Atlassian (NASDAQ:TEAM)‘s stock had its “buy” rating restated by investment analysts at Canaccord Genuity in a report issued on Tuesday. They currently have a $100.00 price target on the technology company’s stock. Canaccord Genuity’s price target points to a potential upside of 14.14% from the stock’s current price.
The analysts wrote, “This morning Atlassian made two announcements: an agreement to acquire the introduction of Jira Ops, which is a platform for IT incident tracking and management. The new product will help ops teams handle IT issues faster and more efficiently, essentially piecing together a bunch of ad hoc processes – alerting the right IT folks, real-time collaboration, customer communications, support desk response, postmortem and tracking – into a single unified platform. Within this, the addition of OpsGenie will help handle the first step in incident response, which is reliable IT notifications and alert escalation when critical incidents occur. The deal wasn’t cheap at >10x forward revenue, but that seems to be the clearing price for quality private assets, and this is an important piece of the puzzle that will speed time to market for the Ops platform.””
TEAM has been the topic of a number of other reports. DA Davidson lifted their price objective on Atlassian to $88.00 and gave the stock a “buy” rating in a research note on Friday, July 27th. Morgan Stanley lifted their price objective on Atlassian from $63.00 to $69.00 and gave the stock an “overweight” rating in a research note on Thursday, July 26th. Cowen reiterated a “buy” rating and issued a $90.00 price objective on shares of Atlassian in a research note on Friday, July 27th. BidaskClub upgraded Atlassian from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 8th. Finally, Jefferies Financial Group lifted their price objective on Atlassian to $70.00 and gave the stock a “hold” rating in a research note on Friday, July 27th. Six equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. Atlassian presently has a consensus rating of “Buy” and a consensus target price of $74.00.
Shares of NASDAQ:TEAM opened at $87.61 on Tuesday. Atlassian has a fifty-two week low of $33.16 and a fifty-two week high of $92.26. The stock has a market capitalization of $9.56 billion, a price-to-earnings ratio of -1,251.57, a P/E/G ratio of 92.60 and a beta of 2.59. The company has a quick ratio of 3.95, a current ratio of 3.95 and a debt-to-equity ratio of 0.92.
Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, July 26th. The technology company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. Atlassian had a negative return on equity of 2.30% and a negative net margin of 13.65%. The company had revenue of $243.80 million during the quarter, compared to analysts’ expectations of $233.42 million. During the same quarter in the previous year, the firm earned $0.09 earnings per share. The business’s quarterly revenue was up 39.9% compared to the same quarter last year. analysts predict that Atlassian will post 0.07 EPS for the current fiscal year.
Several institutional investors have recently bought and sold shares of TEAM. Citigroup Inc. bought a new position in Atlassian during the first quarter valued at about $103,000. Comerica Bank bought a new position in Atlassian during the first quarter valued at about $210,000. Oppenheimer & Co. Inc. bought a new position in Atlassian during the second quarter valued at about $218,000. Parametrica Management Ltd bought a new position in Atlassian during the first quarter valued at about $202,000. Finally, Delpha Capital Management LLC bought a new position in Atlassian during the first quarter valued at about $212,000. Institutional investors and hedge funds own 98.86% of the company’s stock.
Atlassian Company Profile
Atlassian Corporation Plc, through its subsidiaries, provides team collaboration and productivity software solutions worldwide. It offers project tracking, content creation and sharing, real-time communication, and service management products to large and small organizations. The company's products include JIRA, a workflow management system that enables teams to plan, organize, track, and manage their work and projects; Confluence, a content collaboration platform that is used to create, share, organize, and discuss projects; HipChat that provides teams a way to communicate in real-time and share ideas, updates, codes, and files; Trello, a Web-based project management application for capturing and adding structure to fluid and fast-forming work for teams; Bitbucket, a code management and collaboration product for teams using distributed version control systems; and JIRA Service Desk, a service desk product for creating and managing service experiences for various service team providers, including IT help desks, and legal and HR teams.
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