Atlassian (NASDAQ:TEAM) Stock Price Expected to Rise, KeyCorp Analyst Says

Atlassian (NASDAQ:TEAM) had its price target hoisted by stock analysts at KeyCorp from $315.00 to $365.00 in a report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. KeyCorp’s price objective would suggest a potential upside of 15.94% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Oppenheimer lifted their price target on shares of Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. Robert W. Baird upped their target price on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Scotiabank lifted their price target on Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a research note on Friday. Piper Sandler upped their price objective on Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Raymond James lifted their target price on Atlassian from $200.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Nine analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus target price of $293.43.

Atlassian Stock Up 17.9 %

Atlassian stock traded up $47.86 during midday trading on Friday, hitting $314.81. 4,177,348 shares of the company were exchanged, compared to its average volume of 1,966,652. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $324.37. The company’s fifty day moving average price is $259.32 and its 200-day moving average price is $206.76. The company has a market cap of $81.98 billion, a PE ratio of -206.71 and a beta of 0.83.

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

Insider Activity at Atlassian

In other news, CEO Michael Cannon-Brookes sold 15,896 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $243.55, for a total value of $3,871,470.80. Following the completion of the sale, the chief executive officer now owns 429,192 shares in the company, valued at $104,529,711.60. This represents a 3.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $270.63, for a total value of $2,150,967.24. Following the transaction, the director now owns 333,816 shares in the company, valued at $90,340,624.08. This represents a 2.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 257,156 shares of company stock worth $65,313,573 in the last quarter. 38.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On Atlassian

Institutional investors and hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. grew its holdings in shares of Atlassian by 7.1% during the 4th quarter. Principal Financial Group Inc. now owns 11,531 shares of the technology company’s stock valued at $2,806,000 after acquiring an additional 761 shares in the last quarter. Capital Performance Advisors LLP boosted its position in Atlassian by 33.6% during the fourth quarter. Capital Performance Advisors LLP now owns 870 shares of the technology company’s stock valued at $212,000 after purchasing an additional 219 shares during the last quarter. Strategic Advisors LLC purchased a new position in Atlassian in the fourth quarter valued at about $218,000. J.W. Cole Advisors Inc. increased its position in Atlassian by 1.5% in the 4th quarter. J.W. Cole Advisors Inc. now owns 3,958 shares of the technology company’s stock worth $963,000 after purchasing an additional 59 shares during the last quarter. Finally, Sheaff Brock Investment Advisors LLC purchased a new stake in shares of Atlassian during the 4th quarter worth about $256,000. Hedge funds and other institutional investors own 94.45% 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.