Shares of Atlassian Co. PLC (NASDAQ:TEAM) dropped 4.4% during trading on Monday . The company traded as low as $29.96 and last traded at $30.56, with a volume of 2,387,967 shares traded. The stock had previously closed at $31.97.

TEAM has been the topic of a number of analyst reports. BTIG Research initiated coverage on Atlassian Co. PLC in a research report on Thursday, April 14th. They issued a “buy” rating on the stock. Jefferies Group reaffirmed a “buy” rating and issued a $37.00 price objective on shares of Atlassian Co. PLC in a research report on Friday, May 6th. Zacks Investment Research raised Atlassian Co. PLC from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research report on Thursday, May 12th. Robert W. Baird reaffirmed a “hold” rating on shares of Atlassian Co. PLC in a research report on Friday, May 6th. Finally, Oppenheimer Holdings Inc. initiated coverage on Atlassian Co. PLC in a research report on Wednesday, May 25th. They issued an “outperform” rating and a $28.00 price objective on the stock. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $32.60.

The stock has a market cap of $6.54 billion and a PE ratio of 1524.50. The firm’s 50-day moving average is $27.52 and its 200-day moving average is $24.15.

Atlassian Co. PLC (NASDAQ:TEAM) last issued its earnings results on Thursday, August 4th. The company reported $0.07 EPS for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.02. The company had revenue of $127.60 million for the quarter, compared to analysts’ expectations of $124.26 million. The firm’s revenue was up 39.0% compared to the same quarter last year. Equities analysts predict that Atlassian Co. PLC will post $0.33 earnings per share for the current fiscal year.

Several institutional investors recently modified their holdings of the company. OppenheimerFunds Inc. acquired a new position in shares of Atlassian Co. PLC during the fourth quarter valued at about $2,406,000. New York State Common Retirement Fund acquired a new position in shares of Atlassian Co. PLC during the fourth quarter valued at about $2,812,000. BlackRock Advisors LLC acquired a new position in shares of Atlassian Co. PLC during the fourth quarter valued at about $12,625,000. Jennison Associates LLC acquired a new position in shares of Atlassian Co. PLC during the fourth quarter valued at about $23,808,000. Finally, Morgan Stanley acquired a new position in shares of Atlassian Co. PLC during the fourth quarter valued at about $36,990,000.

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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