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

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

A number of other brokerages have also commented on TEAM. Truist Financial boosted their price target on shares of Atlassian from $180.00 to $220.00 and gave the company a “hold” rating in a research note on Tuesday, January 16th. Wells Fargo & Company upped their target price on shares of Atlassian from $275.00 to $285.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 24th. StockNews.com lowered shares of Atlassian from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. KeyCorp started coverage on shares of Atlassian in a research note on Tuesday, March 19th. They issued a “sector weight” rating for the company. Finally, The Goldman Sachs Group upped their target price on shares of Atlassian from $188.00 to $215.00 and gave the stock a “neutral” rating in a research note on Friday, February 2nd. Ten investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Atlassian presently has a consensus rating of “Moderate Buy” and an average target price of $223.12.

Atlassian Stock Performance

Shares of TEAM stock opened at $198.41 on Friday. The firm has a market capitalization of $51.47 billion, a PE ratio of -133.16 and a beta of 0.63. The firm has a fifty day simple moving average of $200.55 and a two-hundred day simple moving average of $206.69. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.04. Atlassian has a 12 month low of $128.02 and a 12 month high of $258.69.

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

Insider Buying and Selling

In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of the company’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $253.53, for a total transaction of $2,089,340.73. Following the sale, the chief executive officer now directly owns 346,122 shares of the company’s stock, valued at $87,752,310.66. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of the company’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $253.53, for a total transaction of $2,089,340.73. Following the sale, the chief executive officer now directly owns 346,122 shares of the company’s stock, valued at $87,752,310.66. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Anutthara Bharadwaj sold 4,139 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total transaction of $881,068.93. Following the sale, the president now directly owns 167,535 shares in the company, valued at $35,663,175.45. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 300,450 shares of company stock valued at $61,721,553. 40.48% of the stock is owned by insiders.

Institutional Investors Weigh In On Atlassian

Institutional investors and hedge funds have recently modified their holdings of the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in shares of Atlassian by 12.4% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 73,263 shares of the technology company’s stock worth $14,763,000 after buying an additional 8,073 shares in the last quarter. Arkadios Wealth Advisors purchased a new stake in shares of Atlassian in the fourth quarter worth about $202,000. American Century Companies Inc. lifted its holdings in shares of Atlassian by 58.7% in the third quarter. American Century Companies Inc. now owns 430,112 shares of the technology company’s stock worth $86,672,000 after buying an additional 159,102 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Atlassian in the fourth quarter worth about $13,805,000. Finally, Royal Bank of Canada increased its position in shares of Atlassian by 17.3% in the third quarter. Royal Bank of Canada now owns 381,430 shares of the technology company’s stock worth $76,862,000 after purchasing an additional 56,149 shares during 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.