Atlassian (NASDAQ:TEAM) Posts Quarterly Earnings Results

Posted by Doug Wharley on Aug 5th, 2022

Atlassian (NASDAQ:TEAM – Get Rating) issued its earnings results on Thursday. The technology company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.26 by $0.01, Briefing.com reports. The company had revenue of $759.80 million during the quarter, compared to analysts’ expectations of $724.28 million. Atlassian had a negative net margin of 27.73% and a negative return on equity of 56.13%. The business’s revenue for the quarter was up 35.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.06) EPS. Atlassian updated its Q1 2023 guidance to $0.37-$0.38 EPS and its Q1 guidance to $0.37-0.38 EPS.

Atlassian Stock Up 16.6 %

Shares of Atlassian stock traded up $38.18 during trading hours on Friday, reaching $268.59. 6,813,228 shares of the company’s stock were exchanged, compared to its average volume of 2,096,803. Atlassian has a fifty-two week low of $159.54 and a fifty-two week high of $483.13. The stock has a market cap of $36.88 billion, a P/E ratio of -93.59 and a beta of 1.01. The company has a 50 day moving average of $196.85 and a two-hundred day moving average of $242.29. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 3.30.

Institutional Investors Weigh In On Atlassian

Several hedge funds have recently bought and sold shares of the company. Durable Capital Partners LP acquired a new stake in Atlassian in the 1st quarter valued at about $434,144,000. Dimensional Fund Advisors LP lifted its position in Atlassian by 29.9% during the first quarter. Dimensional Fund Advisors LP now owns 201,552 shares of the technology company’s stock worth $59,233,000 after acquiring an additional 46,418 shares during the last quarter. Baird Financial Group Inc. lifted its position in Atlassian by 7.9% during the first quarter. Baird Financial Group Inc. now owns 115,967 shares of the technology company’s stock worth $34,075,000 after acquiring an additional 8,491 shares during the last quarter. Wellington Management Group LLP lifted its position in Atlassian by 18.6% during the first quarter. Wellington Management Group LLP now owns 97,388 shares of the technology company’s stock worth $28,616,000 after acquiring an additional 15,304 shares during the last quarter. Finally, Polar Capital Holdings Plc lifted its position in Atlassian by 292.3% during the first quarter. Polar Capital Holdings Plc now owns 67,792 shares of the technology company’s stock worth $19,919,000 after acquiring an additional 50,512 shares during the last quarter. 91.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently commented on TEAM. Cowen lowered their price objective on shares of Atlassian from $285.00 to $245.00 in a research report on Friday, July 22nd. Morgan Stanley lowered their price objective on shares of Atlassian from $460.00 to $430.00 and set an “overweight” rating for the company in a research report on Monday, July 11th. The Goldman Sachs Group upgraded shares of Atlassian from a “neutral” rating to a “buy” rating and upped their price objective for the company from $279.00 to $300.00 in a research report on Monday, June 27th. Mizuho lowered their price objective on shares of Atlassian from $500.00 to $360.00 in a research report on Monday, May 16th. Finally, Truist Financial upped their price objective on shares of Atlassian from $220.00 to $250.00 and gave the company a “hold” rating in a research report on Friday. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Atlassian currently has a consensus rating of “Moderate Buy” and an average target price of $338.16.

About Atlassian

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Atlassian Corporation Plc, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its products include JIRA, a workflow management system for teams to plan, track, collaborate, and manage work, and projects; Jira Service Management, a service desk product for creating and managing service experiences for various service team providers, including IT, legal, and HR teams; Jira Align for enterprise agile planning; Opsgenie, an incident management tool that centralizes alerts and notifies right people at right time; and Statuspage for incident communication.