Zacks Investment Research downgraded shares of Atlassian (NASDAQ:TEAM) from a buy rating to a hold rating in a research note issued to investors on Wednesday.

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. “

A number of other analysts also recently weighed in on TEAM. BidaskClub raised shares of Atlassian from a buy rating to a strong-buy rating in a report on Saturday, November 3rd. Cowen reissued a buy rating and issued a $90.00 price target on shares of Atlassian in a report on Friday, July 27th. BMO Capital Markets increased their price target on shares of Atlassian from $64.00 to $82.00 and gave the company a market perform rating in a report on Friday, July 27th. They noted that the move was a valuation call. Jefferies Financial Group increased their price target on shares of Atlassian to $70.00 and gave the company a hold rating in a report on Friday, July 27th. Finally, Needham & Company LLC began coverage on shares of Atlassian in a report on Monday, October 22nd. They issued a hold rating for the company. They noted that the move was a valuation call. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $82.00.

NASDAQ:TEAM traded down $2.66 during midday trading on Wednesday, reaching $73.29. The stock had a trading volume of 684,306 shares, compared to its average volume of 2,097,740. Atlassian has a 1-year low of $43.11 and a 1-year high of $98.21. The company has a current ratio of 4.17, a quick ratio of 4.17 and a debt-to-equity ratio of 1.16. The firm has a market capitalization of $8.24 billion, a PE ratio of -1,047.00, a PEG ratio of 65.33 and a beta of 2.73.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, October 18th. The technology company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. Atlassian had a negative net margin of 36.71% and a negative return on equity of 0.75%. The firm had revenue of $267.30 million during the quarter, compared to the consensus estimate of $259.67 million. During the same period in the prior year, the firm earned $0.12 EPS. The business’s revenue was up 36.7% on a year-over-year basis. As a group, analysts anticipate that Atlassian will post 0.09 EPS for the current fiscal year.

Several large investors have recently added to or reduced their stakes in TEAM. FNY Investment Advisers LLC bought a new position in shares of Atlassian during the 3rd quarter worth about $120,000. GWM Advisors LLC bought a new position in Atlassian during the 3rd quarter valued at about $214,000. Oppenheimer & Co. Inc. bought a new position in Atlassian during the 2nd quarter valued at about $218,000. Prudential Financial Inc. bought a new position in Atlassian during the 3rd quarter valued at about $221,000. Finally, Jane Street Group LLC lifted its holdings in Atlassian by 108.2% during the 1st quarter. Jane Street Group LLC now owns 4,266 shares of the technology company’s stock valued at $230,000 after purchasing an additional 56,037 shares during the last quarter. 92.18% of the stock is owned by institutional investors.

About Atlassian

Atlassian Corporation Plc, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. It provides project tracking, content creation and sharing, and service management products. 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; and Trello, a Web-based project management application for capturing and adding structure to fluid, fast-forming work for teams.

Read More: What is Liquidity?

Get a free copy of the Zacks research report on Atlassian (TEAM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Atlassian (NASDAQ:TEAM)

Receive News & Ratings for Atlassian Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Atlassian and related companies with MarketBeat.com's FREE daily email newsletter.