Atlassian (TEAM) Lowered to “Buy” at BidaskClub

BidaskClub downgraded shares of Atlassian (NASDAQ:TEAM) from a strong-buy rating to a buy rating in a research note issued to investors on Saturday.

A number of other equities analysts have also recently issued reports on the company. Morgan Stanley cut Atlassian from an overweight rating to an equal weight rating and increased their price target for the stock from $75.00 to $94.00 in a report on Thursday, October 4th. They noted that the move was a valuation call. Robert W. Baird increased their price target on Atlassian from $88.00 to $110.00 and gave the stock an outperform rating in a report on Friday. Needham & Company LLC started coverage on Atlassian in a report on Monday, October 22nd. They set a hold rating on the stock. They noted that the move was a valuation call. BTIG Research upgraded Atlassian from a neutral rating to a buy rating in a report on Tuesday, November 13th. Finally, Zacks Investment Research cut Atlassian from a buy rating to a hold rating in a report on Wednesday, November 7th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of Buy and an average price target of $103.45.

TEAM stock traded down $2.25 during trading on Friday, hitting $90.67. The company had a trading volume of 7,665,327 shares, compared to its average volume of 1,655,985. Atlassian has a one year low of $47.74 and a one year high of $100.00. The stock has a market capitalization of $9.63 billion, a PE ratio of -1,295.29, a PEG ratio of 76.32 and a beta of 1.98. The company has a debt-to-equity ratio of 1.16, a current ratio of 4.17 and a quick ratio of 4.17.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, January 17th. The technology company reported $0.06 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by ($0.15). The company had revenue of $299.00 million during the quarter, compared to the consensus estimate of $288.28 million. Atlassian had a negative net margin of 22.96% and a positive return on equity of 3.00%. The business’s revenue was up 40.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.13 earnings per share. As a group, research analysts expect that Atlassian will post 0.09 earnings per share for the current year.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. raised its position in Atlassian by 134.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 12,916 shares of the technology company’s stock valued at $807,000 after buying an additional 7,413 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Atlassian by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 72,086 shares of the technology company’s stock valued at $4,507,000 after buying an additional 1,119 shares during the last quarter. FMR LLC raised its position in Atlassian by 14.1% in the 2nd quarter. FMR LLC now owns 9,000,442 shares of the technology company’s stock valued at $562,708,000 after buying an additional 1,112,999 shares during the last quarter. Raymond James & Associates raised its position in Atlassian by 140.2% in the 2nd quarter. Raymond James & Associates now owns 69,305 shares of the technology company’s stock valued at $4,333,000 after buying an additional 40,447 shares during the last quarter. Finally, Morgan Stanley raised its position in Atlassian by 44.9% in the 2nd quarter. Morgan Stanley now owns 917,941 shares of the technology company’s stock valued at $57,391,000 after buying an additional 284,450 shares during the last quarter. Institutional investors own 88.93% of the company’s stock.

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.

See Also: Balanced Fund

Analyst Recommendations for Atlassian (NASDAQ:TEAM)

Receive News & Ratings for Atlassian Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Atlassian and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply