Atlassian Corporation PLC (NASDAQ:TEAM) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

According to Zacks, “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. It offers tools for software developers consists of FishEye, Bamboo and SourceTree. Atlassian Corporation Plc is headquartered in Sydney, Australia. “

Other research analysts also recently issued reports about the stock. Guggenheim began coverage on shares of Atlassian Corporation PLC in a research report on Wednesday, April 12th. They issued a “neutral” rating on the stock. They noted that the move was a valuation call. ValuEngine raised shares of Atlassian Corporation PLC from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Cowen and Company reaffirmed a “buy” rating and issued a $43.00 target price on shares of Atlassian Corporation PLC in a research report on Friday, July 28th. BTIG Research reaffirmed a “neutral” rating on shares of Atlassian Corporation PLC in a research report on Monday, April 24th. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $29.00 target price on shares of Atlassian Corporation PLC in a research report on Friday, April 21st. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $38.73.

Shares of Atlassian Corporation PLC (NASDAQ TEAM) traded up 0.83% during midday trading on Thursday, hitting $35.33. 315,928 shares of the stock were exchanged. Atlassian Corporation PLC has a 12 month low of $23.80 and a 12 month high of $39.25. The company’s market cap is $7.98 billion. The stock has a 50 day moving average price of $35.68 and a 200-day moving average price of $32.52.

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A number of hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. increased its position in shares of Atlassian Corporation PLC by 0.8% in the second quarter. Russell Investments Group Ltd. now owns 5,549 shares of the technology company’s stock valued at $196,000 after buying an additional 46 shares during the last quarter. Teza Capital Management LLC acquired a new position in shares of Atlassian Corporation PLC during the first quarter valued at about $215,000. BlueCrest Capital Management Ltd acquired a new position in shares of Atlassian Corporation PLC during the first quarter valued at about $221,000. Thompson Davis & CO. Inc. increased its position in shares of Atlassian Corporation PLC by 25.3% in the first quarter. Thompson Davis & CO. Inc. now owns 8,050 shares of the technology company’s stock valued at $241,000 after buying an additional 1,625 shares during the last quarter. Finally, US Bancorp DE increased its position in shares of Atlassian Corporation PLC by 132.9% in the first quarter. US Bancorp DE now owns 8,671 shares of the technology company’s stock valued at $260,000 after buying an additional 4,948 shares during the last quarter. 81.61% of the stock is currently owned by institutional investors.

About Atlassian Corporation PLC

Atlassian Corporation Plc is a holding company. The Company offers a range of team collaboration products. The Company offers products, including JIRA, Confluence, HipChat, Bitbucket and JIRA Service Desk, for software developers, information technology (IT) managers and knowledge workers. The Company offers JIRA for team planning and project management; Confluence for team content creation and sharing; HipChat for team real-time messaging and communications; Bitbucket for team code sharing and management, and JIRA Service Desk for team service and support applications.

Analyst Recommendations for Atlassian Corporation PLC (NASDAQ:TEAM)

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