Atlassian (NASDAQ:TEAM) Upgraded to “Overweight” at KeyCorp

KeyCorp upgraded shares of Atlassian (NASDAQ:TEAM) from a sector weight rating to an overweight rating in a research note released on Friday morning, Marketbeat.com reports. KeyCorp currently has $260.00 price objective on the technology company’s stock.

Other equities research analysts have also recently issued research reports about the company. StockNews.com cut Atlassian from a “buy” rating to a “hold” rating in a report on Friday, July 12th. Morgan Stanley lifted their price objective on Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Scotiabank dropped their price target on shares of Atlassian from $210.00 to $175.00 and set a “sector perform” rating on the stock in a research note on Friday, August 2nd. Baird R W downgraded Atlassian from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 2nd. Finally, Mizuho upped their price target on shares of Atlassian from $190.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $243.16.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $218.96 on Friday. The business has a 50 day moving average price of $174.38 and a two-hundred day moving average price of $171.31. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $258.69. The firm has a market cap of $56.94 billion, a PE ratio of -144.05 and a beta of 0.71. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.38%. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the previous year, the company posted ($0.07) earnings per share. The firm’s revenue was up 21.5% on a year-over-year basis. Sell-side analysts expect that Atlassian will post -0.58 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In other news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $140.54, for a total transaction of $1,117,011.92. Following the transaction, the chief executive officer now owns 294,076 shares in the company, valued at approximately $41,329,441.04. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CTO Rajeev Bashyam Rajan sold 199 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $146.08, for a total transaction of $29,069.92. Following the completion of the sale, the chief technology officer now directly owns 128,957 shares in the company, valued at $18,838,038.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $140.54, for a total transaction of $1,117,011.92. Following the sale, the chief executive officer now directly owns 294,076 shares in the company, valued at $41,329,441.04. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 237,269 shares of company stock worth $41,382,072. 38.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On Atlassian

Several hedge funds have recently added to or reduced their stakes in the business. Dragoneer Investment Group LLC acquired a new position in shares of Atlassian in the 2nd quarter worth approximately $469,803,000. Price T Rowe Associates Inc. MD boosted its holdings in Atlassian by 8.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock worth $2,173,847,000 after acquiring an additional 904,138 shares during the last quarter. Manning & Napier Advisors LLC purchased a new stake in Atlassian in the 2nd quarter valued at about $91,072,000. Quadrature Capital Ltd bought a new stake in Atlassian during the first quarter worth $55,307,000. Finally, Swedbank AB bought a new stake in shares of Atlassian during the 1st quarter worth $50,923,000. 93.03% of the stock is currently owned by institutional investors and hedge funds.

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.