Atlassian (NASDAQ:TEAM) Given New $290.00 Price Target at Mizuho

Atlassian (NASDAQ:TEAM) had its price objective lowered by Mizuho from $325.00 to $290.00 in a report released on Thursday,Benzinga reports. The firm currently has an outperform rating on the technology company’s stock.

A number of other analysts also recently weighed in on TEAM. UBS Group decreased their price target on Atlassian from $230.00 to $215.00 and set a “neutral” rating for the company in a report on Friday, May 2nd. Jefferies Financial Group decreased their price target on Atlassian from $330.00 to $262.00 and set a “buy” rating for the company in a report on Monday, April 7th. KeyCorp decreased their price target on Atlassian from $365.00 to $275.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Morgan Stanley reduced their target price on Atlassian from $370.00 to $320.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Finally, BMO Capital Markets reduced their target price on Atlassian from $295.00 to $245.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and an average target price of $282.19.

Atlassian Stock Performance

Shares of Atlassian stock opened at $199.32 on Thursday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The business has a 50-day moving average price of $210.19 and a two-hundred day moving average price of $243.79. Atlassian has a 1-year low of $135.29 and a 1-year high of $326.00. The company has a market cap of $52.32 billion, a P/E ratio of -148.75 and a beta of 0.96.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.04. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same period last year, the business posted $0.89 EPS. The business’s revenue was up 14.1% compared to the same quarter last year. As a group, analysts anticipate that Atlassian will post -0.34 EPS for the current year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $216.09, for a total transaction of $1,717,483.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $215.23, for a total value of $1,649,737.95. Following the transaction, the director now owns 107,310 shares of the company’s stock, valued at $23,096,331.30. This trade represents a 6.67% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 336,429 shares of company stock worth $71,774,377. Insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Corebridge Financial Inc. boosted its stake in shares of Atlassian by 0.3% in the 4th quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company’s stock worth $2,555,000 after buying an additional 35 shares during the last quarter. GeoWealth Management LLC boosted its stake in shares of Atlassian by 26.8% in the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company’s stock worth $44,000 after buying an additional 38 shares during the last quarter. Assetmark Inc. boosted its stake in shares of Atlassian by 30.6% in the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock worth $43,000 after buying an additional 41 shares during the last quarter. Allworth Financial LP boosted its stake in shares of Atlassian by 3.1% in the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock worth $404,000 after buying an additional 47 shares during the last quarter. Finally, State of Wyoming boosted its stake in shares of Atlassian by 20.3% in the 1st quarter. State of Wyoming now owns 278 shares of the technology company’s stock worth $59,000 after buying an additional 47 shares during the last quarter. 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.