Mizuho Has Lowered Expectations for Atlassian (NASDAQ:TEAM) Stock Price

Key Points

• Mizuho has reduced its price target for Atlassian from $265.00 to $235.00, while maintaining an "outperform" rating, indicating a potential upside of 37.43%.
• Atlassian's stock is currently down 7.8% and opened at $171.00 on Friday, with a market cap of $44.89 billion.
• Despite recent target price reductions from various analysts, Atlassian has an average rating of "Moderate Buy" with an average target price of $270.48.

Atlassian (NASDAQ:TEAM - Get Free Report) had its price objective decreased by Mizuho from $265.00 to $235.00 in a report released on Friday,Benzinga reports. The firm presently has an "outperform" rating on the technology company's stock. Mizuho's price target would suggest a potential upside of 39.83% from the stock's current price.

A number of other equities research analysts also recently weighed in on TEAM. UBS Group restated a "hold" rating on shares of Atlassian in a research report on Monday, July 7th. Piper Sandler reiterated an "overweight" rating and issued a $300.00 price objective (down previously from $365.00) on shares of Atlassian in a report on Friday, May 2nd. Wall Street Zen upgraded Atlassian from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. Robert W. Baird upgraded Atlassian from a "neutral" rating to an "outperform" rating and decreased their price objective for the stock from $320.00 to $255.00 in a report on Monday, April 14th. Finally, Canaccord Genuity Group decreased their price objective on Atlassian from $300.00 to $255.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Five equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $260.67.

Atlassian Price Performance

NASDAQ:TEAM traded down $2.94 during trading hours on Friday, hitting $168.06. 7,902,491 shares of the company's stock traded hands, compared to its average volume of 2,193,492. The firm has a market cap of $44.12 billion, a P/E ratio of -169.76 and a beta of 0.96. Atlassian has a 52 week low of $137.27 and a 52 week high of $326.00. The business's fifty day simple moving average is $199.40 and its two-hundred day simple moving average is $225.85. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The technology company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.15. Atlassian had a negative return on equity of 15.19% and a negative net margin of 4.92%. The company had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same quarter last year, the company earned $0.66 earnings per share. The firm's quarterly revenue was up 22.3% on a year-over-year basis. On average, research analysts anticipate that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In other news, Director Scott Farquhar sold 7,665 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $185.81, for a total value of $1,424,233.65. Following the completion of the sale, the director directly owned 291,270 shares in the company, valued at $54,120,878.70. This represents a 2.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $185.81, for a total transaction of $1,424,233.65. Following the completion of the transaction, the chief executive officer directly owned 291,270 shares of the company's stock, valued at $54,120,878.70. This represents a 2.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 522,111 shares of company stock valued at $106,345,639 over the last 90 days. 38.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Clean Yield Group boosted its holdings in shares of Atlassian by 372.0% during the 1st quarter. Clean Yield Group now owns 118 shares of the technology company's stock valued at $25,000 after purchasing an additional 93 shares during the last quarter. Capco Asset Management LLC bought a new position in shares of Atlassian in the 2nd quarter valued at about $25,000. Colonial Trust Co SC grew its position 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 acquiring an additional 69 shares in the last quarter. Smithfield Trust Co increased its stake in Atlassian by 90.7% during the first quarter. Smithfield Trust Co now owns 164 shares of the technology company's stock worth $34,000 after acquiring an additional 78 shares during the last quarter. Finally, Geneos Wealth Management Inc. raised its position in Atlassian by 447.2% during the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock valued at $42,000 after purchasing an additional 161 shares during the period. 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.