Benzinga | Oct 8, 2021 01:56PM EDT

Mizuho Sees 13% Upside In This Software Company, Reiterates Buy

* Mizuho analyst Gregg Moskowitz raised the price target on Atlassian Corporation PLC (NASDAQ:TEAM) to $440 from $370, implying a 13.2% upside, and reiterated a Buy.

* The analyst has learned that Atlassian recently announced a series of price changes to cloud versions of its flagship products Jira Software, Confluence, and Jira Service Management.

* The new pricing will be effective next on October 12, Moskowitz notes.

* While the changes "feature a series of puts and takes," the net effect is a "clear price increase," and particularly for Jira Service Management and larger existing cloud customers, says the analyst.

* Moskowitz reiterates his belief that Atlassian will benefit from strategic actions that should drive much better monetization in FY22 and beyond.

* Price Action: TEAM shares traded lower by 1.07% at $388.77 on the last check Friday.