Atlassian (NASDAQ:TEAM) Price Target Cut to $225.00

Atlassian (NASDAQ:TEAM) had its price objective dropped by equities research analysts at Mizuho from $240.00 to $225.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Mizuho’s price target indicates a potential upside of 13.40% from the company’s current price.

Several other equities research analysts have also commented on TEAM. Wells Fargo & Company raised their price target 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. KeyCorp assumed coverage on shares of Atlassian in a research note on Tuesday, March 19th. They issued a “sector weight” rating on the stock. William Blair restated an “outperform” rating on shares of Atlassian in a research note on Friday, February 2nd. The Goldman Sachs Group increased their price objective on shares of Atlassian from $188.00 to $215.00 and gave the company a “neutral” rating in a report on Friday, February 2nd. Finally, Citigroup decreased their price objective on shares of Atlassian from $280.00 to $265.00 and set a “buy” rating for the company in a report on Friday, April 12th. Ten investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Atlassian currently has an average rating of “Moderate Buy” and a consensus price target of $223.12.

Atlassian Price Performance

TEAM opened at $198.41 on Friday. The firm has a market cap of $51.47 billion, a price-to-earnings ratio of -133.16 and a beta of 0.63. Atlassian has a fifty-two week low of $128.02 and a fifty-two week high of $258.69. The company’s 50-day moving average price is $200.55 and its 200 day moving average price is $206.69. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.04.

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

Insiders Place Their Bets

In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of the stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $199.71, for a total value of $1,645,810.11. Following the completion of the sale, the chief executive officer now owns 366,450 shares in the company, valued at approximately $73,183,729.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of the stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $199.71, for a total value of $1,645,810.11. Following the completion of the sale, the chief executive officer now owns 366,450 shares in the company, valued at approximately $73,183,729.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Anutthara Bharadwaj sold 760 shares of the firm’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $200.00, for a total transaction of $152,000.00. Following the transaction, the president now owns 161,850 shares in the company, valued at approximately $32,370,000. The disclosure for this sale can be found here. Insiders sold a total of 300,450 shares of company stock worth $61,721,553 in the last quarter. 40.48% of the stock is currently owned by corporate insiders.

Institutional Trading of Atlassian

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. OFI Invest Asset Management bought a new position in Atlassian during the 3rd quarter valued at about $26,000. Carmel Capital Partners LLC lifted its holdings in Atlassian by 28.5% during the 3rd quarter. Carmel Capital Partners LLC now owns 257 shares of the technology company’s stock valued at $52,000 after purchasing an additional 57 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in Atlassian by 271.0% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock valued at $88,000 after purchasing an additional 271 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Atlassian by 255.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock valued at $96,000 after purchasing an additional 291 shares during the last quarter. Finally, Operose Advisors LLC bought a new position in Atlassian during the 3rd quarter valued at about $99,000. 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.