Atlassian Co. PLC (NASDAQ:TEAM) shares shot up 1.6% during mid-day trading on Tuesday . The stock traded as high as $26.08 and last traded at $26.03, with a volume of 866,711 shares. The stock had previously closed at $25.62.

Several brokerages have recently issued reports on TEAM. Zacks Investment Research cut Atlassian Co. PLC from a “buy” rating to a “hold” rating in a research note on Tuesday. BTIG Research began coverage on Atlassian Co. PLC in a research note on Thursday, April 14th. They issued a “buy” rating for the company. Jefferies Group restated a “buy” rating and issued a $37.00 price objective on shares of Atlassian Co. PLC in a research note on Friday, May 6th. Robert W. Baird restated a “hold” rating on shares of Atlassian Co. PLC in a research note on Friday, May 6th. Finally, 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. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $31.50.

The company has a market cap of $5.76 billion and a PE ratio of 627.21. The company has a 50 day moving average of $24.52 and a 200-day moving average of $23.97.

Atlassian Co. PLC (NASDAQ:TEAM) last released its earnings results on Thursday, May 5th. The company reported $0.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.01. The company had revenue of $117.94 million for the quarter, compared to analyst estimates of $114.25 million. Atlassian Co. PLC’s revenue for the quarter was up 40.5% on a year-over-year basis. On average, equities research analysts predict that Atlassian Co. PLC will post $0.33 EPS for the current year.

A number of hedge funds and institutional investors recently added to or reduced their stakes in TEAM. TD Asset Management Inc. bought a new position in Atlassian Co. PLC during the fourth quarter valued at approximately $1,664,000. Sei Investments Co. bought a new position in Atlassian Co. PLC during the fourth quarter valued at approximately $1,671,000. Principal Financial Group Inc. bought a new position in Atlassian Co. PLC during the fourth quarter valued at approximately $2,063,000. OppenheimerFunds Inc. bought a new position in Atlassian Co. PLC during the fourth quarter valued at approximately $2,406,000. Finally, New York State Common Retirement Fund bought a new position in Atlassian Co. PLC during the fourth quarter valued at approximately $2,812,000.

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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