Atlassian Co. PLC (NASDAQ:TEAM) saw strong trading volume on Wednesday . 1,253,336 shares traded hands during trading, an increase of 28% from the previous session’s volume of 979,551 shares.The stock last traded at $30.00 and had previously closed at $30.66.

A number of research analysts recently issued reports on the stock. BTIG Research cut shares of Atlassian Co. PLC from a “buy” rating to a “neutral” rating in a research report on Wednesday. Morgan Stanley restated a “hold” rating on shares of Atlassian Co. PLC in a research note on Sunday, May 8th. Oppenheimer Holdings Inc. set a $35.00 price objective on shares of Atlassian Co. PLC and gave the company a “buy” rating in a research note on Friday, August 5th. Jefferies Group raised their price objective on shares of Atlassian Co. PLC from $37.00 to $39.00 and gave the company a “buy” rating in a research note on Friday, August 5th. Finally, Canaccord Genuity raised their price objective on shares of Atlassian Co. PLC from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, August 5th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $32.60.

The company has a market capitalization of $6.42 billion and a PE ratio of 1497.50. The company has a 50 day moving average price of $27.89 and a 200 day moving average price of $24.29.

Atlassian Co. PLC (NASDAQ:TEAM) last posted its quarterly 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 earned $127.60 million during the quarter, compared to the consensus estimate of $124.26 million. The business’s revenue was up 39.0% compared to the same quarter last year. Equities research analysts anticipate that Atlassian Co. PLC will post $0.33 EPS for the current fiscal year.

Several hedge funds and institutional investors recently bought and sold shares of TEAM. OppenheimerFunds Inc. bought a new position in Atlassian Co. PLC during the fourth quarter worth approximately $2,406,000. New York State Common Retirement Fund acquired a new stake in Atlassian Co. PLC during the fourth quarter worth $2,812,000. BlackRock Advisors LLC acquired a new stake in Atlassian Co. PLC during the fourth quarter worth $12,625,000. Jennison Associates LLC acquired a new stake in Atlassian Co. PLC during the fourth quarter worth $23,808,000. Finally, Morgan Stanley acquired a new stake in Atlassian Co. PLC during the fourth quarter worth $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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