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

Atlassian (NASDAQ:TEAM) had its price objective cut by Mizuho from $265.00 to $240.00 in a report published on Monday, Benzinga reports. They currently have a buy rating on the technology company’s stock.

Several other research firms have also issued reports on TEAM. William Blair reissued an outperform rating on shares of Atlassian in a research report on Friday, February 2nd. Citigroup lowered their price target on shares of Atlassian from $280.00 to $265.00 and set a buy rating on the stock in a research report on Friday, April 12th. KeyCorp initiated coverage on shares of Atlassian in a research report on Tuesday, March 19th. They issued a sector weight rating on the stock. Wells Fargo & Company boosted their price target on shares of Atlassian from $275.00 to $285.00 and gave the company an overweight rating in a research report on Wednesday, January 24th. Finally, 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 price objective for the company. Ten investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Hold and an average target price of $224.25.

Atlassian Stock Performance

Shares of TEAM stock opened at $195.07 on Monday. The firm has a market cap of $50.60 billion, a price-to-earnings ratio of -130.92 and a beta of 0.63. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.07 and a current ratio of 1.07. Atlassian has a 52 week low of $128.02 and a 52 week high of $258.69. The firm’s 50-day simple moving average is $203.04 and its two-hundred day simple moving average is $206.74.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, February 1st. The technology company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.24). The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.02 billion. Atlassian had a negative return on equity of 34.56% and a negative net margin of 9.87%. As a group, equities analysts forecast that Atlassian will post -0.4 earnings per share for the current year.

Insider Activity

In other news, CAO Gene Liu sold 227 shares of the company’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total value of $48,321.49. Following the completion of the sale, the chief accounting officer now owns 47,066 shares of the company’s stock, valued at approximately $10,018,939.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Gene Liu sold 227 shares of the company’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total transaction of $48,321.49. Following the completion of the sale, the chief accounting officer now directly owns 47,066 shares in the company, valued at approximately $10,018,939.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Scott Farquhar sold 8,241 shares of the company’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $245.64, for a total transaction of $2,024,319.24. Following the sale, the chief executive officer now owns 370,845 shares of the company’s stock, valued at $91,094,365.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 293,159 shares of company stock valued at $61,684,688. Corporate insiders own 40.48% of the company’s stock.

Institutional Investors Weigh In On Atlassian

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Graypoint LLC raised its holdings in Atlassian by 2.4% in the 4th quarter. Graypoint LLC now owns 1,784 shares of the technology company’s stock worth $424,000 after purchasing an additional 42 shares in the last quarter. Legacy Wealth Asset Management LLC increased its stake in shares of Atlassian by 1.4% in the 4th quarter. Legacy Wealth Asset Management LLC now owns 3,095 shares of the technology company’s stock worth $736,000 after acquiring an additional 43 shares in the last quarter. Park National Corp OH increased its stake in shares of Atlassian by 3.5% in the 4th quarter. Park National Corp OH now owns 1,439 shares of the technology company’s stock worth $342,000 after acquiring an additional 48 shares in the last quarter. UMB Bank n.a. increased its stake in shares of Atlassian by 5.7% in the 4th quarter. UMB Bank n.a. now owns 1,041 shares of the technology company’s stock worth $248,000 after acquiring an additional 56 shares in the last quarter. Finally, Carmel Capital Partners LLC increased its stake in shares of Atlassian by 28.5% in the 3rd quarter. Carmel Capital Partners LLC now owns 257 shares of the technology company’s stock worth $52,000 after acquiring an additional 57 shares in the last quarter. 93.03% of the stock is currently owned by institutional investors.

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.