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

by · The Markets Daily

Atlassian (NASDAQ:TEAM – Get Free Report) had its price target lifted by KeyCorp from $185.00 to $235.00 in a note issued to investors on Monday, Marketbeat.com reports. The firm presently has an “overweight” rating on the technology company’s stock. KeyCorp’s price objective would indicate a potential upside of 6.28% from the company’s current price.

TEAM has been the subject of a number of other reports. BMO Capital Markets lifted their price objective on shares of Atlassian from $95.00 to $175.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. UBS Group increased their target price on Atlassian from $95.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Morgan Stanley raised their price target on Atlassian from $120.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Wells Fargo & Company raised their price target on Atlassian from $180.00 to $230.00 and gave the company an “overweight” rating in a research report on Wednesday, October 14th. Finally, Citigroup lifted their price target on Atlassian from $170.00 to $225.00 and gave the stock a “buy” rating in a research note on Tuesday, September 1st. Twenty-five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and an average target price of $209.15.

Get Our Latest Report on Atlassian

Atlassian Trading Up 3.0%

Shares of TEAM opened at $221.11 on Monday. The firm’s 50 day simple moving average is $187.39 and its 200 day simple moving average is $122.60. The company has a market capitalization of $56.11 billion, a P/E ratio of -1,163.74, a P/E/G ratio of 22.90 and a beta of 1.22. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.78 and a quick ratio of 0.78. Atlassian has a 1-year low of $56.01 and a 1-year high of $223.70.

Atlassian (NASDAQ:TEAM – Get Free Report) last announced its earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.37. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. Atlassian’s revenue for the quarter was up 27.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.98 earnings per share. Sell-side analysts forecast that Atlassian will post 0.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Gene Liu sold 1,125 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $175.00, for a total transaction of $196,875.00. Following the transaction, the chief accounting officer owned 56,807 shares of the company’s stock, valued at approximately $9,941,225. This trade represents a 1.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO James Chuong sold 9,054 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the transaction, the chief financial officer directly owned 279,218 shares in the company, valued at approximately $48,151,144.10. This represents a 3.14% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 22,475 shares of company stock valued at $3,822,643. 37.63% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

Large investors have recently added to or reduced their stakes in the business. Carmignac Gestion lifted its position in Atlassian by 115.8% in the first quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company’s stock valued at $177,707,000 after purchasing an additional 1,397,402 shares during the last quarter. KBC Group NV boosted its stake in shares of Atlassian by 1,691.2% during the first quarter. KBC Group NV now owns 1,440,019 shares of the technology company’s stock valued at $98,281,000 after purchasing an additional 1,359,624 shares during the period. Pictet Asset Management Holding SA grew its holdings in shares of Atlassian by 27.4% in the first quarter. Pictet Asset Management Holding SA now owns 5,031,413 shares of the technology company’s stock worth $343,344,000 after purchasing an additional 1,080,561 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Atlassian by 1,516.7% in the first quarter. SG Americas Securities LLC now owns 905,629 shares of the technology company’s stock worth $61,809,000 after purchasing an additional 849,613 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Atlassian by 48.4% in the first quarter. First Trust Advisors LP now owns 2,349,842 shares of the technology company’s stock worth $160,377,000 after purchasing an additional 766,922 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

About Atlassian

(Get Free Report)

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for team collaboration and knowledge management, Jira Service Management for IT and enterprise service workflows, Trello for organizing tasks and projects, Loom for video messaging and screen recording, and Bitbucket for source-code management and collaboration.

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