Oppenheimer Increases Atlassian (TEAM) Price Target to $58.00

Atlassian (NASDAQ:TEAM) had its price target upped by Oppenheimer to $58.00 in a research note released on Thursday. Oppenheimer currently has an outperform rating on the technology company’s stock.

A number of other research firms also recently weighed in on TEAM. Zacks Investment Research downgraded shares of Atlassian from a buy rating to a hold rating in a research note on Saturday, November 11th. Robert W. Baird increased their price target on shares of Atlassian from $43.00 to $50.00 and gave the stock an outperform rating in a research note on Friday, October 20th. Summit Redstone reaffirmed a buy rating on shares of Atlassian in a research note on Thursday, October 19th. BMO Capital Markets increased their price target on shares of Atlassian to $51.00 and gave the stock a market perform rating in a research note on Friday, October 20th. Finally, Cowen reaffirmed an outperform rating and set a $55.00 price target (up previously from $47.00) on shares of Atlassian in a research note on Friday, October 20th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $50.00.

Atlassian (TEAM) traded up $0.27 during trading hours on Thursday, reaching $51.87. 1,112,200 shares of the company’s stock were exchanged, compared to its average volume of 1,528,700. The stock has a market capitalization of $11,950.00 and a P/E ratio of -216.13. Atlassian has a 12 month low of $24.63 and a 12 month high of $53.45.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, October 19th. The technology company reported $0.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.17. The company had revenue of $193.80 million for the quarter, compared to the consensus estimate of $185.78 million. Atlassian had a negative net margin of 7.96% and a negative return on equity of 2.11%. Atlassian’s revenue was up 41.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.10 earnings per share. analysts forecast that Atlassian will post -0.13 EPS for the current year.

Several institutional investors have recently added to or reduced their stakes in TEAM. Thompson Davis & CO. Inc. increased its position in shares of Atlassian by 431.8% in the third quarter. Thompson Davis & CO. Inc. now owns 2,925 shares of the technology company’s stock worth $103,000 after acquiring an additional 2,375 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of Atlassian by 895.6% in the second quarter. Tower Research Capital LLC TRC now owns 3,166 shares of the technology company’s stock worth $111,000 after acquiring an additional 2,848 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Atlassian by 0.8% in the second quarter. Russell Investments Group Ltd. now owns 5,549 shares of the technology company’s stock worth $196,000 after acquiring an additional 46 shares in the last quarter. California Public Employees Retirement System acquired a new stake in shares of Atlassian in the third quarter worth $207,000. Finally, Quantitative Systematic Strategies LLC acquired a new stake in shares of Atlassian in the third quarter worth $232,000. 80.99% of the stock is owned by institutional investors.

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Atlassian Company Profile

Atlassian Corporation Plc is a holding company. The Company offers a range of team collaboration products. The Company offers products, including JIRA, Confluence, HipChat, Bitbucket and JIRA Service Desk, for software developers, information technology (IT) managers and knowledge workers. The Company offers JIRA for team planning and project management; Confluence for team content creation and sharing; HipChat for team real-time messaging and communications; Bitbucket for team code sharing and management, and JIRA Service Desk for team service and support applications.

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