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

Atlassian (NASDAQ:TEAM) had its price target raised by Mizuho from $200.00 to $240.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Mizuho’s price target suggests a potential upside of 7.60% from the company’s previous close.

A number of other research analysts also recently weighed in on the company. Jefferies Financial Group increased their target price on Atlassian from $240.00 to $280.00 and gave the company a “buy” rating in a report on Friday. Scotiabank raised their price objective on shares of Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a report on Friday. Robert W. Baird upped their target price on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a report on Friday. The Goldman Sachs Group upgraded shares of Atlassian from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $200.00 to $230.00 in a research note on Friday, August 2nd. Finally, Barclays reduced their price objective on Atlassian from $275.00 to $250.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and an average target price of $240.53.

Atlassian Stock Up 18.3 %

TEAM stock traded up $34.51 during trading on Friday, hitting $223.05. 7,295,906 shares of the stock traded hands, compared to its average volume of 1,814,115. The firm’s 50 day moving average is $172.01 and its two-hundred day moving average is $171.24. Atlassian has a 1 year low of $135.29 and a 1 year high of $258.69. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 1.18. The stock has a market cap of $58.00 billion, a price-to-earnings ratio of -194.97 and a beta of 0.73.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.07. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter in the prior year, the business earned ($0.21) EPS. The business’s revenue for the quarter was up 20.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Atlassian will post -0.58 EPS for the current year.

Insider Buying and Selling at Atlassian

In related news, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $163.11, for a total value of $123,963.60. Following the sale, the president now directly owns 143,966 shares in the company, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $143.54, for a total value of $1,140,855.92. Following the completion of the sale, the chief executive officer now directly owns 309,972 shares of the company’s stock, valued at $44,493,380.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $23,482,294.26. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 230,185 shares of company stock valued at $39,155,661 in the last 90 days. Insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of TEAM. Asset Dedication LLC lifted its holdings in shares of Atlassian by 229.8% in the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after acquiring an additional 108 shares during the last quarter. Hollencrest Capital Management lifted its position in shares of Atlassian by 383.9% during the first quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock worth $29,000 after purchasing an additional 119 shares during the last quarter. Trust Co. of Vermont boosted its stake in shares of Atlassian by 2,175.0% during the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after purchasing an additional 174 shares during the period. Rothschild Investment LLC bought a new position in shares of Atlassian in the second quarter worth about $36,000. Finally, GAMMA Investing LLC increased its stake in Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after buying an additional 96 shares during the period. 93.03% of the stock is owned by hedge funds and other 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.