Zacks Investment Research cut shares of Atlassian Corporation PLC (NASDAQ:TEAM) from a buy rating to a hold rating in a research report report published on Saturday morning.

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 equities research analysts have also issued research reports about the stock. Summit Redstone reissued a buy rating on shares of Atlassian Corporation PLC in a report on Thursday, October 19th. KeyCorp reissued a sector weight rating on shares of Atlassian Corporation PLC in a report on Monday, September 18th. BTIG Research reissued a neutral rating on shares of Atlassian Corporation PLC in a report on Tuesday, August 15th. Cowen and Company reissued a buy rating and issued a $43.00 price objective on shares of Atlassian Corporation PLC in a report on Friday, July 28th. Finally, Canaccord Genuity reissued a buy rating and issued a $52.00 price objective (up previously from $44.00) on shares of Atlassian Corporation PLC in a report on Friday, October 20th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $49.20.

Shares of Atlassian Corporation PLC (TEAM) traded up $0.07 during midday trading on Friday, hitting $52.40. 634,300 shares of the stock were exchanged, compared to its average volume of 1,640,097. Atlassian Corporation PLC has a 1-year low of $23.80 and a 1-year high of $53.21.

Atlassian Corporation PLC (NASDAQ:TEAM) last issued its earnings results on Thursday, October 19th. The technology company reported $0.12 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.17. The business had revenue of $193.80 million during the quarter, compared to analysts’ expectations of $185.78 million. Atlassian Corporation PLC had a negative net margin of 7.96% and a negative return on equity of 2.11%. The company’s quarterly revenue was up 41.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.10 earnings per share. sell-side analysts anticipate that Atlassian Corporation PLC will post -0.13 EPS for the current fiscal year.

COPYRIGHT VIOLATION NOTICE: “Atlassian Corporation PLC (TEAM) Lowered to “Hold” at Zacks Investment Research” was originally reported by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this piece of content on another domain, it was illegally stolen and republished in violation of U.S. & international copyright legislation. The correct version of this piece of content can be viewed at https://www.thecerbatgem.com/2017/11/12/atlassian-corporation-plc-team-lowered-to-hold-at-zacks-investment-research.html.

Hedge funds have recently added to or reduced their stakes in the business. Voya Investment Management LLC raised its holdings in Atlassian Corporation PLC by 166.3% during the second quarter. Voya Investment Management LLC now owns 28,189 shares of the technology company’s stock worth $992,000 after purchasing an additional 17,604 shares in the last quarter. Royce & Associates LP purchased a new position in shares of Atlassian Corporation PLC during the second quarter worth approximately $2,885,000. Wells Fargo & Company MN grew its position in shares of Atlassian Corporation PLC by 3,340.5% during the second quarter. Wells Fargo & Company MN now owns 365,104 shares of the technology company’s stock worth $12,844,000 after acquiring an additional 354,492 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Atlassian Corporation PLC by 0.9% during the first quarter. Bank of New York Mellon Corp now owns 55,951 shares of the technology company’s stock worth $1,676,000 after acquiring an additional 480 shares during the last quarter. Finally, Rhumbline Advisers grew its position in shares of Atlassian Corporation PLC by 189.3% during the second quarter. Rhumbline Advisers now owns 78,226 shares of the technology company’s stock worth $2,752,000 after acquiring an additional 51,182 shares during the last quarter. 74.32% 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)

Receive News & Stock Ratings for Atlassian Corporation PLC Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Atlassian Corporation PLC and related stocks with our FREE daily email newsletter.