Traders Buy Shares of Atlassian (TEAM) on Weakness

Investors bought shares of Atlassian (NASDAQ:TEAM) on weakness during trading on Monday. $25.18 million flowed into the stock on the tick-up and $13.92 million flowed out of the stock on the tick-down, for a money net flow of $11.26 million into the stock. Of all equities tracked, Atlassian had the 33rd highest net in-flow for the day. Atlassian traded down ($1.91) for the day and closed at $61.49

Several brokerages have recently weighed in on TEAM. DA Davidson began coverage on Atlassian in a research note on Wednesday. They set a “buy” rating and a $74.00 target price for the company. BidaskClub raised Atlassian from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 8th. Cowen reaffirmed a “buy” rating and set a $70.00 target price on shares of Atlassian in a research note on Wednesday, April 18th. JMP Securities downgraded Atlassian from an “outperform” rating to a “market perform” rating in a research note on Friday, April 20th. Finally, BMO Capital Markets upped their target price on Atlassian from $56.00 to $65.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 18th. They noted that the move was a valuation call. Six investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. Atlassian currently has an average rating of “Buy” and a consensus price target of $62.45.

The company has a market cap of $6.12 billion, a P/E ratio of -2,098.00 and a beta of 2.28.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, April 19th. The technology company reported $0.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.13. Atlassian had a negative return on equity of 3.18% and a negative net margin of 14.19%. The firm had revenue of $223.70 million during the quarter, compared to the consensus estimate of $218.79 million. During the same period in the prior year, the company earned $0.08 EPS. The firm’s revenue was up 39.9% compared to the same quarter last year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Artisan Partners Limited Partnership raised its stake in Atlassian by 9.4% in the 1st quarter. Artisan Partners Limited Partnership now owns 8,059,157 shares of the technology company’s stock valued at $434,550,000 after purchasing an additional 689,854 shares during the last quarter. BlackRock Inc. increased its stake in shares of Atlassian by 2.3% in the 1st quarter. BlackRock Inc. now owns 2,244,216 shares of the technology company’s stock worth $121,008,000 after acquiring an additional 50,765 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Atlassian by 52.1% in the 4th quarter. Renaissance Technologies LLC now owns 2,153,200 shares of the technology company’s stock worth $98,014,000 after acquiring an additional 737,658 shares during the last quarter. Swedbank acquired a new stake in shares of Atlassian in the 1st quarter worth $114,580,000. Finally, TimesSquare Capital Management LLC increased its stake in shares of Atlassian by 94.0% in the 4th quarter. TimesSquare Capital Management LLC now owns 2,104,750 shares of the technology company’s stock worth $95,808,000 after acquiring an additional 1,019,750 shares during the last quarter. 91.16% of the stock is owned by hedge funds and other institutional investors.

About Atlassian

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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