.00 to $130.00 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 target would suggest a potential upside of 87.12% from the company’s previous close.

TEAM has been the topic of several other reports. Cantor Fitzgerald cut their target price on Atlassian from $240.00 to $146.00 and set an “overweight” rating on the stock in a report on Wednesday, February 4th. Citigroup decreased their price target on Atlassian from $210.00 to $160.00 and set a “buy” rating for the company in a research note on Monday, February 9th. Wells Fargo & Company lowered their price objective on Atlassian from $155.00 to $120.00 and set an “overweight” rating for the company in a research report on Tuesday, March 17th. Wolfe Research reiterated an “outperform” rating and issued a $100.00 target price on shares of Atlassian in a report on Thursday, March 12th. Finally, Zacks Research downgraded shares of Atlassian from a “hold” rating to a “strong sell” rating in a research report on Wednesday, February 11th. Twenty-one equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $179.00.

Atlassian Trading Up 1.8%

NASDAQ TEAM traded up $1.22 on Wednesday, hitting $69.47. The company’s stock had a trading volume of 2,114,947 shares, compared to its average volume of 6,274,126. The company’s 50-day moving average is $87.81 and its 200 day moving average is $131.96. The firm has a market cap of $18.32 billion, a PE ratio of -96.54 and a beta of 0.94. Atlassian has a 1-year low of $64.30 and a 1-year high of $242.00. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.62.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Friday, February 6th. The technology company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.10. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.33%. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the previous year, the business earned $0.96 earnings per share. Atlassian’s revenue was up 23.3% compared to the same quarter last year. As a group, analysts predict that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CRO Brian Duffy sold 1,222 shares of the stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $81.35, for a total transaction of $99,409.70. Following the transaction, the executive directly owned 124,332 shares in the company, valued at approximately $10,114,408.20. This represents a 0.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Joseph Leo Binz sold 1,653 shares of the firm’s stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $81.35, for a total transaction of $134,471.55. Following the sale, the chief financial officer directly owned 208,639 shares of the company’s stock, valued at approximately $16,972,782.65. This trade represents a 0.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 235,963 shares of company stock valued at $30,707,194 over the last ninety days. Insiders own 36.66% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of TEAM. Physician Wealth Advisors Inc. boosted its stake in Atlassian by 60.4% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock valued at $26,000 after purchasing an additional 61 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Atlassian by 12.0% in the fourth quarter. GAMMA Investing LLC now owns 615 shares of the technology company’s stock valued at $100,000 after purchasing an additional 66 shares in the last quarter. Snowden Capital Advisors LLC lifted its holdings in shares of Atlassian by 1.6% in the second quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company’s stock valued at $907,000 after purchasing an additional 71 shares in the last quarter. Financial Perspectives Inc boosted its position in shares of Atlassian by 11.7% during the fourth quarter. Financial Perspectives Inc now owns 718 shares of the technology company’s stock valued at $116,000 after buying an additional 75 shares during the last quarter. Finally, ABN Amro Investment Solutions boosted its position in shares of Atlassian by 3.4% during the third quarter. ABN Amro Investment Solutions now owns 2,452 shares of the technology company’s stock valued at $392,000 after buying an additional 80 shares during the last quarter. 94.45% of the stock is 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.