Atlassian (NASDAQ:TEAM) Issues Earnings Results

Atlassian (NASDAQ:TEAM – Get Rating) released its earnings results on Thursday. The technology company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.15, MarketWatch Earnings reports. Atlassian had a negative return on equity of 23.70% and a negative net margin of 21.84%. The firm had revenue of $740.49 million during the quarter, compared to the consensus estimate of $703.87 million. During the same period in the prior year, the firm posted $0.09 earnings per share. The firm’s revenue for the quarter was up 30.2% compared to the same quarter last year. Atlassian updated its Q4 guidance to $0.24 EPS.

Shares of NASDAQ TEAM traded down $35.15 during mid-day trading on Friday, reaching $224.83. The company had a trading volume of 4,476,641 shares, compared to its average volume of 1,591,832. Atlassian has a twelve month low of $207.83 and a twelve month high of $483.13. The company has a debt-to-equity ratio of 8.08, a quick ratio of 1.08 and a current ratio of 1.08. The stock has a market capitalization of $30.87 billion, a PE ratio of -78.34 and a beta of 0.93. The stock’s 50 day moving average is $277.13 and its 200-day moving average is $335.80.

Institutional investors have recently bought and sold shares of the business. Neo Ivy Capital Management acquired a new position in Atlassian during the fourth quarter worth $45,000. Forum Financial Management LP acquired a new position in Atlassian during the fourth quarter worth $304,000. Autumn Glory Partners LLC acquired a new position in Atlassian during the fourth quarter worth $310,000. Colony Group LLC increased its position in Atlassian by 24.3% during the fourth quarter. Colony Group LLC now owns 1,279 shares of the technology company’s stock worth $488,000 after buying an additional 250 shares during the last quarter. Finally, Horizon Investments LLC increased its position in Atlassian by 5.8% during the fourth quarter. Horizon Investments LLC now owns 1,606 shares of the technology company’s stock worth $612,000 after buying an additional 88 shares during the last quarter. 86.08% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities research analysts have recently commented on the company. Canaccord Genuity Group cut their price objective on Atlassian from $500.00 to $375.00 in a research report on Friday, January 28th. KeyCorp cut their price objective on Atlassian from $442.00 to $397.00 and set an “overweight” rating for the company in a research report on Friday, April 8th. Canaccord Genuity Group cut their price objective on Atlassian from $375.00 to $300.00 in a research report on Friday. StockNews.com assumed coverage on Atlassian in a research report on Thursday, March 31st. They set a “hold” rating for the company. Finally, Truist Financial cut their price objective on Atlassian from $400.00 to $375.00 and set a “hold” rating for the company in a research report on Thursday, March 24th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $401.58.

Atlassian Company Profile (Get Rating)

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.

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