Zacks Investment Research Lowers Atlassian (TEAM) to Hold

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Zacks Investment Research cut shares of Atlassian (NASDAQ:TEAM) from a buy rating to a hold rating in a research report released on Wednesday morning.

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. “

Several other equities research analysts have also recently commented on the stock. Morgan Stanley cut shares of Atlassian from an overweight rating to an equal weight rating and lifted their price target for the stock from $75.00 to $94.00 in a research report on Thursday, October 4th. They noted that the move was a valuation call. 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 price target 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. Jefferies Financial Group lifted their price target on shares of Atlassian to $83.00 and gave the stock a hold rating in a research report on Tuesday, September 4th. Finally, Canaccord Genuity reiterated a buy rating and set a $100.00 price target on shares of Atlassian in a research report on Tuesday, September 4th. 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 company’s stock. Atlassian has a consensus rating of Buy and a consensus price target of $82.00.

TEAM traded down $2.66 during midday trading on Wednesday, hitting $73.29. The company had a trading volume of 684,306 shares, compared to its average volume of 2,097,740. The company has a current ratio of 4.17, a quick ratio of 4.17 and a debt-to-equity ratio of 1.16. The stock has a market capitalization of $8.24 billion, a PE ratio of -1,047.00, a PEG ratio of 65.33 and a beta of 2.73. Atlassian has a twelve month low of $43.11 and a twelve month high of $98.21.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, October 18th. The technology company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.01. Atlassian had a negative net margin of 36.71% and a negative return on equity of 0.75%. The firm had revenue of $267.30 million during the quarter, compared to analysts’ expectations of $259.67 million. During the same quarter last year, the company posted $0.12 EPS. The company’s quarterly revenue was up 36.7% compared to the same quarter last year. On average, research analysts predict that Atlassian will post 0.09 EPS for the current year.

A number of institutional investors have recently added to or reduced their stakes in the stock. Trexquant Investment LP boosted its stake in 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 acquiring an additional 13,466 shares during the last quarter. BlackRock Inc. boosted its stake in 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 acquiring an additional 163,344 shares during the last quarter. Hillsdale Investment Management Inc. bought a new position in Atlassian during the 3rd quarter worth approximately $460,000. AXA boosted its stake in 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 acquiring an additional 22,555 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its stake in 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 acquiring an additional 5,150 shares during the last quarter. 92.18% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Company Profile

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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