Atlassian (NASDAQ:TEAM) Price Target Cut to $240.00 by Analysts at Mizuho

Atlassian (NASDAQ:TEAM) had its price target reduced by Mizuho from $265.00 to $240.00 in a research note published on Monday, Benzinga reports. Mizuho currently has a buy rating on the technology company’s stock.

A number of other research analysts have also weighed in on the company. Truist Financial lifted their target price on Atlassian from $180.00 to $220.00 and gave the company a hold rating in a report on Tuesday, January 16th. William Blair reaffirmed an outperform rating on shares of Atlassian in a report on Friday, February 2nd. Wells Fargo & Company lifted their target price on Atlassian from $275.00 to $285.00 and gave the company an overweight rating in a report on Wednesday, January 24th. Barclays raised Atlassian from an equal weight rating to an overweight rating and boosted their price objective for the stock from $235.00 to $275.00 in a report on Thursday, April 11th. Finally, UBS Group cut their price objective on Atlassian from $260.00 to $250.00 and set a neutral rating for the company in a report on Friday, February 2nd. Ten analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $224.25.

Atlassian Trading Down 7.1 %

Shares of TEAM opened at $191.84 on Monday. The business has a 50-day moving average of $203.83 and a 200 day moving average of $206.83. Atlassian has a fifty-two week low of $128.02 and a fifty-two week high of $258.69. The firm has a market cap of $49.76 billion, a P/E ratio of -128.75 and a beta of 0.63. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.07 and a current ratio of 1.07.

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

Insider Buying and Selling

In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of the business’s stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $207.36, for a total value of $1,708,853.76. Following the completion of the sale, the chief executive officer now owns 432,378 shares in the company, valued at $89,657,902.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of the business’s stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $207.36, for a total value of $1,708,853.76. Following the completion of the sale, the chief executive officer now owns 432,378 shares in the company, valued at $89,657,902.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Anutthara Bharadwaj sold 2,470 shares of the business’s stock in a transaction that occurred on Friday, January 19th. The shares were sold at an average price of $240.55, for a total value of $594,158.50. Following the completion of the sale, the president now owns 171,674 shares of the company’s stock, valued at approximately $41,296,180.70. The disclosure for this sale can be found here. Insiders sold 293,159 shares of company stock worth $62,026,607 in the last quarter. 40.48% of the stock is owned by insiders.

Hedge Funds Weigh In On Atlassian

Several hedge funds have recently made changes to their positions in the business. Counterpoint Mutual Funds LLC purchased a new position in shares of Atlassian during the first quarter valued at approximately $266,000. Opal Wealth Advisors LLC grew its stake in shares of Atlassian by 11.3% in the first quarter. Opal Wealth Advisors LLC now owns 1,383 shares of the technology company’s stock worth $270,000 after acquiring an additional 140 shares during the last quarter. MJP Associates Inc. ADV grew its stake in shares of Atlassian by 60.0% in the first quarter. MJP Associates Inc. ADV now owns 2,063 shares of the technology company’s stock worth $403,000 after acquiring an additional 774 shares during the last quarter. David J Yvars Group purchased a new stake in shares of Atlassian in the first quarter worth $1,745,000. Finally, Gulf International Bank UK Ltd grew its stake in shares of Atlassian by 0.8% in the first quarter. Gulf International Bank UK Ltd now owns 12,596 shares of the technology company’s stock worth $2,457,000 after acquiring an additional 97 shares during the last quarter. 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.