Atlassian Corp. PLC (TEAM) Receives Consensus Rating of “Buy” from Analysts

Atlassian Corp. PLC (NASDAQ:TEAM) has received a consensus rating of “Buy” from the fourteen analysts that are covering the stock. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $34.43.

TEAM has been the subject of a number of research analyst reports. Summit Redstone reiterated a “buy” rating and set a $35.00 price target on shares of Atlassian Corp. PLC in a report on Tuesday, August 16th. Pacific Crest initiated coverage on Atlassian Corp. PLC in a report on Tuesday, November 15th. They set a “sector weight” rating for the company. Zacks Investment Research lowered Atlassian Corp. PLC from a “buy” rating to a “hold” rating in a report on Wednesday, November 9th. Oppenheimer Holdings Inc. set a $35.00 price target on Atlassian Corp. PLC and gave the stock a “buy” rating in a report on Thursday, October 27th. Finally, Robert W. Baird upgraded Atlassian Corp. PLC from a “neutral” rating to an “outperform” rating and set a $32.00 price target for the company in a report on Friday, December 2nd.

Shares of Atlassian Corp. PLC (NASDAQ:TEAM) traded down 0.83% during trading on Wednesday, hitting $25.07. 438,900 shares of the stock traded hands. The firm’s 50-day moving average price is $27.21 and its 200-day moving average price is $27.96. Atlassian Corp. PLC has a 52 week low of $16.92 and a 52 week high of $35.16. The company’s market cap is $5.52 billion.

Atlassian Corp. PLC (NASDAQ:TEAM) last posted its earnings results on Thursday, October 27th. The company reported $0.10 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.03. Atlassian Corp. PLC had a positive return on equity of 0.42% and a negative net margin of 0.68%. The firm earned $136.80 million during the quarter, compared to analyst estimates of $133.52 million. During the same period in the previous year, the company earned $0.11 EPS. The company’s revenue for the quarter was up 34.3% on a year-over-year basis. On average, equities research analysts anticipate that Atlassian Corp. PLC will post $0.34 earnings per share for the current year.

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A number of hedge funds have recently made changes to their positions in the stock. Acadian Asset Management LLC boosted its stake in shares of Atlassian Corp. PLC by 189.3% in the second quarter. Acadian Asset Management LLC now owns 320,755 shares of the company’s stock worth $8,309,000 after buying an additional 209,884 shares during the period. Hershey Trust Co. bought a new stake in shares of Atlassian Corp. PLC during the second quarter worth $152,000. Bank of Montreal Can bought a new stake in shares of Atlassian Corp. PLC during the second quarter worth $5,181,000. RS Investment Management Co. LLC boosted its stake in shares of Atlassian Corp. PLC by 69.0% in the second quarter. RS Investment Management Co. LLC now owns 68,100 shares of the company’s stock worth $1,764,000 after buying an additional 27,810 shares during the period. Finally, Glynn Capital Management LLC boosted its stake in shares of Atlassian Corp. PLC by 131.4% in the second quarter. Glynn Capital Management LLC now owns 189,053 shares of the company’s stock worth $4,896,000 after buying an additional 107,370 shares during the period. Hedge funds and other institutional investors own 73.12% of the company’s stock.

About Atlassian Corp. PLC

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.