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

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 firm presently has an “outperform” rating on the technology company’s stock. Mizuho’s target price indicates a potential upside of 7.60% from the company’s previous close.

A number of other analysts also recently commented on the company. BMO Capital Markets upped their target price on Atlassian from $177.00 to $255.00 and gave the stock a “market perform” rating in a research note on Friday. Truist Financial raised their price objective on shares of Atlassian from $160.00 to $200.00 and gave the stock a “hold” rating in a research note on Friday. StockNews.com lowered shares of Atlassian from a “buy” rating to a “hold” rating in a report on Friday, July 12th. Capital One Financial raised shares of Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 price target on the stock in a report on Thursday, July 11th. Finally, Robert W. Baird upped their price objective on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a research report on Friday. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $240.53.

Atlassian Stock Up 18.3 %

Shares of NASDAQ:TEAM traded up $34.51 on Friday, reaching $223.05. The company had a trading volume of 7,295,906 shares, compared to its average volume of 1,814,115. 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 has a market capitalization of $58.00 billion, a PE ratio of -194.97 and a beta of 0.73. The firm’s 50 day simple moving average is $172.01 and its 200-day simple moving average is $171.24. Atlassian has a 52-week low of $135.29 and a 52-week 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 (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $1.13 billion. During the same quarter in the prior year, the business posted ($0.21) EPS. Atlassian’s revenue for the quarter was up 20.5% compared to the same quarter last year. As a group, analysts expect that Atlassian will post -0.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $193.70, for a total value of $1,539,527.60. Following the completion of the transaction, the chief executive officer now owns 429,192 shares of the company’s stock, valued at $83,134,490.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CTO Rajeev Bashyam Rajan sold 5,172 shares of Atlassian stock in a transaction on Friday, October 11th. The shares were sold at an average price of $190.00, for a total transaction of $982,680.00. Following the sale, the chief technology officer now directly owns 204,109 shares in the company, valued at $38,780,710. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $193.70, for a total value of $1,539,527.60. Following the completion of the sale, the chief executive officer now owns 429,192 shares of the company’s stock, valued at approximately $83,134,490.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 230,185 shares of company stock valued at $39,155,661 over the last 90 days. 38.55% of the stock is owned by insiders.

Institutional Investors Weigh In On Atlassian

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Atlassian by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 15,577,302 shares of the technology company’s stock worth $3,039,287,000 after acquiring an additional 221,650 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Atlassian by 8.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock worth $2,173,847,000 after purchasing an additional 904,138 shares during the period. Dragoneer Investment Group LLC acquired a new position in Atlassian during the second quarter worth $469,803,000. Capital International Investors lifted its holdings in Atlassian by 6.3% in the first quarter. Capital International Investors now owns 2,436,567 shares of the technology company’s stock valued at $475,399,000 after acquiring an additional 144,117 shares during the period. Finally, Clearbridge Investments LLC boosted its position in shares of Atlassian by 6.7% during the 1st quarter. Clearbridge Investments LLC now owns 2,070,928 shares of the technology company’s stock worth $404,059,000 after purchasing an additional 130,253 shares in the last quarter. 93.03% of the stock is 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.