Atlassian Co. PLC (TEAM) Receives Average Rating of “Buy” from Brokerages

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Atlassian Co. PLC (NASDAQ:TEAM) has received a consensus rating of “Buy” from the eighteen brokerages that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among analysts that have covered the stock in the last year is $116.00.

Several research firms have recently weighed in on TEAM. Canaccord Genuity boosted their target price on shares of Atlassian from $105.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday, April 12th. They noted that the move was a valuation call. BidaskClub raised shares of Atlassian from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 1st. Goldman Sachs Group raised shares of Atlassian from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $115.00 to $125.00 in a research report on Thursday, May 9th. Deutsche Bank began coverage on shares of Atlassian in a research report on Wednesday, February 27th. They issued a “hold” rating and a $114.00 target price for the company. Finally, Zacks Investment Research downgraded shares of Atlassian from a “hold” rating to a “strong sell” rating in a research report on Thursday, April 25th.

Several large investors have recently made changes to their positions in TEAM. Renaissance Technologies LLC grew its position in shares of Atlassian by 44.4% during the 1st quarter. Renaissance Technologies LLC now owns 3,851,500 shares of the technology company’s stock valued at $432,870,000 after buying an additional 1,183,900 shares during the last quarter. PointState Capital LP bought a new stake in shares of Atlassian during the 1st quarter valued at about $117,700,000. Norges Bank bought a new stake in shares of Atlassian during the 4th quarter valued at about $79,863,000. Hsbc Holdings PLC grew its position in shares of Atlassian by 441.0% during the 4th quarter. Hsbc Holdings PLC now owns 797,630 shares of the technology company’s stock valued at $70,973,000 after buying an additional 650,185 shares during the last quarter. Finally, BlackRock Inc. grew its position in shares of Atlassian by 24.8% during the 1st quarter. BlackRock Inc. now owns 3,197,364 shares of the technology company’s stock valued at $359,352,000 after buying an additional 636,089 shares during the last quarter. 90.81% of the stock is owned by institutional investors and hedge funds.

Atlassian stock traded up $5.97 during midday trading on Thursday, hitting $129.74. 1,526,837 shares of the stock were exchanged, compared to its average volume of 1,810,791. Atlassian has a 1 year low of $60.39 and a 1 year high of $131.03. The company has a market capitalization of $13.49 billion, a price-to-earnings ratio of -1,853.43, a price-to-earnings-growth ratio of 191.21 and a beta of 1.77. The company has a debt-to-equity ratio of 1.22, a current ratio of 3.34 and a quick ratio of 3.34.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Wednesday, April 17th. The technology company reported ($0.08) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.26). Atlassian had a positive return on equity of 1.34% and a negative net margin of 38.06%. The firm had revenue of $309.30 million for the quarter, compared to analysts’ expectations of $304.68 million. During the same period last year, the firm earned $0.10 EPS. The business’s quarterly revenue was up 37.9% on a year-over-year basis. Analysts forecast that Atlassian will post 0.03 earnings per share for the current fiscal year.

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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