Atlassian (TEAM) Gets a Buy Rating from Oppenheimer

Oppenheimer analyst Ittai Kidron maintained a Buy rating on Atlassian (TEAMResearch Report) on June 8. The company’s shares closed last Friday at $325.12, close to its 52-week high of $349.50.

According to TipRanks.com, Kidron is a top 25 analyst with an average return of 40.7% and a 77.6% success rate. Kidron covers the Technology sector, focusing on stocks such as Zoom Video Communications, CrowdStrike Holdings, and Palo Alto Networks.

Atlassian has an analyst consensus of Moderate Buy, with a price target consensus of $321.64, a 3.8% upside from current levels. In a report issued on May 25, Wells Fargo also reiterated a Buy rating on the stock with a $275.00 price target.

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Based on Atlassian’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $569 million and net profit of $160 million. In comparison, last year the company earned revenue of $412 million and had a GAAP net loss of $159 million.

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Founded in 2002, Atlassian Corporation Plc is an Australian software company that develops products for software developers and project managers. Its products include JIRA, Confluence, Trello, Bitbucket, Jira Service Deak, Jira Align, Atlassian Access, Crowd, Crucible, Fisheye, Jira Portfolio, Sourcetree, Bamboo, Opsgenie, and Statuspage.