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 released on Friday.

A number of other research analysts have also recently weighed in on the company. Summit Insights cut Atlassian from a buy rating to a hold rating in a research report on Friday, September 7th. Zacks Investment Research cut Atlassian from a buy rating to a hold rating in a research report on Wednesday, September 19th. Morgan Stanley cut Atlassian from an overweight rating to an equal weight rating and raised their price target for the company from $75.00 to $94.00 in a research report on Thursday. They noted that the move was a valuation call. Canaccord Genuity restated a buy rating and issued a $100.00 price target on shares of Atlassian in a research report on Tuesday, September 4th. Finally, DA Davidson raised their price target on Atlassian from $88.00 to $108.00 and gave the company a buy rating in a research report on Wednesday, September 5th. Eight investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $79.92.

NASDAQ:TEAM opened at $85.36 on Friday. The firm has a market capitalization of $10.21 billion, a price-to-earnings ratio of -1,219.43, a price-to-earnings-growth ratio of 73.67 and a beta of 2.58. The company has a debt-to-equity ratio of 0.92, a current ratio of 3.95 and a quick ratio of 3.95. Atlassian has a 1 year low of $37.47 and a 1 year high of $98.21.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, July 26th. The technology company reported $0.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.01. The firm had revenue of $243.80 million during the quarter, compared to analysts’ expectations of $233.42 million. Atlassian had a negative return on equity of 2.30% and a negative net margin of 13.65%. Atlassian’s revenue was up 39.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.09 earnings per share. As a group, sell-side analysts anticipate that Atlassian will post 0.1 EPS for the current year.

Several hedge funds have recently made changes to their positions in the company. Motley Fool Asset Management LLC acquired a new stake in shares of Atlassian during the second quarter valued at $8,253,000. Zacks Investment Management boosted its stake in shares of Atlassian by 5.5% during the second quarter. Zacks Investment Management now owns 17,490 shares of the technology company’s stock valued at $1,093,000 after acquiring an additional 918 shares during the last quarter. Leonetti & Associates LLC boosted its stake in shares of Atlassian by 3.4% during the second quarter. Leonetti & Associates LLC now owns 123,400 shares of the technology company’s stock valued at $7,715,000 after acquiring an additional 4,050 shares during the last quarter. Pinnacle Associates Ltd. acquired a new stake in shares of Atlassian during the second quarter valued at $514,000. Finally, Morgan Stanley boosted its stake in shares of Atlassian by 44.9% during the second quarter. Morgan Stanley now owns 917,941 shares of the technology company’s stock valued at $57,391,000 after acquiring an additional 284,450 shares during the last quarter. Institutional investors and hedge funds own 92.70% 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.

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