Atlassian (NASDAQ:TEAM) Rating Lowered to Hold at Zacks Investment Research

Atlassian (NASDAQ:TEAM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday, Zacks.com reports.

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 analysts have also issued reports on the company. BidaskClub raised Atlassian from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 21st. Needham & Company LLC reiterated a “hold” rating on shares of Atlassian in a research note on Wednesday, January 22nd. Jefferies Financial Group boosted their target price on shares of Atlassian from $125.00 to $140.00 and gave the stock a “hold” rating in a research note on Friday, January 24th. They noted that the move was a valuation call. KeyCorp boosted their target price on shares of Atlassian from $150.00 to $163.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Finally, Wells Fargo & Co began coverage on shares of Atlassian in a research note on Monday, January 27th. They set an “overweight” rating and a $180.00 target price for the company. Seven analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $154.11.

Shares of TEAM stock traded up $2.78 during trading on Thursday, hitting $141.94. 46,369 shares of the stock traded hands, compared to its average volume of 2,299,419. The firm has a market capitalization of $17.35 billion, a P/E ratio of -132.64, a price-to-earnings-growth ratio of 44.52 and a beta of 1.11. The firm’s fifty day moving average price is $141.87 and its 200-day moving average price is $130.32. Atlassian has a 52-week low of $100.25 and a 52-week high of $156.12.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, January 23rd. The technology company reported $0.37 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.10. The firm had revenue of $408.70 million for the quarter, compared to analyst estimates of $389.43 million. Atlassian had a negative net margin of 17.44% and a positive return on equity of 0.68%. The business’s revenue for the quarter was up 36.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.25 EPS. On average, equities analysts forecast that Atlassian will post 0.14 earnings per share for the current year.

Several large investors have recently made changes to their positions in the company. Macquarie Group Ltd. raised its holdings in shares of Atlassian by 31.1% in the fourth quarter. Macquarie Group Ltd. now owns 47,676 shares of the technology company’s stock valued at $5,737,000 after buying an additional 11,316 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Atlassian by 5.1% in the fourth quarter. Franklin Resources Inc. now owns 1,402,835 shares of the technology company’s stock valued at $168,817,000 after buying an additional 68,566 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in shares of Atlassian by 75.0% in the fourth quarter. Nuveen Asset Management LLC now owns 618,162 shares of the technology company’s stock valued at $74,389,000 after buying an additional 264,927 shares during the last quarter. Norges Bank purchased a new stake in shares of Atlassian in the fourth quarter valued at about $110,701,000. Finally, Total Clarity Wealth Management Inc. purchased a new stake in shares of Atlassian in the fourth quarter valued at about $271,000. 90.16% of the stock is owned by institutional investors and hedge funds.

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.

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Analyst Recommendations for Atlassian (NASDAQ:TEAM)

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