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 report published on Wednesday.

Other equities analysts have also issued research reports about the stock. Morgan Stanley set a $63.00 price target on shares of Atlassian and gave the stock a buy rating in a report on Friday, January 19th. Jefferies Group lifted their price target on shares of Atlassian to $64.00 and gave the stock a buy rating in a report on Friday, January 19th. Canaccord Genuity reiterated a buy rating and set a $60.00 price target (up previously from $52.00) on shares of Atlassian in a report on Wednesday, January 17th. Robert W. Baird reiterated a buy rating and set a $65.00 price target on shares of Atlassian in a report on Friday, March 16th. Finally, Guggenheim reiterated a hold rating and set a $50.00 price target on shares of Atlassian in a report on Friday, January 19th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the stock. Atlassian has a consensus rating of Buy and a consensus target price of $57.40.

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Shares of NASDAQ:TEAM opened at $53.92 on Wednesday. The firm has a market cap of $5,370.38, a PE ratio of -1,797.33 and a beta of 2.41. Atlassian has a 52 week low of $29.41 and a 52 week high of $62.25.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, January 18th. The technology company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.04). The business had revenue of $212.63 million for the quarter, compared to analyst estimates of $204.40 million. Atlassian had a negative return on equity of 4.00% and a negative net margin of 15.85%. research analysts forecast that Atlassian will post -0.08 EPS for the current year.

Hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC acquired a new position in Atlassian in the fourth quarter valued at $116,000. Nelson Roberts Investment Advisors LLC acquired a new position in Atlassian in the fourth quarter valued at $123,000. Public Employees Retirement Association of Colorado lifted its holdings in Atlassian by 50.7% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 3,464 shares of the technology company’s stock valued at $158,000 after buying an additional 1,165 shares during the period. Elkfork Partners LLC acquired a new position in Atlassian in the fourth quarter valued at $183,000. Finally, SeaCrest Wealth Management LLC acquired a new position in Atlassian in the fourth quarter valued at $201,000. Institutional investors and hedge funds own 88.35% of the company’s stock.

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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.

Analyst Recommendations for Atlassian (NASDAQ:TEAM)

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