Atlassian (TEAM) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research lowered shares of Atlassian (NASDAQ:TEAM) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.

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. “

Several other research firms have also recently issued reports on TEAM. Morgan Stanley cut shares of Atlassian from an overweight rating to an equal weight rating and increased their target price for the stock from $75.00 to $94.00 in a research note on Thursday, October 4th. They noted that the move was a valuation call. Canaccord Genuity reiterated a buy rating and issued a $100.00 target price on shares of Atlassian in a research note on Tuesday, September 4th. DA Davidson increased their target price on shares of Atlassian from $88.00 to $108.00 and gave the stock a buy rating in a research note on Wednesday, September 5th. Jefferies Financial Group increased their target price on shares of Atlassian to $83.00 and gave the stock a hold rating in a research note on Tuesday, September 4th. Finally, Cowen raised their price objective on shares of Atlassian from $95.00 to $105.00 and gave the company an outperform rating in a research report on Thursday, September 13th. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. Atlassian currently has a consensus rating of Buy and a consensus target price of $82.00.

NASDAQ TEAM opened at $73.29 on Wednesday. Atlassian has a 1 year low of $43.11 and a 1 year high of $98.21. The company has a current ratio of 4.17, a quick ratio of 4.17 and a debt-to-equity ratio of 1.16.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, October 18th. The technology company reported $0.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.01. Atlassian had a negative net margin of 36.71% and a negative return on equity of 0.75%. The business had revenue of $267.30 million for the quarter, compared to analysts’ expectations of $259.67 million. During the same period in the prior year, the company posted $0.12 EPS. The business’s revenue for the quarter was up 36.7% compared to the same quarter last year. Analysts predict that Atlassian will post 0.09 earnings per share for the current year.

Institutional investors have recently bought and sold shares of the company. FNY Investment Advisers LLC purchased a new stake in shares of Atlassian during the 3rd quarter valued at $120,000. GWM Advisors LLC purchased a new stake in shares of Atlassian during the 3rd quarter valued at $214,000. Oppenheimer & Co. Inc. purchased a new stake in shares of Atlassian during the 2nd quarter valued at $218,000. Prudential Financial Inc. purchased a new stake in shares of Atlassian during the 3rd quarter valued at $221,000. Finally, Jane Street Group LLC raised its position in shares of Atlassian by 108.2% during the 1st quarter. Jane Street Group LLC now owns 4,266 shares of the technology company’s stock valued at $230,000 after buying an additional 56,037 shares in the last quarter. Hedge funds and other institutional investors own 92.18% of the company’s stock.

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.

Featured Article: How can you know how many shares are floating?

Get a free copy of the Zacks research report on Atlassian (TEAM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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