$259.40 Million in Sales Expected for Atlassian Co. PLC (TEAM) This Quarter

Wall Street brokerages expect that Atlassian Co. PLC (NASDAQ:TEAM) will report sales of $259.40 million for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have made estimates for Atlassian’s earnings, with the lowest sales estimate coming in at $259.00 million and the highest estimate coming in at $260.83 million. Atlassian posted sales of $193.82 million during the same quarter last year, which suggests a positive year-over-year growth rate of 33.8%. The company is expected to issue its next quarterly earnings report after the market closes on Thursday, October 18th.

On average, analysts expect that Atlassian will report full-year sales of $1.15 billion for the current fiscal year, with estimates ranging from $1.15 billion to $1.16 billion. For the next year, analysts forecast that the company will post sales of $1.46 billion, with estimates ranging from $1.44 billion to $1.48 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Atlassian.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, July 26th. The technology company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. The business had revenue of $243.80 million for the quarter, compared to the consensus estimate of $233.42 million. Atlassian had a negative net margin of 13.65% and a negative return on equity of 2.30%. The company’s revenue for the quarter was up 39.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.09 EPS.

A number of research firms have commented on TEAM. Morgan Stanley downgraded shares of Atlassian from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $75.00 to $94.00 in a research report on Thursday, October 4th. They noted that the move was a valuation call. Canaccord Genuity reissued a “buy” rating and set a $100.00 target price on shares of Atlassian in a research report on Tuesday, September 4th. DA Davidson raised their target price on shares of Atlassian from $88.00 to $108.00 and gave the company a “buy” rating in a research report on Wednesday, September 5th. Jefferies Financial Group raised their target price on shares of Atlassian to $83.00 and gave the company a “hold” rating in a research report on Tuesday, September 4th. Finally, Zacks Investment Research downgraded shares of Atlassian from a “buy” rating to a “hold” rating in a research report on Wednesday, September 19th. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $79.92.

NASDAQ TEAM traded up $0.79 during trading on Friday, reaching $83.63. 1,124,600 shares of the company’s stock traded hands, compared to its average volume of 1,323,681. The company has a debt-to-equity ratio of 0.92, a quick ratio of 3.95 and a current ratio of 3.95. The company has a market capitalization of $10.21 billion, a price-to-earnings ratio of -1,194.71, a price-to-earnings-growth ratio of 73.67 and a beta of 2.58. Atlassian has a 12-month low of $39.06 and a 12-month high of $98.21.

Several institutional investors have recently modified their holdings of the company. Artisan Partners Limited Partnership grew its position in shares of Atlassian by 27.3% in the 2nd quarter. Artisan Partners Limited Partnership now owns 10,257,648 shares of the technology company’s stock worth $641,308,000 after buying an additional 2,198,491 shares during the last quarter. FMR LLC grew its position in shares of Atlassian by 14.1% in the 2nd quarter. FMR LLC now owns 9,000,442 shares of the technology company’s stock worth $562,708,000 after buying an additional 1,112,999 shares during the last quarter. Janus Henderson Group PLC grew its position in Atlassian by 0.7% during the 2nd quarter. Janus Henderson Group PLC now owns 7,071,287 shares of the technology company’s stock worth $442,097,000 after purchasing an additional 51,133 shares during the last quarter. BlackRock Inc. grew its position in Atlassian by 2.3% during the 1st quarter. BlackRock Inc. now owns 2,244,216 shares of the technology company’s stock worth $121,008,000 after purchasing an additional 50,765 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Atlassian by 39.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,655,435 shares of the technology company’s stock worth $103,497,000 after purchasing an additional 471,860 shares during the last quarter. 92.70% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Company Profile

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.

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