Atlassian (TEAM) Upgraded to Buy by Zacks Investment Research

Atlassian (NASDAQ:TEAM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Saturday. The firm currently has a $104.00 price target on the technology company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 14.70% from the stock’s previous close.

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. “

Other equities analysts have also recently issued reports about the stock. Oppenheimer upped their price objective on shares of Atlassian from $95.00 to $110.00 in a research report on Friday. DA Davidson upped their price objective on shares of Atlassian to $118.00 and gave the company a “buy” rating in a research report on Friday. BTIG Research raised shares of Atlassian from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 13th. BidaskClub cut shares of Atlassian from a “strong-buy” rating to a “buy” rating in a research report on Friday, October 5th. Finally, Morgan Stanley cut shares of 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 research report on Thursday, October 4th. They noted that the move was a valuation call. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $103.45.

NASDAQ:TEAM opened at $90.67 on Friday. The company has a debt-to-equity ratio of 1.16, a current ratio of 4.17 and a quick ratio of 4.17. The stock has a market capitalization of $9.63 billion, a price-to-earnings ratio of -1,295.29, a PEG ratio of 76.32 and a beta of 1.98. Atlassian has a 1-year low of $47.74 and a 1-year high of $100.00.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, January 17th. The technology company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.15). The firm had revenue of $299.00 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 40.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.13 earnings per share. As a group, sell-side analysts expect that Atlassian will post 0.09 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the company. Cornerstone Advisors Inc. bought a new position in shares of Atlassian during the fourth quarter worth about $29,000. Meeder Asset Management Inc. bought a new position in shares of Atlassian during the fourth quarter worth about $50,000. FNY Investment Advisers LLC bought a new position in shares of Atlassian during the third quarter worth about $120,000. GWM Advisors LLC bought a new position in Atlassian in the third quarter worth about $214,000. Finally, GAM Holding AG bought a new position in Atlassian in the third quarter worth about $217,000. 88.93% 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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