Mizuho Cuts Atlassian (NASDAQ:TEAM) Price Target to $290.00

Atlassian (NASDAQ:TEAM - Free Report) had its price objective trimmed by Mizuho from $325.00 to $290.00 in a report issued on Thursday,Benzinga reports. The firm currently has an outperform rating on the technology company's stock.

Other equities analysts have also recently issued reports about the stock. Jefferies Financial Group decreased their price target on shares of Atlassian from $330.00 to $262.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Wells Fargo & Company decreased their price objective on Atlassian from $330.00 to $315.00 and set an "overweight" rating for the company in a report on Friday, May 2nd. Baird R W raised Atlassian from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Robert W. Baird upgraded Atlassian from a "neutral" rating to an "outperform" rating and reduced their price target for the company from $320.00 to $255.00 in a research report on Monday, April 14th. Finally, Barclays decreased their price target on Atlassian from $350.00 to $260.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. Four research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $282.19.

Atlassian Price Performance

Shares of TEAM stock traded down $2.18 during trading on Thursday, hitting $199.32. The company had a trading volume of 2,687,528 shares, compared to its average volume of 2,119,766. The firm has a market capitalization of $52.32 billion, a P/E ratio of -148.75 and a beta of 0.96. Atlassian has a one year low of $135.29 and a one year high of $326.00. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. The stock's 50-day moving average price is $210.19 and its 200 day moving average price is $243.79.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.93 by $0.04. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. The firm's revenue was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.89 EPS. Equities analysts expect that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Atlassian

In related news, Director Scott Farquhar sold 7,948 shares of the company's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $234.38, for a total transaction of $1,862,852.24. Following the transaction, the director now directly owns 39,740 shares of the company's stock, valued at approximately $9,314,261.20. This represents a 16.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Gene Liu sold 541 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $225.51, for a total value of $122,000.91. Following the transaction, the chief accounting officer now directly owns 51,481 shares in the company, valued at $11,609,480.31. The trade was a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 336,429 shares of company stock valued at $71,774,377. Corporate insiders own 38.55% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in TEAM. 1248 Management LLC acquired a new stake in shares of Atlassian in the 1st quarter worth about $413,000. First Hawaiian Bank bought a new position in Atlassian during the 1st quarter valued at $292,000. Strs Ohio purchased a new position in Atlassian during the 1st quarter worth $21,914,000. Diker Management LLC purchased a new position in Atlassian during the 1st quarter worth $849,000. Finally, Acadian Asset Management LLC grew its stake in shares of Atlassian by 68.9% in the 1st quarter. Acadian Asset Management LLC now owns 951,429 shares of the technology company's stock worth $201,875,000 after acquiring an additional 388,196 shares in the last quarter. 94.45% of the stock is owned by 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.