Atlassian Co. PLC (NASDAQ:TEAM) shares traded down 2.5% during mid-day trading on Thursday . The stock 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.

Several research analysts have issued reports on the company. Morgan Stanley restated a “hold” rating on shares of Atlassian Co. PLC in a research report on Sunday, May 8th. Robert W. Baird restated a “hold” rating on shares of Atlassian Co. PLC in a report on Friday, May 6th. Zacks Investment Research upgraded Atlassian Co. PLC from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a report on Thursday, May 12th. Jefferies Group restated a “buy” rating and set a $37.00 target price on shares of Atlassian Co. PLC in a report on Friday, May 6th. Finally, Oppenheimer Holdings Inc. initiated coverage on Atlassian Co. PLC in a research report on Wednesday, May 25th. They set an “outperform” rating and a $28.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $31.50.

The firm has a market capitalization of $5.76 billion and a P/E ratio of 627.44. The company’s 50 day moving average price is $24.80 and its 200-day moving average price is $23.97.

Atlassian Co. PLC (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, May 5th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. The firm had revenue of $117.94 million for the quarter, compared to analyst estimates of $114.25 million. The company’s revenue for the quarter was up 40.5% compared to the same quarter last year. Analysts expect that Atlassian Co. PLC will post $0.33 earnings per share for the current year.

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