Atlassian Co. PLC (NASDAQ:TEAM) traded down 2.5% during trading on Thursday . The company traded as low as $26.17 and last traded at $26.30, with a volume of 370,411 shares trading hands. The stock had previously closed at $26.97.

A number of brokerages have recently weighed in on TEAM. Morgan Stanley reaffirmed a “hold” rating on shares of Atlassian Co. PLC in a research note on Sunday, May 8th. Zacks Investment Research cut Atlassian Co. PLC from a “buy” rating to a “hold” rating in a research note on Tuesday. Oppenheimer Holdings Inc. began coverage on Atlassian Co. PLC in a research note on Wednesday, May 25th. They issued an “outperform” rating and a $28.00 price objective for the company. Robert W. Baird reaffirmed a “hold” rating on shares of Atlassian Co. PLC in a research note on Friday, May 6th. Finally, Jefferies Group reissued a “buy” rating and set a $37.00 target price on shares of Atlassian Co. PLC in a research note on Friday, May 6th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Atlassian Co. PLC currently has an average rating of “Buy” and a consensus target price of $31.50.

The stock has a 50-day moving average of $24.52 and a 200-day moving average of $23.97. The firm has a market capitalization of $5.67 billion and a price-to-earnings ratio of 618.14.

Atlassian Co. PLC (NASDAQ:TEAM) last issued its earnings results on Thursday, May 5th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.01. The firm earned $117.94 million during the quarter, compared to analysts’ expectations of $114.25 million. The firm’s quarterly revenue was up 40.5% on a year-over-year basis. Equities analysts predict that Atlassian Co. PLC will post $0.33 earnings per share for the current year.

Other hedge funds and institutional investors have recently modified their holdings of the company. Morgan Stanley purchased a new position in shares of Atlassian Co. PLC during the fourth quarter valued at $36,990,000. Neuberger Berman Group LLC purchased a new position in shares of Atlassian Co. PLC during the fourth quarter valued at $6,921,000. OppenheimerFunds Inc. purchased a new position in shares of Atlassian Co. PLC during the fourth quarter valued at $2,406,000. Principal Financial Group Inc. purchased a new position in shares of Atlassian Co. PLC during the fourth quarter valued at $2,063,000. Finally, TD Asset Management Inc. purchased a new position in shares of Atlassian Co. PLC during the fourth quarter valued at $1,664,000.

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.

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