Zacks Investment Research Lowers Atlassian (TEAM) to Hold

Share on StockTwits

Atlassian (NASDAQ:TEAM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

According to Zacks, “Atlassian Corporation Plc is engaged in designing, developing, licensing and maintaining of software and the provisioning of software hosting services. The Company’s products include JIRA for team planning and project management; Confluence for team content creation and sharing; HipChat for team messaging and communications; Bitbucket for team code sharing and management and JIRA Service Desk for team services and support applications. It offers tools for software developers consists of FishEye, Bamboo and SourceTree. Atlassian Corporation Plc is headquartered in Sydney, Australia. “

Other analysts have also recently issued reports about the company. Morgan Stanley cut Atlassian from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $75.00 to $94.00 in a report on Thursday, October 4th. They noted that the move was a valuation call. Canaccord Genuity reaffirmed a “buy” rating and set a $100.00 price objective on shares of Atlassian in a report on Tuesday, September 4th. DA Davidson upped their price objective on Atlassian from $88.00 to $108.00 and gave the stock a “buy” rating in a report on Wednesday, September 5th. Jefferies Financial Group upped their price objective on Atlassian to $83.00 and gave the stock a “hold” rating in a report on Tuesday, September 4th. Finally, Cowen upped their price objective on Atlassian from $95.00 to $105.00 and gave the stock an “outperform” rating in a report on Thursday, September 13th. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $82.00.

Shares of TEAM traded down $2.00 during trading hours on Wednesday, hitting $73.95. The company had a trading volume of 11,847 shares, compared to its average volume of 2,124,148. The company has a debt-to-equity ratio of 1.16, a current ratio of 4.17 and a quick ratio of 4.17. The firm has a market cap of $7.66 billion, a PE ratio of -1,056.29, a P/E/G ratio of 60.68 and a beta of 2.73. Atlassian has a 52-week low of $43.11 and a 52-week high of $98.21.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, October 18th. The technology company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.01. The firm had revenue of $267.30 million during the quarter, compared to analyst estimates of $259.67 million. Atlassian had a negative return on equity of 0.75% and a negative net margin of 36.71%. Atlassian’s quarterly revenue was up 36.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.12 EPS. As a group, sell-side analysts anticipate that Atlassian will post 0.09 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in TEAM. Motley Fool Asset Management LLC purchased a new position in Atlassian during the 2nd quarter worth approximately $8,253,000. Zacks Investment Management raised its stake in Atlassian by 5.5% in the 2nd quarter. Zacks Investment Management now owns 17,490 shares of the technology company’s stock worth $1,093,000 after purchasing an additional 918 shares in the last quarter. Leonetti & Associates LLC raised its stake in Atlassian by 3.4% in the 2nd quarter. Leonetti & Associates LLC now owns 123,400 shares of the technology company’s stock worth $7,715,000 after purchasing an additional 4,050 shares in the last quarter. Morgan Stanley raised its stake in Atlassian by 44.9% in the 2nd quarter. Morgan Stanley now owns 917,941 shares of the technology company’s stock worth $57,391,000 after purchasing an additional 284,450 shares in the last quarter. Finally, Pinnacle Associates Ltd. acquired a new stake in Atlassian in the 2nd quarter worth about $514,000. Institutional investors own 92.18% of the company’s stock.

About Atlassian

Atlassian Corporation Plc, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. It provides project tracking, content creation and sharing, and service management products. 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; and Trello, a Web-based project management application for capturing and adding structure to fluid, fast-forming work for teams.

Featured Article: Float

Get a free copy of the Zacks research report on Atlassian (TEAM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Atlassian (NASDAQ:TEAM)

Receive News & Ratings for Atlassian Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Atlassian and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply