Atlassian (NASDAQ:TEAM) Price Target Cut to $265.00 by Analysts at Mizuho

Atlassian (NASDAQ:TEAM - Free Report) had its price objective reduced by Mizuho from $290.00 to $265.00 in a report issued on Wednesday,Benzinga reports. They currently have an outperform rating on the technology company's stock.

Several other research firms have also issued reports on TEAM. Baird R W raised Atlassian from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Stephens reduced their price target on shares of Atlassian from $255.00 to $221.00 and set an "equal weight" rating for the company in a research report on Friday, May 2nd. Canaccord Genuity Group reduced their target price on shares of Atlassian from $300.00 to $255.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Wells Fargo & Company reduced their target price on shares of Atlassian from $330.00 to $315.00 and set an "overweight" rating for the company in a report on Friday, May 2nd. Finally, Piper Sandler reissued an "overweight" rating and issued a $300.00 target price (down from $365.00) on shares of Atlassian in a report on Friday, May 2nd. Five research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $279.81.

Atlassian Trading Up 0.1%

NASDAQ:TEAM traded up $0.17 during trading hours on Wednesday, hitting $190.62. The company had a trading volume of 2,068,430 shares, compared to its average volume of 2,195,556. The company has a market capitalization of $50.04 billion, a PE ratio of -114.83 and a beta of 0.94. The stock has a 50-day moving average price of $206.93 and a 200 day moving average price of $232.68. Atlassian has a 52 week low of $135.29 and a 52 week high of $326.00. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.04. The business had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The firm's revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.89 earnings per share. On average, equities research analysts predict that Atlassian will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $192.06, for a total value of $1,472,139.90. Following the completion of the sale, the director directly owned 421,575 shares in the company, valued at $80,967,694.50. The trade was a 1.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the firm's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $192.06, for a total transaction of $1,472,139.90. Following the transaction, the chief executive officer directly owned 421,575 shares in the company, valued at $80,967,694.50. This trade represents a 1.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 432,395 shares of company stock valued at $90,260,299 over the last three months. Insiders own 38.55% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Murphy & Mullick Capital Management Corp purchased a new position in Atlassian during the 4th quarter valued at about $27,000. Clean Yield Group raised its holdings in Atlassian by 372.0% in the first quarter. Clean Yield Group now owns 118 shares of the technology company's stock worth $25,000 after purchasing an additional 93 shares in the last quarter. Colonial Trust Co SC raised its holdings in Atlassian by 100.0% in the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock worth $34,000 after purchasing an additional 69 shares in the last quarter. Summit Securities Group LLC bought a new position in Atlassian in the fourth quarter worth about $38,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in Atlassian in the fourth quarter worth about $39,000. Hedge funds and other institutional investors own 94.45% of the company's stock.

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.