Atlassian (NASDAQ:TEAM) Price Target Raised to $200.00

Atlassian (NASDAQ:TEAM) had its price target hoisted by Mizuho from $190.00 to $200.00 in a report released on Thursday morning, Benzinga reports. Mizuho currently has an outperform rating on the technology company’s stock.

Several other research analysts have also recently weighed in on the stock. Scotiabank reduced their price target on shares of Atlassian from $210.00 to $175.00 and set a “sector perform” rating for the company in a report on Friday, August 2nd. Baird R W cut Atlassian from a “strong-buy” rating to a “hold” rating in a report on Friday, August 2nd. Canaccord Genuity Group lifted their price target on Atlassian from $200.00 to $225.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Capital One Financial raised Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 price objective for the company in a research report on Thursday, July 11th. Finally, JMP Securities raised Atlassian to a “hold” rating in a research report on Friday, August 2nd. Ten analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Atlassian currently has a consensus rating of “Moderate Buy” and a consensus target price of $215.12.

Atlassian Stock Up 1.7 %

Shares of TEAM opened at $191.70 on Thursday. The company has a market capitalization of $49.85 billion, a P/E ratio of -165.26 and a beta of 0.73. Atlassian has a one year low of $135.29 and a one year high of $258.69. The business’s 50 day simple moving average is $164.91 and its 200-day simple moving average is $171.72. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 1.18.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter last year, the business posted ($0.21) earnings per share. Atlassian’s revenue for the quarter was up 20.5% compared to the same quarter last year. As a group, sell-side analysts predict that Atlassian will post -0.58 EPS for the current fiscal year.

Insider Transactions at Atlassian

In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $140.54, for a total transaction of $1,117,011.92. Following the completion of the sale, the chief executive officer now owns 294,076 shares of the company’s stock, valued at $41,329,441.04. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Scott Farquhar sold 7,948 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $140.54, for a total value of $1,117,011.92. Following the transaction, the chief executive officer now owns 294,076 shares in the company, valued at approximately $41,329,441.04. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Rajeev Bashyam Rajan sold 199 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $146.08, for a total transaction of $29,069.92. Following the completion of the transaction, the chief technology officer now directly owns 128,957 shares in the company, valued at approximately $18,838,038.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 229,425 shares of company stock worth $38,058,262. 40.48% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Atlassian by 1.4% in the first quarter. Vanguard Group Inc. now owns 15,577,302 shares of the technology company’s stock valued at $3,039,287,000 after acquiring an additional 221,650 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Atlassian by 8.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock valued at $2,173,847,000 after purchasing an additional 904,138 shares during the period. Dragoneer Investment Group LLC acquired a new position in shares of Atlassian during the 2nd quarter worth approximately $469,803,000. Capital International Investors increased its holdings in shares of Atlassian by 6.3% during the first quarter. Capital International Investors now owns 2,436,567 shares of the technology company’s stock worth $475,399,000 after purchasing an additional 144,117 shares during the period. Finally, Clearbridge Investments LLC raised its position in shares of Atlassian by 6.7% in the first quarter. Clearbridge Investments LLC now owns 2,070,928 shares of the technology company’s stock valued at $404,059,000 after buying an additional 130,253 shares in the last quarter. 93.03% of the stock is owned by institutional investors and hedge funds.

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.