Mizuho Cuts Atlassian (NASDAQ:TEAM) Price Target to $225.00

Atlassian (NASDAQ:TEAM) had its price target cut by Mizuho from $240.00 to $225.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Mizuho’s price objective would indicate a potential upside of 25.38% from the company’s previous close.

Several other research analysts have also recently weighed in on the company. Citigroup reduced their price objective on Atlassian from $280.00 to $265.00 and set a “buy” rating for the company in a research report on Friday, April 12th. StockNews.com cut shares of Atlassian from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. KeyCorp assumed coverage on shares of Atlassian in a report on Tuesday, March 19th. They issued a “sector weight” rating on the stock. Wells Fargo & Company increased their target price on shares of Atlassian from $275.00 to $285.00 and gave the stock an “overweight” rating in a report on Wednesday, January 24th. Finally, Barclays upgraded shares of Atlassian from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $235.00 to $275.00 in a research note on Thursday, April 11th. Eleven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $223.22.

Atlassian Stock Performance

Shares of TEAM opened at $179.45 on Friday. The firm has a market cap of $46.55 billion, a P/E ratio of -284.84 and a beta of 0.63. Atlassian has a twelve month low of $128.02 and a twelve month high of $258.69. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.07 and a current ratio of 1.07. The firm’s 50 day moving average price is $199.98 and its two-hundred day moving average price is $206.54.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, February 1st. The technology company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.24). The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.02 billion. Atlassian had a negative return on equity of 15.54% and a negative net margin of 3.90%. On average, analysts forecast that Atlassian will post -0.4 EPS for the current fiscal year.

Insider Buying and Selling at Atlassian

In other news, CEO Scott Farquhar sold 8,241 shares of Atlassian stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $251.76, for a total transaction of $2,074,754.16. Following the completion of the transaction, the chief executive officer now directly owns 329,640 shares in the company, valued at approximately $82,990,166.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Scott Farquhar sold 8,241 shares of the stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $251.76, for a total value of $2,074,754.16. Following the transaction, the chief executive officer now directly owns 329,640 shares of the company’s stock, valued at $82,990,166.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Rajeev Bashyam Rajan sold 872 shares of Atlassian stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total transaction of $185,622.64. Following the sale, the chief technology officer now directly owns 142,103 shares of the company’s stock, valued at approximately $30,249,465.61. The disclosure for this sale can be found here. Insiders have sold 300,450 shares of company stock worth $61,721,553 over the last 90 days. Company insiders own 40.48% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several institutional investors and hedge funds have recently made changes to their positions in the company. OFI Invest Asset Management bought a new stake in Atlassian in the 3rd quarter valued at $26,000. Carmel Capital Partners LLC lifted its holdings in shares of Atlassian by 28.5% during the third quarter. Carmel Capital Partners LLC now owns 257 shares of the technology company’s stock worth $52,000 after buying an additional 57 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its position in shares of Atlassian by 271.0% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock valued at $88,000 after acquiring an additional 271 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of Atlassian by 255.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock valued at $96,000 after acquiring an additional 291 shares during the period. Finally, Operose Advisors LLC acquired a new position in shares of Atlassian in the third quarter valued at about $99,000. Institutional investors and hedge funds own 93.03% of the company’s stock.

About Atlassian

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.