Zacks Investment Research upgraded shares of Atlassian (NASDAQ:TEAM) from a hold rating to a buy rating in a research report report published on Friday. The firm currently has $87.00 target price on the technology company’s stock.
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. “
A number of other brokerages have also recently commented on TEAM. Morgan Stanley cut Atlassian from an overweight rating to an equal weight rating and increased their target price for the company from $75.00 to $94.00 in a report on Thursday, October 4th. They noted that the move was a valuation call. Canaccord Genuity reiterated a buy rating and set a $100.00 target price on shares of Atlassian in a report on Tuesday, September 4th. DA Davidson increased their target price on Atlassian from $88.00 to $108.00 and gave the company a buy rating in a report on Wednesday, September 5th. Jefferies Financial Group increased their target price on Atlassian to $83.00 and gave the company a hold rating in a report on Tuesday, September 4th. Finally, Cowen increased their target price on Atlassian from $95.00 to $105.00 and gave the company an outperform rating in a report on Thursday, September 13th. Eight investment analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $82.00.
NASDAQ:TEAM traded down $2.66 during trading hours on Friday, reaching $73.29. 684,306 shares of the company traded hands, compared to its average volume of 2,097,740. The stock has a market cap of $8.24 billion, a PE ratio of -1,047.00, a price-to-earnings-growth ratio of 65.33 and a beta of 2.73. The company has a debt-to-equity ratio of 1.16, a quick ratio of 4.17 and a current ratio of 4.17. Atlassian has a 1-year low of $43.11 and a 1-year high of $98.21.
Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, October 18th. The technology company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. The firm had revenue of $267.30 million for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.12 EPS. As a group, equities research analysts predict that Atlassian will post 0.09 earnings per share for the current fiscal year.
Several institutional investors have recently modified their holdings of the business. Trexquant Investment LP lifted its stake in shares of Atlassian by 47.5% during the 3rd quarter. Trexquant Investment LP now owns 41,811 shares of the technology company’s stock worth $4,020,000 after purchasing an additional 13,466 shares during the period. BlackRock Inc. lifted its stake in shares of Atlassian by 7.7% during the 3rd quarter. BlackRock Inc. now owns 2,287,368 shares of the technology company’s stock worth $219,906,000 after purchasing an additional 163,344 shares during the period. Hillsdale Investment Management Inc. purchased a new position in shares of Atlassian during the 3rd quarter worth $460,000. AXA lifted its stake in shares of Atlassian by 14.0% during the 3rd quarter. AXA now owns 183,547 shares of the technology company’s stock worth $17,646,000 after purchasing an additional 22,555 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in shares of Atlassian by 11.5% during the 3rd quarter. Alliancebernstein L.P. now owns 50,012 shares of the technology company’s stock worth $4,808,000 after purchasing an additional 5,150 shares during the period. 92.18% of the stock is currently owned by institutional investors.
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.
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