Atlassian (NASDAQ:TEAM) Stock Price Expected to Rise, Mizuho Analyst Says

Key Points

• Mizuho raised Atlassian’s price target to $235 from $215 and maintained an “outperform” rating, implying 10.4% potential upside. Analysts overall rate the stock “Moderate Buy,” with an average target of $196.74.
• Atlassian shares rose 4.0% to $212.87, near their 52-week high of $214.77. The company’s latest quarterly results exceeded expectations, with $1.87 EPS and $1.77 billion in revenue, up 27.6% year over year.
• Institutional investors own 94.45% of Atlassian, while insiders sold 22,475 shares worth approximately $3.82 million over the past quarter.

Atlassian (NASDAQ:TEAM - Get Free Report) had its price target increased by research analysts at Mizuho from $215.00 to $235.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an "outperform" rating on the technology company's stock. Mizuho's target price indicates a potential upside of 10.40% from the company's current price.

Other equities analysts have also issued reports about the company. BMO Capital Markets upped their target price on Atlassian from $95.00 to $175.00 and gave the company an "outperform" rating in a research report on Friday, August 7th. Weiss Ratings reissued a "sell (e+)" rating on shares of Atlassian in a research report on Friday, July 17th. BTIG Research raised their price target on shares of Atlassian from $180.00 to $230.00 and gave the stock a "buy" rating in a research report on Thursday, September 3rd. KeyCorp lifted their price target on shares of Atlassian from $115.00 to $185.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Atlassian in a report on Monday, June 29th. Twenty-five research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Atlassian currently has an average rating of "Moderate Buy" and an average price target of $196.74.

Atlassian Stock Up 4.0%

TEAM traded up $8.21 during trading hours on Thursday, reaching $212.87. 1,969,960 shares of the stock traded hands, compared to its average volume of 5,675,664. Atlassian has a fifty-two week low of $56.01 and a fifty-two week high of $214.77. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $54.02 billion, a price-to-earnings ratio of -1,121.07, a PEG ratio of 16.35 and a beta of 1.22. The firm's fifty day simple moving average is $181.48 and its two-hundred day simple moving average is $118.43.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.37. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The company had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.66 billion. During the same period in the prior year, the company posted $0.98 EPS. The firm's revenue for the quarter was up 27.6% on a year-over-year basis. As a group, analysts forecast that Atlassian will post 0.94 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In other news, CAO Gene Liu sold 337 shares of Atlassian stock in a transaction that occurred on Monday, October 12th. The stock was sold at an average price of $210.00, for a total value of $70,770.00. Following the completion of the transaction, the chief accounting officer owned 55,531 shares in the company, valued at approximately $11,661,510. This trade represents a 0.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Chuong sold 9,054 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $1,561,362.30. Following the completion of the sale, the chief financial officer owned 279,218 shares of the company's stock, valued at $48,151,144.10. This trade represents a 3.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 22,475 shares of company stock worth $3,822,643 over the last quarter. 36.66% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

Large investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its stake in Atlassian by 111.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 469,100 shares of the technology company's stock valued at $84,105,000 after purchasing an additional 247,540 shares during the period. Elevated Private Wealth LLC increased its stake in shares of Atlassian by 9.5% in the third quarter. Elevated Private Wealth LLC now owns 17,221 shares of the technology company's stock valued at $3,088,000 after purchasing an additional 1,495 shares during the period. Ninety One UK Ltd acquired a new stake in shares of Atlassian in the third quarter valued at approximately $359,000. Curated Wealth Partners LLC acquired a new stake in shares of Atlassian in the third quarter valued at approximately $2,014,000. Finally, WealthPlan Investment Management LLC bought a new stake in shares of Atlassian during the third quarter valued at approximately $246,000. 94.45% of the stock is currently owned by institutional investors.

Atlassian Company Profile

Atlassian Corporation develops collaboration, productivity and workflow-management software for technology, business and enterprise teams. Its products are designed to help organizations plan projects, manage software development, document and share knowledge, provide IT and customer support, and coordinate work across distributed teams.

Its product portfolio includes Jira for project and issue management, Confluence for team collaboration and knowledge sharing, Jira Service Management for IT service and support operations, and Trello for organizing tasks and projects.

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