Atlassian (NASDAQ:TEAM) Price Target Raised to $235.00

Atlassian (NASDAQ:TEAM) had its target price raised by Mizuho from $215.00 to $235.00 in a research report report published on Thursday morning,Benzinga reports. Mizuho currently has an outperform rating on the technology company’s stock.

A number of other equities analysts have also recently issued reports on the stock. BTIG Research boosted their price objective on shares of Atlassian from $180.00 to $230.00 and gave the company a “buy” rating in a research report on Thursday, September 3rd. Sanford C. Bernstein reiterated an “outperform” rating on shares of Atlassian in a report on Monday, June 29th. Barclays increased their target price on shares of Atlassian from $172.00 to $222.00 and gave the stock an “overweight” rating in a report on Tuesday. KeyCorp raised their target price on Atlassian from $115.00 to $185.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Finally, Citizens Jmp restated a “market perform” rating on shares of Atlassian in a report on Wednesday, July 1st. Twenty-five investment 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’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $196.74.

Atlassian Stock Down 4.3%

Shares of NASDAQ TEAM opened at $207.82 on Thursday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93. Atlassian has a 52 week low of $56.01 and a 52 week high of $223.70. The firm’s fifty day moving average is $184.80 and its 200 day moving average is $120.12. The company has a market cap of $52.74 billion, a price-to-earnings ratio of -1,093.79, a PEG ratio of 16.33 and a beta of 1.22.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.37. The business had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The firm’s revenue for the quarter was up 27.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.98 EPS. On average, equities research analysts expect that Atlassian will post 0.94 earnings per share for the current year.

Insider Buying and Selling

In other Atlassian news, CAO Gene Liu sold 337 shares of the business’s stock in a transaction on Monday, October 12th. The shares were sold at an average price of $210.00, for a total transaction of $70,770.00. Following the transaction, the chief accounting officer directly owned 55,531 shares of the company’s stock, valued at approximately $11,661,510. The trade was a 0.60% decrease in their position. The sale was disclosed in a document filed 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 on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the transaction, the chief financial officer directly owned 279,218 shares in the company, valued at approximately $48,151,144.10. The trade was a 3.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 22,475 shares of company stock valued at $3,822,643 over the last quarter. 36.66% of the stock is owned by company insiders.

Institutional Investors Weigh In On Atlassian

A number of large investors have recently modified their holdings of TEAM. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in Atlassian by 69.4% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 62,000 shares of the technology company’s stock valued at $4,232,000 after purchasing an additional 25,400 shares in the last quarter. Arizona State Retirement System raised its holdings in Atlassian by 6.5% in the second quarter. Arizona State Retirement System now owns 48,629 shares of the technology company’s stock worth $3,783,000 after buying an additional 2,969 shares during the last quarter. Fluent Financial LLC purchased a new position in Atlassian in the second quarter worth about $2,239,000. IFP Advisors Inc lifted its stake in shares of Atlassian by 76.0% in the second quarter. IFP Advisors Inc now owns 9,428 shares of the technology company’s stock worth $733,000 after buying an additional 4,071 shares in the last quarter. Finally, Nykredit A S bought a new position in shares of Atlassian in the second quarter worth approximately $5,997,000. Institutional investors own 94.45% of the company’s stock.

About Atlassian

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.