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

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

TEAM has been the topic of a number of other reports. Morgan Stanley cut their price objective on Atlassian from $370.00 to $320.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. UBS Group dropped their price target on shares of Atlassian from $230.00 to $215.00 and set a “neutral” rating on the stock in a research report on Friday, May 2nd. Jefferies Financial Group decreased their price objective on shares of Atlassian from $330.00 to $262.00 and set a “buy” rating for the company in a research report on Monday, April 7th. Raymond James reissued an “outperform” rating and set a $300.00 target price (down previously from $330.00) on shares of Atlassian in a research note on Friday, May 2nd. Finally, Stephens cut their price target on shares of Atlassian from $255.00 to $221.00 and set an “equal weight” rating on the stock in a research report on Friday, May 2nd. Five equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $282.19.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $196.82 on Thursday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. Atlassian has a 52 week low of $135.29 and a 52 week high of $326.00. The firm has a market cap of $51.67 billion, a PE ratio of -146.88 and a beta of 0.96. The firm’s fifty day moving average is $210.71 and its 200-day moving average is $242.78.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same period last year, the company earned $0.89 EPS. Atlassian’s revenue for the quarter was up 14.1% compared to the same quarter last year. Sell-side analysts predict that Atlassian will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In related news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction on Monday, March 24th. The stock was sold at an average price of $234.38, for a total transaction of $1,862,852.24. Following the sale, the director now directly owns 39,740 shares in the company, valued at approximately $9,314,261.20. This trade represents a 16.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Gene Liu sold 121 shares of Atlassian stock in a transaction on Monday, May 19th. The stock was sold at an average price of $214.88, for a total value of $26,000.48. Following the sale, the chief accounting officer now owns 51,360 shares in the company, valued at $11,036,236.80. The trade was a 0.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 351,759 shares of company stock valued at $74,833,479. Company insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several large investors have recently modified their holdings of the stock. Corebridge Financial Inc. lifted its stake in shares of Atlassian by 0.3% during the 4th quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company’s stock valued at $2,555,000 after buying an additional 35 shares in the last quarter. GeoWealth Management LLC raised its position in Atlassian by 26.8% during the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company’s stock valued at $44,000 after purchasing an additional 38 shares in the last quarter. Assetmark Inc. raised its holdings in shares of Atlassian by 30.6% during the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock valued at $43,000 after buying an additional 41 shares in the last quarter. Allworth Financial LP lifted its holdings 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 acquiring an additional 47 shares during the last quarter. Finally, State of Wyoming boosted its position in Atlassian by 20.3% during the first quarter. State of Wyoming now owns 278 shares of the technology company’s stock valued at $59,000 after buying an additional 47 shares during the period. 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.