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

Atlassian (NASDAQ:TEAM) had its target price upped by investment analysts at KeyCorp from $315.00 to $365.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. KeyCorp’s price objective indicates a potential upside of 18.98% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Robert W. Baird boosted their price target on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Piper Sandler increased their price target on Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday. Macquarie initiated coverage on Atlassian in a research report on Thursday, December 12th. They set a “neutral” rating and a $290.00 price target on the stock. Truist Financial reissued a “buy” rating and issued a $350.00 price objective (up previously from $300.00) on shares of Atlassian in a report on Friday. Finally, Oppenheimer boosted their target price on shares of Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a report on Monday, January 6th. Nine research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $307.00.

Atlassian Stock Up 14.9 %

TEAM stock opened at $306.78 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The stock has a market capitalization of $79.89 billion, a P/E ratio of -201.83 and a beta of 0.83. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $324.37. The business has a 50-day moving average of $260.51 and a 200-day moving average of $208.24.

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 return on equity of 23.35% and a negative net margin of 8.59%. On average, sell-side analysts anticipate that Atlassian will post -0.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, President Anutthara Bharadwaj sold 1,659 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $245.81, for a total value of $407,798.79. Following the completion of the transaction, the president now directly owns 213,511 shares in the company, valued at approximately $52,483,138.91. The trade was a 0.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $278.79, for a total transaction of $2,215,822.92. Following the sale, the chief executive officer now owns 135,116 shares in the company, valued at $37,668,989.64. This represents a 5.56 % 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 in the last 90 days. Company insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Institutional investors have recently modified their holdings of the business. GAMMA Investing LLC grew its position in Atlassian by 68.6% in the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after acquiring an additional 96 shares during the last quarter. True Wealth Design LLC increased its position in Atlassian by 23,100.0% during the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after purchasing an additional 231 shares in the last quarter. Avion Wealth lifted its stake in Atlassian by 1,308.3% in the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after purchasing an additional 157 shares during the last quarter. Reston Wealth Management LLC acquired a new stake in Atlassian in the third quarter valued at approximately $48,000. Finally, Kestra Investment Management LLC bought a new stake in shares of Atlassian during the fourth quarter worth $56,000. Institutional investors and hedge funds 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.