Atlassian Corporation PLC (TEAM) Lifted to Overweight at Morgan Stanley

Atlassian Corporation PLC (NASDAQ:TEAM) was upgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued on Tuesday, July 25th, MarketBeat reports. The firm presently has a $45.00 target price on the technology company’s stock, up from their prior target price of $35.00. Morgan Stanley’s target price would suggest a potential upside of 23.83% from the company’s current price.

Several other research analysts also recently commented on TEAM. BTIG Research reissued a “neutral” rating on shares of Atlassian Corporation PLC in a research note on Monday, April 24th. Zacks Investment Research raised Atlassian Corporation PLC from a “hold” rating to a “buy” rating and set a $41.00 target price for the company in a research note on Friday, July 14th. BMO Capital Markets reissued a “hold” rating and set a $29.00 target price on shares of Atlassian Corporation PLC in a research note on Friday, April 21st. Canaccord Genuity restated a “buy” rating and set a $40.00 price target on shares of Atlassian Corporation PLC in a report on Friday, April 28th. Finally, Raymond James Financial, Inc. restated a “market perform” rating on shares of Atlassian Corporation PLC in a report on Thursday, April 20th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Atlassian Corporation PLC currently has a consensus rating of “Buy” and an average price target of $39.10.

Shares of Atlassian Corporation PLC (TEAM) traded down 1.54% during midday trading on Tuesday, reaching $36.34. 433,512 shares of the company’s stock were exchanged. Atlassian Corporation PLC has a 12 month low of $23.80 and a 12 month high of $39.25. The stock’s market cap is $8.21 billion. The company’s 50 day moving average is $35.88 and its 200-day moving average is $33.17.

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A number of hedge funds have recently made changes to their positions in the stock. US Bancorp DE boosted its stake in shares of Atlassian Corporation PLC by 132.9% in the first quarter. US Bancorp DE now owns 8,671 shares of the technology company’s stock valued at $260,000 after buying an additional 4,948 shares during the last quarter. Daiwa Securities Group Inc. bought a new stake in shares of Atlassian Corporation PLC during the first quarter valued at approximately $1,718,000. Sumitomo Mitsui Asset Management Company LTD boosted its stake in shares of Atlassian Corporation PLC by 17.9% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 81,701 shares of the technology company’s stock valued at $2,446,000 after buying an additional 12,400 shares during the last quarter. Essex Investment Management Co. LLC boosted its stake in shares of Atlassian Corporation PLC by 18.9% in the first quarter. Essex Investment Management Co. LLC now owns 24,587 shares of the technology company’s stock valued at $736,000 after buying an additional 3,911 shares during the last quarter. Finally, David R. Rahn & Associates Inc. bought a new stake in shares of Atlassian Corporation PLC during the first quarter valued at approximately $908,000. Institutional investors and hedge funds own 81.51% of the company’s stock.

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)

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