Atlassian (TEAM) Trading Up 5.5%

Atlassian (NASDAQ:TEAM)’s share price was up 5.5% on Wednesday . The company traded as high as $56.23 and last traded at $56.11. Approximately 2,388,288 shares were traded during mid-day trading, an increase of 120% from the average daily volume of 1,085,651 shares. The stock had previously closed at $53.21.

A number of equities analysts have recently weighed in on TEAM shares. Jefferies Group upped their price objective on Atlassian to $64.00 and gave the stock a “buy” rating in a research note on Friday, January 19th. Morgan Stanley set a $63.00 price objective on Atlassian and gave the stock a “buy” rating in a research note on Friday, January 19th. Robert W. Baird reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Atlassian in a research note on Friday, March 16th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $56.00 price objective (up previously from $51.00) on shares of Atlassian in a research note on Friday, January 19th. They noted that the move was a valuation call. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $60.00 price objective (up previously from $52.00) on shares of Atlassian in a research note on Wednesday, January 17th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $57.40.

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The stock has a market capitalization of $5,588.51, a P/E ratio of -1,865.67 and a beta of 2.29.

Atlassian (NASDAQ:TEAM) last posted its 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 firm had revenue of $212.63 million during the quarter, compared to analysts’ expectations of $204.40 million. Atlassian had a negative return on equity of 4.00% and a negative net margin of 15.85%. research analysts expect that Atlassian will post -0.08 earnings per share for the current fiscal year.

Several large investors have recently bought and sold shares of TEAM. TimesSquare Capital Management LLC raised its position in Atlassian by 94.0% during the fourth quarter. TimesSquare Capital Management LLC now owns 2,104,750 shares of the technology company’s stock valued at $95,808,000 after purchasing an additional 1,019,750 shares during the period. Goldman Sachs Group Inc. raised its position in Atlassian by 100.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,608,212 shares of the technology company’s stock valued at $73,206,000 after purchasing an additional 806,469 shares during the period. Renaissance Technologies LLC raised its position in Atlassian by 52.1% during the fourth quarter. Renaissance Technologies LLC now owns 2,153,200 shares of the technology company’s stock valued at $98,014,000 after purchasing an additional 737,658 shares during the period. BlackRock Inc. raised its position in Atlassian by 31.9% during the fourth quarter. BlackRock Inc. now owns 2,193,451 shares of the technology company’s stock valued at $99,846,000 after purchasing an additional 530,523 shares during the period. Finally, Two Sigma Investments LP raised its position in Atlassian by 148.4% during the fourth quarter. Two Sigma Investments LP now owns 852,860 shares of the technology company’s stock valued at $38,822,000 after purchasing an additional 509,540 shares during the period. Institutional investors own 88.35% of the company’s stock.

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Atlassian Company Profile

Atlassian Corporation Plc, through its subsidiaries, provides team collaboration and productivity software solutions worldwide. It offers project tracking, content creation and sharing, real-time communication, and service management products to large and small organizations. 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; HipChat that provides teams a way to communicate in real-time and share ideas, updates, codes, and files; Trello, a Web-based project management application for capturing and adding structure to fluid and fast-forming work for teams; Bitbucket, a code management and collaboration product for teams using distributed version control systems; and JIRA Service Desk, a service desk product for creating and managing service experiences for various service team providers, including IT help desks, and legal and HR teams.

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