Atlassian was Downgraded to a Hold Rating at Raymond James

By Ryan Adsit

In a report released today, Michael Turits from Raymond James downgraded Atlassian (NASDAQ: TEAM) to Hold. The company’s shares closed yesterday at $31.83.

According to TipRanks.com, Turits is a 5-star analyst with an average return of 12.4% and a 74.7% success rate. Turits covers the Technology sector, focusing on stocks such as Limelight Networks, Palo Alto Networks, and CommVault Systems.

Currently, the analyst consensus on Atlassian is Strong Buy and the average price target is $35.67, representing a 12.1% upside.

In a report issued on April 12, Guggenheim also initiated coverage with a Hold rating on the stock with a $29 price target.

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Atlassian Corp. Plc operates as an enterprise software company, which engages in the designing, developing, licensing, and maintaining of software. Its products include JIRA software, JIRA services desk, JIRA core, statusPage, Confluence, HipChart, Bitbucket, SourceTree, Bamboo, Clover, Fisheye, and Crucible. The company was founded by Michael Cannon-Brookes and Scott Farquhar in 2002 and is headquartered in Sydney, Australia.