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

Atlassian (NASDAQ:TEAM) had its price objective upped by analysts at Mizuho from $200.00 to $240.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Mizuho’s price objective indicates a potential upside of 6.98% from the company’s current price.

A number of other equities research analysts have also issued reports on TEAM. The Goldman Sachs Group upgraded Atlassian from a “neutral” rating to a “buy” rating and increased their price target for the stock from $200.00 to $230.00 in a research note on Friday, August 2nd. BMO Capital Markets lifted their target price on Atlassian from $177.00 to $255.00 and gave the stock a “market perform” rating in a report on Friday. Capital One Financial upgraded Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 price target for the company in a report on Thursday, July 11th. StockNews.com cut Atlassian from a “buy” rating to a “hold” rating in a report on Friday, July 12th. Finally, Scotiabank raised their target price on shares of Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a report on Friday. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and a consensus target price of $243.16.

Atlassian Trading Up 19.0 %

Shares of TEAM stock opened at $224.35 on Friday. The stock has a market capitalization of $58.34 billion, a P/E ratio of -147.60 and a beta of 0.71. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. The firm’s 50 day moving average is $173.30 and its 200 day moving average is $171.30. Atlassian has a 12-month low of $135.29 and a 12-month high of $258.69.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.07. The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.38%. The company’s revenue was up 20.5% compared to the same quarter last year. During the same quarter last year, the company posted ($0.21) EPS. Research analysts expect that Atlassian will post -0.58 earnings per share for the current year.

Insider Activity at Atlassian

In other Atlassian news, CTO Rajeev Bashyam Rajan sold 199 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $146.08, for a total value of $29,069.92. Following the completion of the transaction, the chief technology officer now directly owns 128,957 shares in the company, valued at approximately $18,838,038.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction on Friday, September 20th. The shares were sold at an average price of $163.11, for a total value of $123,963.60. Following the transaction, the president now directly owns 143,966 shares of the company’s stock, valued at approximately $23,482,294.26. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Rajeev Bashyam Rajan sold 199 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $146.08, for a total value of $29,069.92. Following the sale, the chief technology officer now owns 128,957 shares of the company’s stock, valued at approximately $18,838,038.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 230,185 shares of company stock valued at $39,155,661 over the last quarter. 38.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lindbrook Capital LLC boosted its holdings in Atlassian by 8.0% in the third quarter. Lindbrook Capital LLC now owns 1,802 shares of the technology company’s stock worth $286,000 after acquiring an additional 133 shares in the last quarter. Verdence Capital Advisors LLC raised its position in shares of Atlassian by 88.8% in the 3rd quarter. Verdence Capital Advisors LLC now owns 3,503 shares of the technology company’s stock valued at $556,000 after purchasing an additional 1,648 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in Atlassian in the 3rd quarter worth approximately $103,000. AIA Group Ltd purchased a new stake in Atlassian during the 3rd quarter worth approximately $1,598,000. Finally, Principal Financial Group Inc. increased its stake in Atlassian by 61.4% during the 3rd quarter. Principal Financial Group Inc. now owns 10,770 shares of the technology company’s stock valued at $1,710,000 after purchasing an additional 4,099 shares in the last quarter. 93.03% of the stock is currently owned by hedge funds and other institutional investors.

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.