Research Analysts Offer Predictions for Atlassian Co. Plc’s Q1 2023 Earnings (NASDAQ:TEAM)

Atlassian Co. Plc (NASDAQ:TEAM – Get Rating) – Jefferies Financial Group lowered their Q1 2023 earnings estimates for Atlassian in a report issued on Sunday, May 22nd. Jefferies Financial Group analyst B. Thill now forecasts that the technology company will earn ($0.14) per share for the quarter, down from their previous estimate of ($0.13). Jefferies Financial Group also issued estimates for Atlassian’s Q2 2023 earnings at ($0.26) EPS, Q2 2023 earnings at ($0.26) EPS, Q3 2023 earnings at ($0.23) EPS, Q3 2023 earnings at ($0.23) EPS, Q4 2023 earnings at ($0.39) EPS, FY2023 earnings at ($1.01) EPS and FY2023 earnings at ($1.01) EPS.

Atlassian (NASDAQ:TEAM – Get Rating) last released its earnings results on Thursday, April 28th. The technology company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.15. Atlassian had a negative return on equity of 56.13% and a negative net margin of 27.73%. The firm had revenue of $740.49 million during the quarter, compared to analysts’ expectations of $703.87 million. During the same period in the prior year, the company earned $0.09 earnings per share. The company’s quarterly revenue was up 30.2% on a year-over-year basis.

A number of other equities analysts have also recently issued reports on the stock. Oppenheimer lowered their price objective on shares of Atlassian from $500.00 to $430.00 in a research report on Friday, January 28th. Canaccord Genuity Group dropped their price target on Atlassian from $375.00 to $300.00 in a research note on Friday, April 29th. Wells Fargo & Company reduced their price objective on Atlassian from $400.00 to $300.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 18th. Mizuho dropped their target price on Atlassian from $500.00 to $360.00 in a research report on Monday, May 16th. Finally, Cowen boosted their price target on Atlassian from $325.00 to $330.00 and gave the stock a “market perform” rating in a report on Friday, January 28th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $375.83.

TEAM stock opened at $164.17 on Wednesday. The firm has a 50-day moving average price of $247.81 and a 200-day moving average price of $307.40. Atlassian has a 12 month low of $159.54 and a 12 month high of $483.13. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 3.30. The stock has a market capitalization of $22.54 billion, a P/E ratio of -57.20 and a beta of 1.07.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TEAM. Amundi Pioneer Asset Management Inc. lifted its stake in Atlassian by 3.3% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 119,445 shares of the technology company’s stock valued at $13,425,000 after buying an additional 3,812 shares during the period. Morgan Stanley increased its stake in shares of Atlassian by 16.4% in the 2nd quarter. Morgan Stanley now owns 355,071 shares of the technology company’s stock valued at $91,204,000 after acquiring an additional 50,123 shares in the last quarter. B. Riley Wealth Management Inc. acquired a new position in shares of Atlassian during the 3rd quarter valued at $213,000. People s United Financial Inc. bought a new position in Atlassian during the third quarter worth $238,000. Finally, First Republic Investment Management Inc. grew its holdings in Atlassian by 148.9% in the third quarter. First Republic Investment Management Inc. now owns 28,386 shares of the technology company’s stock worth $11,111,000 after purchasing an additional 16,980 shares during the period. 91.33% of the stock is owned by institutional investors and hedge funds.

About Atlassian (Get Rating)

Atlassian Corporation Plc, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its products include JIRA, a workflow management system for teams to plan, track, collaborate, and manage work, and projects; Jira Service Management, a service desk product for creating and managing service experiences for various service team providers, including IT, legal, and HR teams; Jira Align for enterprise agile planning; Opsgenie, an incident management tool that centralizes alerts and notifies right people at right time; and Statuspage for incident communication.

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