Atlassian (NASDAQ:TEAM) has been given a $63.00 price target by analysts at Morgan Stanley in a research note issued to investors on Friday. The firm presently has a “buy” rating on the technology company’s stock. Morgan Stanley’s price target would indicate a potential upside of 18.71% from the company’s current price.
Several other brokerages have also recently issued reports on TEAM. Jefferies Group upped their target price on Atlassian to $64.00 and gave the company a “buy” rating in a report on Friday. BMO Capital Markets restated a “market perform” rating and issued a $56.00 target price (up from $51.00) on shares of Atlassian in a report on Friday. They noted that the move was a valuation call. BidaskClub upgraded Atlassian from a “buy” rating to a “strong-buy” rating in a report on Thursday. Canaccord Genuity restated a “buy” rating and issued a $60.00 target price (up from $52.00) on shares of Atlassian in a report on Wednesday. Finally, Zacks Investment Research cut Atlassian from a “buy” rating to a “hold” rating in a report on Saturday, November 11th. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $55.90.
Shares of Atlassian (NASDAQ TEAM) traded down $2.53 on Friday, hitting $53.07. The company had a trading volume of 3,658,378 shares, compared to its average volume of 911,844. Atlassian has a 52-week low of $26.96 and a 52-week high of $55.91. The stock has a market capitalization of $5,426.00, a PE ratio of -104.06 and a beta of 2.64.
Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, October 19th. The technology company reported $0.12 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.17. The company had revenue of $193.80 million during the quarter, compared to analysts’ expectations of $185.78 million. Atlassian had a negative return on equity of 3.97% and a negative net margin of 15.85%. The firm’s quarterly revenue was up 41.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.10 EPS. equities analysts predict that Atlassian will post -0.13 EPS for the current fiscal year.
Institutional investors have recently made changes to their positions in the company. Voya Investment Management LLC lifted its stake in shares of Atlassian by 166.3% in the 2nd quarter. Voya Investment Management LLC now owns 28,189 shares of the technology company’s stock valued at $992,000 after purchasing an additional 17,604 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Atlassian by 36.2% during the 3rd quarter. Wells Fargo & Company MN now owns 497,185 shares of the technology company’s stock worth $17,476,000 after acquiring an additional 132,081 shares in the last quarter. Sei Investments Co. lifted its stake in Atlassian by 12.2% during the 3rd quarter. Sei Investments Co. now owns 294,226 shares of the technology company’s stock worth $10,342,000 after acquiring an additional 31,935 shares in the last quarter. Artisan Partners Limited Partnership lifted its stake in Atlassian by 28.4% during the 3rd quarter. Artisan Partners Limited Partnership now owns 7,543,086 shares of the technology company’s stock worth $265,139,000 after acquiring an additional 1,668,292 shares in the last quarter. Finally, Amalgamated Bank acquired a new position in Atlassian during the 2nd quarter worth about $479,000. 80.97% of the stock is currently owned by institutional investors and hedge funds.
COPYRIGHT VIOLATION NOTICE: This report was first posted by American Banking News and is the property of of American Banking News. If you are accessing this report on another publication, it was copied illegally and reposted in violation of U.S. & international copyright and trademark laws. The legal version of this report can be read at https://www.americanbankingnews.com/2018/01/20/atlassian-team-pt-set-at-63-00-by-morgan-stanley.html.
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.