KeyCorp Upgrades Atlassian (NASDAQ:TEAM) to Overweight

Atlassian (NASDAQ:TEAM) was upgraded by equities researchers at KeyCorp from a “sector weight” rating to an “overweight” rating in a report released on Friday, Marketbeat Ratings reports. The firm currently has a $260.00 price target on the technology company’s stock. KeyCorp’s target price indicates a potential upside of 15.89% from the stock’s current price.

TEAM has been the subject of several other reports. UBS Group boosted their price objective on shares of Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. Oppenheimer reissued an “outperform” rating and set a $230.00 price target on shares of Atlassian in a report on Monday, September 23rd. Canaccord Genuity Group raised their price target on Atlassian from $200.00 to $225.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Morgan Stanley upped 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. Finally, Raymond James raised Atlassian from a “market perform” rating to an “outperform” rating and set a $200.00 target price on the stock in a research report on Tuesday, October 1st. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $243.16.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $224.35 on Friday. The company has a 50 day moving average of $173.30 and a 200 day moving average of $171.30. 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 has a twelve month low of $135.29 and a twelve month high of $258.69. The firm has a market cap of $58.34 billion, a P/E ratio of -147.60 and a beta of 0.71.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.59 by $0.07. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. Atlassian had a negative return on equity of 23.38% and a negative net margin of 8.59%. Atlassian’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same period last year, the company earned ($0.21) EPS. As a group, research analysts expect that Atlassian will post -0.58 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $192.56, for a total value of $1,530,466.88. Following the transaction, the chief executive officer now directly owns 333,816 shares of the company’s stock, valued at approximately $64,279,608.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $163.11, for a total value of $123,963.60. Following the sale, the president now directly owns 143,966 shares of the company’s stock, valued at approximately $23,482,294.26. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $192.56, for a total value of $1,530,466.88. Following the completion of the sale, the chief executive officer now owns 333,816 shares in the company, valued at $64,279,608.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 230,185 shares of company stock worth $39,155,661. 38.55% of the stock is owned by corporate insiders.

Institutional Trading of Atlassian

A number of large investors have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC grew its holdings in shares of Atlassian by 37.0% in the third quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock valued at $306,000 after purchasing an additional 520 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Atlassian by 7.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,087 shares of the technology company’s stock valued at $27,723,000 after purchasing an additional 10,434 shares during the last quarter. State Board of Administration of Florida Retirement System grew its stake in shares of Atlassian by 2.1% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 175,350 shares of the technology company’s stock worth $34,213,000 after buying an additional 3,687 shares in the last quarter. International Assets Investment Management LLC purchased a new position in shares of Atlassian in the 3rd quarter worth $97,350,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Atlassian in the 2nd quarter worth about $12,846,000. Institutional investors own 93.03% of the company’s stock.

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.