Zacks: Brokerages Anticipate Atlassian Co. PLC (TEAM) Will Announce Quarterly Sales of $259.40 Million

Brokerages predict that Atlassian Co. PLC (NASDAQ:TEAM) will announce $259.40 million in sales for the current fiscal quarter, Zacks reports. Seven analysts have made estimates for Atlassian’s earnings, with the lowest sales estimate coming in at $259.00 million and the highest estimate coming in at $260.83 million. Atlassian posted sales of $193.82 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 33.8%. The company is scheduled to report its next quarterly earnings results on Thursday, October 18th.

On average, analysts expect that Atlassian will report full-year sales of $1.15 billion for the current fiscal year. For the next financial year, analysts forecast that the company will post sales of $1.45 billion per share, with estimates ranging from $1.42 billion to $1.47 billion. Zacks’ sales averages are a mean average based on a survey of analysts that cover Atlassian.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, July 26th. The technology company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. Atlassian had a negative net margin of 13.65% and a negative return on equity of 2.30%. The business had revenue of $243.80 million for the quarter, compared to analysts’ expectations of $233.42 million. During the same period last year, the business earned $0.09 earnings per share. The business’s quarterly revenue was up 39.9% on a year-over-year basis.

Several research analysts have recently issued reports on the stock. Cowen restated a “buy” rating and issued a $90.00 target price on shares of Atlassian in a report on Friday, July 27th. DA Davidson raised their target price on shares of Atlassian to $88.00 and gave the stock a “buy” rating in a report on Friday, July 27th. Canaccord Genuity restated a “buy” rating and issued a $85.00 target price (up previously from $65.00) on shares of Atlassian in a report on Friday, July 27th. Jefferies Financial Group raised their target price on shares of Atlassian to $70.00 and gave the stock a “hold” rating in a report on Friday, July 27th. Finally, BMO Capital Markets raised their target price on shares of Atlassian from $64.00 to $82.00 and gave the stock a “market perform” rating in a report on Friday, July 27th. They noted that the move was a valuation call. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $70.00.

Shares of Atlassian stock traded down $0.24 on Friday, hitting $78.07. The stock had a trading volume of 865,379 shares, compared to its average volume of 1,478,068. Atlassian has a one year low of $33.16 and a one year high of $79.82. The stock has a market capitalization of $7.80 billion, a price-to-earnings ratio of -1,115.29, a P/E/G ratio of 80.57 and a beta of 2.44.

A number of large investors have recently added to or reduced their stakes in TEAM. Citigroup Inc. bought a new stake in Atlassian in the first quarter valued at $103,000. Parametrica Management Ltd bought a new stake in Atlassian in the first quarter valued at $202,000. Comerica Bank bought a new stake in Atlassian in the first quarter valued at $210,000. Delpha Capital Management LLC bought a new stake in Atlassian in the first quarter valued at $212,000. Finally, Domini Impact Investments LLC bought a new stake in Atlassian in the first quarter valued at $216,000. Institutional investors and hedge funds own 89.41% of the company’s stock.

Atlassian Company Profile

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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