Zacks Investment Research Lowers Atlassian Corporation PLC (TEAM) to Hold

Zacks Investment Research lowered shares of Atlassian Corporation PLC (NASDAQ:TEAM) from a buy rating to a hold rating in a report issued on Saturday 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 equities research analysts have also recently commented on TEAM. Summit Redstone reissued a buy rating on shares of Atlassian Corporation PLC in a research report on Thursday, October 19th. BTIG Research reissued a neutral rating on shares of Atlassian Corporation PLC in a research report on Tuesday, August 15th. Oppenheimer Holdings, Inc. boosted their price target on shares of Atlassian Corporation PLC to $50.00 and gave the stock an outperform rating in a research report on Friday, October 20th. Robert W. Baird reissued a buy rating and set a $43.00 price target on shares of Atlassian Corporation PLC in a research report on Thursday, August 31st. Finally, KeyCorp reissued a sector weight rating on shares of Atlassian Corporation PLC in a research report on Monday, September 18th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $49.20.

Shares of Atlassian Corporation PLC (NASDAQ TEAM) opened at $52.38 on Friday. Atlassian Corporation PLC has a 52-week low of $23.80 and a 52-week high of $53.21.

Atlassian Corporation PLC (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, October 19th. The technology company reported $0.12 EPS for the quarter, topping the consensus estimate of ($0.05) by $0.17. Atlassian Corporation PLC had a negative net margin of 7.96% and a negative return on equity of 2.11%. The firm had revenue of $193.80 million for the quarter, compared to analysts’ expectations of $185.78 million. During the same period in the previous year, the firm posted $0.10 EPS. The company’s revenue for the quarter was up 41.7% on a year-over-year basis. equities analysts anticipate that Atlassian Corporation PLC will post -0.13 earnings per share for the current year.

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Several hedge funds have recently modified their holdings of TEAM. Bank of New York Mellon Corp raised its holdings in shares of Atlassian Corporation PLC by 0.9% in the 1st quarter. Bank of New York Mellon Corp now owns 55,951 shares of the technology company’s stock valued at $1,676,000 after purchasing an additional 480 shares during the period. Legal & General Group Plc raised its holdings in shares of Atlassian Corporation PLC by 73.3% in the 1st quarter. Legal & General Group Plc now owns 12,998 shares of the technology company’s stock valued at $389,000 after purchasing an additional 5,499 shares during the period. Geode Capital Management LLC raised its holdings in shares of Atlassian Corporation PLC by 25.6% in the 1st quarter. Geode Capital Management LLC now owns 76,966 shares of the technology company’s stock valued at $2,305,000 after purchasing an additional 15,706 shares during the period. UBS Group AG grew its stake in Atlassian Corporation PLC by 75.5% in the 1st quarter. UBS Group AG now owns 45,961 shares of the technology company’s stock valued at $1,376,000 after buying an additional 19,779 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in Atlassian Corporation PLC by 12.6% in the 1st quarter. Bank of America Corp DE now owns 271,257 shares of the technology company’s stock valued at $8,124,000 after buying an additional 30,348 shares during the last quarter. 74.43% of the stock is currently owned by institutional investors.

About Atlassian Corporation 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.

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