Atlassian (NASDAQ:TEAM) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Atlassian (NASDAQ:TEAM) from a hold rating to a buy rating in a research note issued to investors on Saturday, September 8th. The firm currently has $97.00 price target 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. “
TEAM has been the topic of a number of other research reports. Summit Insights cut shares of Atlassian from a buy rating to a hold rating in a research report on Friday, September 7th. DA Davidson lifted their target price on shares of Atlassian from $88.00 to $108.00 and gave the stock a buy rating in a research report on Wednesday, September 5th. Canaccord Genuity reiterated a buy rating and issued a $100.00 target price on shares of Atlassian in a research report on Tuesday, September 4th. Morgan Stanley lifted their target price on shares of Atlassian from $63.00 to $69.00 and gave the stock an overweight rating in a research report on Thursday, July 26th. Finally, Cowen reiterated a buy rating and issued a $90.00 target price on shares of Atlassian in a research report on Friday, July 27th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. Atlassian presently has an average rating of Buy and an average target price of $77.83.
Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, July 26th. The technology company reported $0.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.01. The company had revenue of $243.80 million during the quarter, compared to the consensus estimate of $233.42 million. Atlassian had a negative net margin of 13.65% and a negative return on equity of 2.30%. Atlassian’s revenue for the quarter was up 39.9% on a year-over-year basis. During the same period last year, the firm earned $0.09 EPS. research analysts predict that Atlassian will post 0.1 EPS for the current fiscal year.
Institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its stake in Atlassian by 39.9% in the second quarter. Bank of New York Mellon Corp now owns 1,655,435 shares of the technology company’s stock valued at $103,497,000 after purchasing an additional 471,860 shares in the last quarter. Leonetti & Associates LLC boosted its holdings 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 buying an additional 4,050 shares during the period. Zacks Investment Management boosted its holdings 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 buying an additional 918 shares during the period. Vident Investment Advisory LLC bought a new position in Atlassian in the 2nd quarter worth approximately $896,000. Finally, Sterling Capital Management LLC boosted its holdings in Atlassian by 1.5% in the 2nd quarter. Sterling Capital Management LLC now owns 154,827 shares of the technology company’s stock worth $9,680,000 after buying an additional 2,227 shares during the period. 92.71% of the stock is currently owned by institutional investors and hedge funds.
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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