Mizuho Forecasts Strong Price Appreciation for Atlassian (NASDAQ:TEAM) Stock

Atlassian (NASDAQ:TEAM) had its target price lifted by equities researchers at Mizuho from $285.00 to $355.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the technology company’s stock. Mizuho’s target price points to a potential upside of 32.98% from the company’s current price.

Other analysts have also issued research reports about the company. Scotiabank increased their target price on Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a report on Friday, November 1st. Truist Financial upgraded Atlassian from a “hold” rating to a “buy” rating and raised their price objective for the stock from $250.00 to $300.00 in a research report on Tuesday, January 7th. Canaccord Genuity Group increased their price target on shares of Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Wells Fargo & Company boosted their price objective on shares of Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Finally, Robert W. Baird increased their target price on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $276.52.

Atlassian Trading Down 1.6 %

NASDAQ:TEAM opened at $266.95 on Friday. The stock has a fifty day simple moving average of $259.32 and a 200 day simple moving average of $206.76. The firm has a market capitalization of $69.52 billion, a price-to-earnings ratio of -175.62 and a beta of 0.83. Atlassian has a 1-year low of $135.29 and a 1-year high of $287.97. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. Sell-side analysts forecast that Atlassian will post -0.55 earnings per share for the current year.

Insider Activity

In other news, CAO Gene Liu sold 445 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $230.00, for a total transaction of $102,350.00. Following the transaction, the chief accounting officer now owns 58,723 shares in the company, valued at approximately $13,506,290. The trade was a 0.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Anutthara Bharadwaj sold 1,659 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $245.81, for a total transaction of $407,798.79. Following the completion of the sale, the president now owns 213,511 shares of the company’s stock, valued at approximately $52,483,138.91. The trade was a 0.77 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 257,156 shares of company stock valued at $65,313,573. 38.55% of the stock is owned by insiders.

Hedge Funds Weigh In On Atlassian

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in shares of Atlassian by 68.6% during the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after purchasing an additional 96 shares in the last quarter. True Wealth Design LLC lifted its position in Atlassian by 23,100.0% in the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after purchasing an additional 231 shares during the period. Avion Wealth lifted its position in Atlassian by 1,308.3% in the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after purchasing an additional 157 shares during the period. Reston Wealth Management LLC acquired a new stake in Atlassian during the third quarter worth $48,000. Finally, Quarry LP increased its holdings in Atlassian by 143.8% in the 2nd quarter. Quarry LP now owns 373 shares of the technology company’s stock valued at $66,000 after buying an additional 220 shares during the period. 94.45% 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.