Mizuho Cuts Atlassian (NASDAQ:TEAM) Price Target to $225.00

Atlassian (NASDAQ:TEAM) had its price objective lowered by Mizuho from $245.00 to $225.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Mizuho’s price target would indicate a potential upside of 90.58% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Jefferies Financial Group set a $262.00 price target on shares of Atlassian in a report on Thursday, January 15th. Macquarie cut their price target on Atlassian from $250.00 to $240.00 and set an “outperform” rating on the stock in a report on Monday, November 3rd. Weiss Ratings reissued a “sell (e+)” rating on shares of Atlassian in a research report on Wednesday, October 8th. Cantor Fitzgerald reissued an “overweight” rating and issued a $240.00 price target on shares of Atlassian in a report on Friday, October 31st. Finally, Citigroup cut their price target on shares of Atlassian from $240.00 to $210.00 and set a “buy” rating on the stock in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $235.38.

Atlassian Trading Down 0.4%

Shares of Atlassian stock opened at $118.06 on Wednesday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The stock has a market capitalization of $31.06 billion, a PE ratio of -166.28, a P/E/G ratio of 18.36 and a beta of 0.88. Atlassian has a 1-year low of $115.53 and a 1-year high of $326.00. The company’s fifty day simple moving average is $152.24 and its 200-day simple moving average is $165.25.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, October 30th. The technology company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.21. Atlassian had a negative net margin of 3.38% and a negative return on equity of 7.11%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the firm posted $0.77 EPS. Atlassian’s quarterly revenue was up 20.6% compared to the same quarter last year. As a group, equities analysts anticipate that Atlassian will post -0.34 earnings per share for the current year.

Insider Transactions at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $120.82, for a total transaction of $926,085.30. Following the completion of the transaction, the chief executive officer owned 383,250 shares of the company’s stock, valued at $46,304,265. This represents a 1.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $120.82, for a total transaction of $926,085.30. Following the completion of the sale, the director owned 383,250 shares of the company’s stock, valued at $46,304,265. This trade represents a 1.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 551,049 shares of company stock valued at $85,741,506 in the last three months. Corporate insiders own 36.66% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several large investors have recently made changes to their positions in TEAM. Vanguard Group Inc. grew its holdings in shares of Atlassian by 6.0% in the third quarter. Vanguard Group Inc. now owns 18,479,561 shares of the technology company’s stock valued at $2,951,186,000 after purchasing an additional 1,049,483 shares in the last quarter. Artisan Partners Limited Partnership boosted its holdings in shares of Atlassian by 66.3% in the 2nd quarter. Artisan Partners Limited Partnership now owns 3,878,133 shares of the technology company’s stock valued at $787,610,000 after buying an additional 1,545,546 shares in the last quarter. State Street Corp grew its holdings in shares of Atlassian by 1.9% during the third quarter. State Street Corp now owns 3,867,995 shares of the technology company’s stock worth $617,719,000 after purchasing an additional 73,014 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Atlassian by 18.7% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,867,886 shares of the technology company’s stock worth $458,001,000 after buying an additional 451,706 shares during the last quarter. Finally, DNB Asset Management AS boosted its stake in Atlassian by 266.6% during the 3rd quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company’s stock worth $448,260,000 after purchasing an additional 2,041,210 shares during the period. 94.45% of the stock is currently owned by institutional investors and hedge funds.

About Atlassian

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.