KeyCorp Forecasts Strong Price Appreciation for Atlassian (NASDAQ:TEAM) Stock

Atlassian (NASDAQ:TEAM) had its price target increased by KeyCorp from $315.00 to $365.00 in a report released on Friday,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

A number of other analysts also recently issued reports on TEAM. Cantor Fitzgerald upped their target price on shares of Atlassian from $264.00 to $304.00 and gave the stock a “neutral” rating in a research report on Friday. Macquarie initiated coverage on Atlassian in a report on Thursday, December 12th. They issued a “neutral” rating and a $290.00 price objective for the company. Citigroup boosted their target price on Atlassian from $255.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. BMO Capital Markets upgraded shares of Atlassian from a “market perform” rating to an “outperform” rating and increased their price target for the company from $255.00 to $292.00 in a research report on Friday, January 10th. Finally, Morgan Stanley lifted their price target on shares of Atlassian from $315.00 to $370.00 and gave the stock an “overweight” rating in a research note on Friday. Nine investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $307.00.

Atlassian Stock Up 14.9 %

Atlassian stock opened at $306.78 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. The business has a 50-day simple moving average of $260.51 and a 200 day simple moving average of $208.06. Atlassian has a 52 week low of $135.29 and a 52 week high of $324.37.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. As a group, sell-side analysts predict that Atlassian will post -0.55 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $270.63, for a total transaction of $2,150,967.24. Following the transaction, the director now directly owns 333,816 shares in the company, valued at $90,340,624.08. The trade was a 2.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, President Anutthara Bharadwaj sold 1,659 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $245.81, for a total transaction of $407,798.79. Following the sale, the president now directly owns 213,511 shares in the company, valued at approximately $52,483,138.91. This represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 257,156 shares of company stock worth $65,313,573 over the last quarter. Company insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several hedge funds have recently modified their holdings of TEAM. Baillie Gifford & Co. raised its position in Atlassian by 0.9% during the third quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock worth $1,352,115,000 after acquiring an additional 78,454 shares during the period. State Street Corp grew its position in shares of Atlassian by 0.3% in the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock valued at $565,424,000 after purchasing an additional 8,957 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Atlassian by 5.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock worth $393,588,000 after acquiring an additional 131,621 shares during the last quarter. FMR LLC raised its stake in Atlassian by 7.4% during the third quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock worth $346,679,000 after purchasing an additional 150,237 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Atlassian by 2.8% in the third quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company’s stock valued at $340,453,000 after acquiring an additional 57,911 shares during the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Company Profile

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.