Atlassian (TEAM) Earns Buy Rating from Canaccord Genuity
Canaccord Genuity reissued their buy rating on shares of Atlassian (NASDAQ:TEAM) in a research note released on Tuesday. Canaccord Genuity currently has a $100.00 price target on the technology company’s stock.
“This morning Atlassian made two announcements: an agreement to acquire the introduction of Jira Ops, which is a platform for IT incident tracking and management. The new product will help ops teams handle IT issues faster and more efficiently, essentially piecing together a bunch of ad hoc processes – alerting the right IT folks, real-time collaboration, customer communications, support desk response, postmortem and tracking – into a single unified platform. Within this, the addition of OpsGenie will help handle the first step in incident response, which is reliable IT notifications and alert escalation when critical incidents occur. The deal wasn’t cheap at >10x forward revenue, but that seems to be the clearing price for quality private assets, and this is an important piece of the puzzle that will speed time to market for the Ops platform.”,” the firm’s analyst commented.
Several other brokerages have also weighed in on TEAM. Cowen reissued a buy rating and set a $90.00 target price on shares of Atlassian in a research report on Friday, July 27th. BMO Capital Markets raised their target price on Atlassian from $64.00 to $82.00 and gave the stock a market perform rating in a research report on Friday, July 27th. They noted that the move was a valuation call. Jefferies Financial Group raised their target price on Atlassian to $70.00 and gave the stock a hold rating in a research report on Friday, July 27th. DA Davidson raised their target price on Atlassian to $88.00 and gave the stock a buy rating in a research report on Friday, July 27th. Finally, Morgan Stanley raised their target price on Atlassian from $63.00 to $69.00 and gave the stock an overweight rating in a research report on Thursday, July 26th. Six investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. Atlassian currently has an average rating of Buy and an average price target of $74.00.
Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, July 26th. The technology company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. The company had revenue of $243.80 million for the quarter, compared to analyst estimates of $233.42 million. Atlassian had a negative return on equity of 2.30% and a negative net margin of 13.65%. Atlassian’s revenue for the quarter was up 39.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.09 EPS. analysts anticipate that Atlassian will post 0.07 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of TEAM. Artisan Partners Limited Partnership grew its stake in Atlassian by 27.3% during the 2nd quarter. Artisan Partners Limited Partnership now owns 10,257,648 shares of the technology company’s stock worth $641,308,000 after buying an additional 2,198,491 shares during the last quarter. Swedbank purchased a new position in Atlassian during the 1st quarter worth approximately $114,580,000. FMR LLC grew its stake in Atlassian by 14.1% during the 2nd quarter. FMR LLC now owns 9,000,442 shares of the technology company’s stock worth $562,708,000 after buying an additional 1,112,999 shares during the last quarter. Bank of America Corp DE grew its stake in Atlassian by 354.4% during the 2nd quarter. Bank of America Corp DE now owns 1,413,130 shares of the technology company’s stock worth $88,349,000 after buying an additional 1,102,149 shares during the last quarter. Finally, CI Global Investments Inc. purchased a new position in Atlassian during the 1st quarter worth approximately $54,259,000. 98.99% of the stock is currently owned by institutional investors and hedge funds.
Atlassian Company Profile
Atlassian Corporation Plc, through its subsidiaries, provides team collaboration and productivity software solutions worldwide. It offers project tracking, content creation and sharing, real-time communication, and service management products to large and small organizations. The company's products include JIRA, a workflow management system that enables teams to plan, organize, track, and manage their work and projects; Confluence, a content collaboration platform that is used to create, share, organize, and discuss projects; HipChat that provides teams a way to communicate in real-time and share ideas, updates, codes, and files; Trello, a Web-based project management application for capturing and adding structure to fluid and fast-forming work for teams; Bitbucket, a code management and collaboration product for teams using distributed version control systems; and JIRA Service Desk, a service desk product for creating and managing service experiences for various service team providers, including IT help desks, and legal and HR teams.
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