Brokerages Expect Atlassian Co. PLC (NASDAQ:TEAM) Will Announce Quarterly Sales of $351.49 Million

Wall Street brokerages expect Atlassian Co. PLC (NASDAQ:TEAM) to report $351.49 million in sales for the current quarter, according to Zacks Investment Research. Eight analysts have made estimates for Atlassian’s earnings, with the lowest sales estimate coming in at $349.60 million and the highest estimate coming in at $353.60 million. Atlassian posted sales of $267.29 million during the same quarter last year, which would indicate a positive year over year growth rate of 31.5%. The firm is expected to issue its next quarterly earnings results on Thursday, October 17th.

According to Zacks, analysts expect that Atlassian will report full year sales of $1.55 billion for the current year, with estimates ranging from $1.54 billion to $1.57 billion. For the next financial year, analysts forecast that the business will post sales of $1.95 billion, with estimates ranging from $1.90 billion to $2.04 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Atlassian.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, July 25th. The technology company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.26. Atlassian had a negative return on equity of 2.45% and a negative net margin of 52.69%. The business had revenue of $334.59 million during the quarter, compared to the consensus estimate of $330.60 million. During the same period in the prior year, the business posted $0.14 EPS. The company’s revenue for the quarter was up 35.7% on a year-over-year basis.

Several research firms recently weighed in on TEAM. KeyCorp raised their price objective on Atlassian from $142.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Cowen set a $152.00 price objective on Atlassian and gave the company a “buy” rating in a research note on Friday, July 26th. Morgan Stanley raised Atlassian from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $99.00 to $145.00 in a research note on Thursday, May 23rd. Zacks Investment Research raised Atlassian from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 31st. Finally, Bank of America reaffirmed a “neutral” rating and issued a $147.00 price objective (up from $138.00) on shares of Atlassian in a research note on Friday, July 26th. Nine investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $138.27.

NASDAQ TEAM traded up $0.01 during mid-day trading on Thursday, hitting $139.50. The stock had a trading volume of 876,323 shares, compared to its average volume of 1,608,857. Atlassian has a 52-week low of $65.17 and a 52-week high of $149.80. The company has a market cap of $14.73 billion, a price-to-earnings ratio of -820.59, a P/E/G ratio of 104.08 and a beta of 1.30. The company has a 50 day simple moving average of $138.17 and a 200 day simple moving average of $120.75. The company has a quick ratio of 3.34, a current ratio of 0.88 and a debt-to-equity ratio of 1.22.

A number of large investors have recently made changes to their positions in TEAM. Creative Financial Designs Inc. ADV acquired a new stake in Atlassian during the 2nd quarter valued at $26,000. Winslow Evans & Crocker Inc. acquired a new stake in Atlassian during the 1st quarter valued at $34,000. Captrust Financial Advisors grew its holdings in Atlassian by 233.3% during the 2nd quarter. Captrust Financial Advisors now owns 300 shares of the technology company’s stock valued at $39,000 after buying an additional 210 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new stake in Atlassian during the 2nd quarter valued at $41,000. Finally, CWM LLC acquired a new stake in Atlassian during the 2nd quarter valued at $43,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

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.

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