Atlassian (NASDAQ:TEAM) Lifted to Overweight at Morgan Stanley

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Morgan Stanley upgraded shares of Atlassian (NASDAQ:TEAM) from an equal weight rating to an overweight rating in a report released on Monday morning, BenzingaRatingsTable reports. Morgan Stanley currently has $175.00 price objective on the technology company’s stock, up from their prior price objective of $145.00.

A number of other equities research analysts have also weighed in on the stock. Zacks Investment Research upgraded shares of Atlassian from a strong sell rating to a hold rating in a report on Tuesday, December 24th. BidaskClub upgraded shares of Atlassian from a hold rating to a buy rating in a report on Saturday, January 11th. SunTrust Banks started coverage on shares of Atlassian in a report on Wednesday, October 2nd. They issued a buy rating and a $162.00 price objective on the stock. Bank of America upgraded shares of Atlassian from a neutral rating to a buy rating in a report on Monday, October 28th. Finally, Cleveland Research started coverage on shares of Atlassian in a report on Friday, December 20th. They issued a buy rating and a $132.00 price objective on the stock. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Atlassian has a consensus rating of Buy and a consensus price target of $142.65.

Shares of TEAM opened at $134.91 on Monday. Atlassian has a twelve month low of $87.18 and a twelve month high of $149.80. The firm’s fifty day simple moving average is $124.13 and its 200-day simple moving average is $129.25. The firm has a market capitalization of $16.33 billion, a price-to-earnings ratio of -793.59, a PEG ratio of 130.61 and a beta of 1.24.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, October 17th. The technology company reported $0.28 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.04. Atlassian had a negative net margin of 24.95% and a negative return on equity of 2.76%. The business had revenue of $363.40 million for the quarter, compared to analyst estimates of $351.79 million. During the same period last year, the business earned $0.20 EPS. The company’s revenue was up 36.0% on a year-over-year basis. Equities research analysts expect that Atlassian will post 0.05 EPS for the current year.

A number of large investors have recently made changes to their positions in the stock. Resources Management Corp CT ADV purchased a new position in Atlassian during the 3rd quarter worth $25,000. Captrust Financial Advisors grew its position in Atlassian by 233.3% during the 2nd quarter. Captrust Financial Advisors now owns 300 shares of the technology company’s stock worth $39,000 after purchasing an additional 210 shares during the last quarter. Allred Capital Management LLC purchased a new position in Atlassian during the 4th quarter worth $41,000. Baldwin Brothers Inc. MA purchased a new position in Atlassian during the 3rd quarter worth $50,000. Finally, Tower Research Capital LLC TRC grew its position in Atlassian by 1,870.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 394 shares of the technology company’s stock worth $52,000 after purchasing an additional 374 shares during the last quarter. Hedge funds and other institutional investors own 87.04% of the company’s stock.

About Atlassian

Atlassian Corporation Plc, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. It provides project tracking, content creation and sharing, and service management products. 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; and Trello, a Web-based project management application for capturing and adding structure to fluid, fast-forming work for teams.

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Analyst Recommendations for Atlassian (NASDAQ:TEAM)

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