Trading Report: The Analysts Set Atlassian Corp. PLC (NASDAQ:TEAM) Target Price at $34.83

The Analysts Set Atlassian Corp. PLC (NASDAQ:TEAM) Target Price at $34.83

Shares of Atlassian Corp. PLC (NASDAQ:TEAM) have been assigned an average rating of “Buy” from the thirteen brokerages that are currently covering the company. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $34.83.

A number of research analysts recently weighed in on TEAM shares. Oppenheimer Holdings Inc. set a $35.00 target price on shares of Atlassian Corp. PLC and gave the company a “buy” rating in a research note on Friday, August 5th. Summit Redstone reiterated a “buy” rating and issued a $35.00 price target on shares of Atlassian Corp. PLC in a research note on Tuesday, August 16th. Jefferies Group boosted their price target on shares of Atlassian Corp. PLC from $37.00 to $39.00 and gave the stock a “buy” rating in a research note on Friday, August 5th. Morgan Stanley set a $29.00 price target on shares of Atlassian Corp. PLC and gave the stock a “hold” rating in a research note on Friday, August 5th. Finally, Cowen and Company started coverage on shares of Atlassian Corp. PLC in a research note on Wednesday. They issued an “outperform” rating and a $36.00 price target on the stock.

Atlassian Corp. PLC (NASDAQ:TEAM) opened at 28.27 on Thursday. Atlassian Corp. PLC has a 52 week low of $16.92 and a 52 week high of $35.16. The stock’s 50 day moving average price is $29.76 and its 200-day moving average price is $26.45. The company has a market capitalization of $6.12 billion and a PE ratio of 1346.19.

Atlassian Corp. PLC (NASDAQ:TEAM) last released its earnings results on Thursday, August 4th. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.02. Atlassian Corp. PLC had a net margin of 0.96% and a return on equity of 1.52%. The company had revenue of $127.60 million for the quarter, compared to analysts’ expectations of $124.26 million. The company’s revenue for the quarter was up 39.0% on a year-over-year basis. On average, equities research analysts predict that Atlassian Corp. PLC will post $0.33 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in the stock. Baillie Gifford & Co. acquired a new stake in shares of Atlassian Corp. PLC during the second quarter valued at about $142,834,000. JPMorgan Chase & Co. boosted its stake in shares of Atlassian Corp. PLC by 14.5% in the second quarter. JPMorgan Chase & Co. now owns 2,728,661 shares of the company’s stock valued at $70,672,000 after buying an additional 345,845 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of Atlassian Corp. PLC by 7.4% in the second quarter. Alliancebernstein L.P. now owns 2,652,827 shares of the company’s stock valued at $68,708,000 after buying an additional 182,273 shares in the last quarter. Janus Capital Management LLC boosted its stake in shares of Atlassian Corp. PLC by 38.2% in the second quarter. Janus Capital Management LLC now owns 2,318,309 shares of the company’s stock valued at $60,044,000 after buying an additional 640,715 shares in the last quarter. Finally, Artisan Partners Limited Partnership boosted its stake in shares of Atlassian Corp. PLC by 5.5% in the second quarter. Artisan Partners Limited Partnership now owns 2,283,543 shares of the company’s stock valued at $59,144,000 after buying an additional 119,304 shares in the last quarter. Hedge funds and other institutional investors own 65.07% of the company’s stock.

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