Mizuho Cuts Atlassian (NASDAQ:TEAM) Price Target to $240.00

Atlassian (NASDAQ:TEAM) had its target price decreased by stock analysts at Mizuho from $265.00 to $240.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Mizuho’s price objective would indicate a potential upside of 23.17% from the company’s current price.

A number of other brokerages have also issued reports on TEAM. Barclays raised shares of Atlassian from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $235.00 to $275.00 in a research note on Thursday, April 11th. Citigroup decreased their target price on shares of Atlassian from $280.00 to $265.00 and set a “buy” rating for the company in a research note on Friday, April 12th. Wells Fargo & Company lifted their target price on shares of Atlassian from $275.00 to $285.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. Capital One Financial initiated coverage on shares of Atlassian in a research note on Monday, December 18th. They set an “equal weight” rating and a $238.00 target price for the company. Finally, StockNews.com lowered shares of Atlassian from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. Ten research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $224.25.

Atlassian Trading Up 1.6 %

Atlassian stock opened at $194.85 on Monday. The company has a 50 day moving average price of $203.36 and a 200 day moving average price of $206.79. Atlassian has a 52 week low of $128.02 and a 52 week 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 has a market capitalization of $50.55 billion, a price-to-earnings ratio of -130.77 and a beta of 0.63.

Atlassian (NASDAQ:TEAM) last posted 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 firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.02 billion. Atlassian had a negative return on equity of 34.56% and a negative net margin of 9.87%. Research analysts forecast that Atlassian will post -0.4 EPS for the current year.

Insider Buying and Selling

In related news, CEO Michael Cannon-Brookes sold 8,241 shares of Atlassian stock in a transaction on Monday, March 25th. The shares were sold at an average price of $192.21, for a total value of $1,584,002.61. Following the transaction, the chief executive officer now owns 24,723 shares in the company, valued at approximately $4,752,007.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Atlassian news, CEO Michael Cannon-Brookes sold 8,241 shares of the firm’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $192.21, for a total value of $1,584,002.61. Following the sale, the chief executive officer now directly owns 24,723 shares in the company, valued at approximately $4,752,007.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Anutthara Bharadwaj sold 1,520 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $201.05, for a total transaction of $305,596.00. Following the completion of the sale, the president now owns 163,370 shares in the company, valued at $32,845,538.50. The disclosure for this sale can be found here. Insiders have sold 293,159 shares of company stock worth $62,026,607 in the last quarter. 40.48% of the stock is currently owned by company insiders.

Institutional Trading of Atlassian

Several hedge funds and other institutional investors have recently bought and sold shares of TEAM. BlackRock Inc. grew its position in Atlassian by 26.0% in the 1st quarter. BlackRock Inc. now owns 7,563,473 shares of the technology company’s stock worth $1,294,640,000 after purchasing an additional 1,561,804 shares during the last quarter. Baillie Gifford & Co. grew its position in Atlassian by 20.7% in the 4th quarter. Baillie Gifford & Co. now owns 8,807,619 shares of the technology company’s stock worth $2,094,980,000 after purchasing an additional 1,511,318 shares during the last quarter. Durable Capital Partners LP acquired a new stake in shares of Atlassian during the 1st quarter valued at about $434,144,000. Morgan Stanley boosted its position in shares of Atlassian by 156.8% during the 3rd quarter. Morgan Stanley now owns 1,793,700 shares of the technology company’s stock valued at $361,449,000 after acquiring an additional 1,095,297 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Atlassian during the 4th quarter valued at about $138,509,000. 93.03% of the stock is currently owned by institutional investors and hedge funds.

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.