Atlassian Receives a Hold from BMO Capital

By Ryan Adsit

BMO Capital analyst Keith Bachman reiterated a Hold rating on Atlassian (NASDAQ: TEAM) yesterday and set a price target of $29. The company’s shares closed yesterday at $31.27.

According to TipRanks.com, Bachman is a 5-star analyst with an average return of 11.1% and a 65.5% success rate. Bachman covers the Technology sector, focusing on stocks such as Hewlett Packard Enterprise, Electronics for Imaging, and Palo Alto Networks.

Currently, the analyst consensus on Atlassian is Moderate Buy and the average price target is $34, representing an 8.7% upside.

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

Based on Atlassian’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $149 million and GAAP net loss of $1.7 million. In comparison, last year the company earned revenue of $118 million and had a GAAP net loss of $1.07 million.

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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.