Cowen Increases Atlassian (TEAM) Price Target to $105.00

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Atlassian (NASDAQ:TEAM) had its price target increased by Cowen from $95.00 to $105.00 in a research note issued to investors on Thursday, The Fly reports. They currently have an outperform rating on the technology company’s stock.

TEAM has been the topic of several other research reports. Morgan Stanley boosted their target price on shares of Atlassian from $63.00 to $69.00 and gave the company an overweight rating in a research note on Thursday, July 26th. Jefferies Financial Group boosted their target price on shares of Atlassian to $70.00 and gave the company a hold rating in a research note on Friday, July 27th. DA Davidson boosted their target price on shares of Atlassian from $88.00 to $108.00 and gave the company a buy rating in a research note on Wednesday, September 5th. Canaccord Genuity reiterated a buy rating and set a $85.00 price target (up previously from $65.00) on shares of Atlassian in a research report on Friday, July 27th. Finally, BMO Capital Markets upped their price target on shares of Atlassian from $64.00 to $82.00 and gave the stock a market perform rating in a research report on Friday, July 27th. They noted that the move was a valuation call. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $77.83.

Shares of NASDAQ:TEAM opened at $94.18 on Thursday. Atlassian has a 52 week low of $33.61 and a 52 week high of $95.00. The company has a current ratio of 3.95, a quick ratio of 3.95 and a debt-to-equity ratio of 0.92.

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

A number of hedge funds and other institutional investors have recently modified their holdings of TEAM. Wells Fargo & Company MN lifted its position in Atlassian by 37.3% during the 1st quarter. Wells Fargo & Company MN now owns 112,291 shares of the technology company’s stock worth $6,055,000 after buying an additional 30,513 shares in the last quarter. Rhumbline Advisers lifted its position in Atlassian by 1.5% during the 1st quarter. Rhumbline Advisers now owns 89,496 shares of the technology company’s stock worth $4,826,000 after buying an additional 1,306 shares in the last quarter. Comerica Bank acquired a new position in Atlassian during the 1st quarter worth about $210,000. DekaBank Deutsche Girozentrale acquired a new position in Atlassian during the 1st quarter worth about $569,000. Finally, State Board of Administration of Florida Retirement System lifted its position in Atlassian by 46.2% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 96,948 shares of the technology company’s stock worth $5,227,000 after buying an additional 30,615 shares in the last quarter. Institutional investors and hedge funds own 92.71% of the company’s stock.

About Atlassian

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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